Quick recap

In this meeting, Tom and Myoaligner discussed business operations including financial models for upcoming seminars, pricing strategies for onboarding new clients, and the importance of perceived value in their product offerings. They reviewed marketing performance for webinars, planned for investor relations, and agreed on compensation structures for sales staff based on actual contributions rather than potential income. The conversation also covered personal topics including pet care experiences and their perspectives on business leadership principles, with Tom emphasizing the importance of detailed financial forecasting and advocating for a servant leadership approach where those doing the actual work are valued most.

Next steps

• Sean: Update the P&L cost calculator to reflect the $300 per attendee referral fee for Dr. Caulfield.

• Sean: Create a financial model for the seminar with different attendance scenarios.

• Sean: Investigate the $59,000 cost entry in December in LivePlan.

• Sean: Update the balance sheet to properly reflect company assets including trademarks and patents.

• Myoaligner team: Finalize and launch the seminar microsite within 3-4 days.

• Myoaligner team: Send another email campaign next week for the webinar to those who didn't open the first email.

• Sean: Upload bank statements and credit card information to the Docs section by tomorrow afternoon.

• Sean: Update the P&L cost calculator to include the $87 event fee and $1,500-$2,000 for venue and food costs.

• Sean and Dr. M: Confirm dinner plans with Tom on Saturday, February 16th.

• Sean and Dr. M: Propose a $600 flat referral fee to Airway Health Solutions during tomorrow's meeting.

• Myoaligner team: Adjust sales commission structure for referrals to be based on net amount after referral fees.

• Myoaligner team: Offer 25% discount on onboarding for Airway Health Solutions referrals using a promo code.

• Sean: Schedule a meeting with Tom to review LivePlan.

• Sean: Finish backend setup for seminars within 2 days.

• Myoaligner team: Implement two pricing models for seminars: full payment with 5% discount and 3-month zero-interest installment plan.

• Myoaligner team: Upload meeting summaries to the portal by tomorrow.

• Tom: Send a 13-week rolling cash flow planning tool to Sean.

• Sean: Update LivePlan regularly to reflect future projects, plans, and costs.

• Sean: Prepare revenue breakdowns with confidence levels for forecasting.

• Dr. M: Follow up with the two potential investors from Seattle to finalize their investment documents.

• Dr. M: Create a pie chart showing the percentage breakdown of company shares.

• Sean and Dr. M: Verify the total number of shares issued by reviewing corporate documents.

• Dr. M: Follow up with the Canadian doctor who is a potential investor.

• Tom: Visit Portland on Saturday, June 16th for dinner and financial review with Myoaligner team.

Summary

Pet Surgery and Recovery Discussion

Dr. M and Tom discuss Dr. M's dog who recently had bilateral TPLO surgery (knee replacement) after tearing both ACLs and is now in an 8-week recovery period requiring careful medication administration. They share experiences about caring for pets, with Tom suggesting peanut butter as a trick for giving medication and recounting his experience with a home hospice vet for his 21-year-old dog who recently passed away. The conversation reveals their deep attachment to their pets, with Dr. M describing his 13-year-old dog as his "first pet ever" and part of the family.

Myoaligner Webinar Marketing Strategy

Myoaligner is organizing a webinar called "Airway Health Solution, Free Masterclass" on August 20th with dental leaders Dr. Gale and Dr. Miraglia, followed by their own webinar the next day. The email campaign for the webinar has shown strong performance with a 49% open rate compared to the industry average of 36%, resulting in 11 sign-ups so far. Additionally, Myoaligner is planning a seminar on November 21st and has developed a strategy to attract sponsors by offering booth space for $1,000, with incentives including fee waivers if sponsors bring in at least three attendees using unique tracking codes.

Seminar Financial Model Analysis

Tom and Myoaligner discuss the financial model for a seminar where attendees pay $3,500 each, with $300 per person going to Dr. John Caulfield who will promote the event through his ASBA database. The net revenue per attendee is $2,900, with additional costs including $1,500 for the venue and $100 per person for meals. Tom suggests creating a financial model with different attendance scenarios (starting at a conservative 25 people) to determine profitability thresholds, noting that the seminar appears to be low-risk financially and could potentially be offered regularly.

Financial Review and Payment Restructuring

Tom discusses a discrepancy in the December P&L, which Myoaligner agrees to investigate, suggesting it might be a negative net revenue number. They plan to meet to review the Live Plan financials, with Myoaligner noting they need to update the balance sheet to reflect company assets like trademarks and patents. Tom and Myoaligner discuss a new payment structure for seminar instructors that reduces financial risk by offering a base fee plus per-attendee compensation instead of flat honorariums. They arrange to meet in Portland on Saturday the 16th, with Tom requesting bank statements be uploaded to the Docs section, and they review professional marketing materials for upcoming events, including Airway Health Solutions' website where Myoaligner will be featured as a speaker.

Myoaligner Referral Fee Restructuring

Myoaligner discusses their referral fee structure for onboarding new clients, proposing a flat $600 fee rather than 15% of the total onboarding cost. Tom and Myoaligner agree that the sales director should receive 30% commission based on the net amount after referral fees are deducted, not the full $10,000 onboarding fee. They plan to offer a 25% discount (bringing the price to $7,500) for clients who use the promotional code during the August 20th event with Airway Health Solution, noting that raising the onboarding fee from $1,500 to $10,000 has actually increased perceived value despite having only $880 in raw costs.

Pricing Strategy for Perceived Value

Tom discusses the importance of perceived value in pricing, suggesting that selling a product for $1,500 when competitors charge $5,000-$10,000 devalues it. Myoaligner explains they initially launched pre-FDA approval and have learned from their seminar experiences, noting they now understand seminars are gateways to onboarding. Tom recommends applying seminar registration fees toward onboarding costs and offering additional discounts to attendees, making them feel they're getting a special deal while maintaining the product's perceived value.

Financial Planning and Documentation Strategy

Tom and Myoaligner discuss their discomfort with gender identity questions and societal changes, sharing personal anecdotes. They agree to upload financial documents to Live Plan rather than their portal, with Myoaligner planning to include bank statements and set up two pricing models for customers: a full payment option with 5% discount and a three-month installment plan with no interest. Tom offers to send a 13-week rolling cash flow planning tool to help with financial forecasting, explaining its value in anticipating expenses and revenues. They plan to meet on Friday to work on finalizing their Live Plan, which Myoaligner emphasizes needs regular monthly updates.

Revenue Forecasting and Sales Strategy

Tom discusses the importance of detailed revenue forecasting with confidence levels to manage expectations. He shares his perspective on Myoaligner as a startup that received bad advice leading to excessive spending, emphasizing that every dollar counts in a small company. Tom identifies sales as the area needing most attention and advocates for commissions tied to actual revenue rather than potential income. He values the company's strengths in adaptability, technology (Sean's expertise), and Dr. M's technical knowledge, expressing that he enjoys working with them more than other companies he consults for.

Fair Compensation and Servant Leadership

Tom discusses fair business practices, emphasizing that salespeople should be compensated based on their actual contributions, not just given a percentage of total sales. Myoaligner shares their experience with previous staff who were overpaid and underperforming, including an operations manager and support person who cost the company $200,000 annually with little productivity. Tom advises that the guiding principle for anyone joining the company should be prioritizing the organization's interests rather than personal agendas, advocating for a servant leadership approach where those doing the actual work are valued most.

Strategic Partnerships and Investment Opportunities

Tom shares a story from his time at Homeland Security where he and a Coast Guard admiral formed a partnership before it was mandated, which helped them work together effectively. He recounts visiting a defense boat conference where they chose to talk with a humble farmer who invented a shock-mitigating seat rather than being distracted by flashy booths, emphasizing the importance of pragmatism and discipline in business decisions. Dr. M then shares positive news about a recent workshop where two doctors expressed interest in investing in Myoaligner, with a minimum investment of $50,000 expected, and one doctor wanting to be involved through education.

Equity Structure and Investor Planning

Tom suggests creating and periodically reviewing a pie chart showing the percentage of ownership based on shares, especially when bringing in new investors. He clarifies that while safe notes offer a discount on share value, the percentage of ownership is what matters when considering potential transactions. Dr. M mentions they have raised $800,000 of their $2 million seed round with a $10 million cap, and there's some uncertainty about whether they have 6 million or 10 million shares issued, which they agree to verify.