Recently I’ve been asked multiple times if I still think it’s wise for a stand-alone BCBA to open a practice. My resounding answer is “Yes.” My response assumes many important start-up considerations are met (see my start-up self assessment). This question is being asked of me in light of the large number of private equity (PE) companies venturing into the ABA space and the question as to whether a BCBA with dreams of owning his/her own company can survive and thrive.
There is no argument that PE is here and likely to stay. Recent experiences of employees and clients of some of these companies have tainted the view of PE and it’s impact on the space, and for many of these companies, they have an uphill battle to change that earned perception.
That being said, there is a need for more providers and the important focal points should be 1) getting children services who are currently languishing on wait-lists and 2) providing quality care to those for whom you have the privilege to care for.
I won’t argue that sometimes it is very hard when XYZ corporation comes into your backyard and pays $3 or more an hour for RBTs and $10k or more for BCBAs and you see your skilled employees that you have spent a lot of time and money hiring and training run to what look to be greener pastures. But, although disruptive when it occurs, many run back realizing that money is not the only important factor when deciding where you want to spend most of your time five or more days a week.
There is much research on salaries and wages and their impact on motivation, stemming from the landmark Harvard Business Review article by Frederick Herzberg (1987), “One More Time: How Do You Motivate Employees?” to the more recent Forbes article, “15 Effective Employee Retention Strategies in 2022” which all emphasize that while being paid a fair wage is important, there are a laundry list of other factors that play a role equal to, or more important when employees assess their workplace happiness. And workplace happiness directly impacts retention.
- Recognition
- Culture
- An emphasis on teamwork
- Professional development
- Reducing burnout and more!
ABB is here to help you as you evolve your business to one that may not pay the most, but is the most sought after employer and provider in your green yard!
