Testimonial: Physio Group

See how RSM's expert guidance helped Jasmine Hulls grow her physio practice into a successful multi-location business.

Jasmine Hulls was just 24 and ‘very green about business’ when she first considered buying a physiotherapy practice of her own. Jasmine knew she needed to find an adviser who would help her grow and achieve her dreams. 

Today, Jasmine is the Practice Principal of the Physio Group South West, which operates in the rural towns of Collie, Harvey, and Australind, on the outskirts of Bunbury, WA.

Expert guidance when buying a business

When Jasmine first considered buying a practice, she knew she’d need a good financial adviser to help her understand all the business aspects. "I saw one accountant in the beginning, and I remember coming out of that meeting thinking I got nothing out of that – no help, no advice, nothing. As a 24-year-old at the time, I needed someone to help me delve into financials and give me what I needed to make an informed decision. I was searching for someone who would guide me through that process, [who] would be a great adviser and someone who could show me the way - how to get started.”

That’s when Jasmine found Phil DiCandilo, Director of Business Advisory at RSM in Bunbury and knew, she’d found the right accountant.

"I came out of my first meeting with Phil knowing I’d got the information I needed, that I understood the pros and cons of each choice, and that he’d given some great advice. So straight away, he was the accountant for us, and he has been ever since."

RSM advised Jasmine on the viability of buying her first practice in Collie, helping her with due diligence and giving her confidence in the purchase. 

Managing financial risks through sustainable growth

Within a few years, Jasmine was ready to expand and added another rural practice in nearby Harvey. However, her first practice in Collie began to experience a downturn when the mining boom ended. Jasmine’s home and business were very reliant on that practice, so Phil suggested managing that risk by buying a practice in the growth town of Australind near Bunbury.

"Phil was amazing when I bought Australind," says Jasmine. "The business was run down, and they’d been trying to sell it for years. He suggested offering to buy it at a certain price and told me about vendor finance, which I hadn’t considered before. That was awesome – it made the whole thing possible."

Overall, the transition was a success, and the strategy worked. The Australind practice is now twice as big as the original Collie one and has the potential to grow even further.

"Phil’s always thinking ahead for you and trying to help you advance, not just react to circumstances. There’s lots of growth and good things that RSM has made possible. Phil and the team have been instrumental in our practice growth," says Jasmine.

Comprehensive services to support a growing business

Jasmine’s current challenge is learning how to manage a larger business with more than 20 staff across several locations. She recently appointed a practice manager as the business continues its growth in patient numbers and turnover.

Multiple locations initially posed a challenge to bookkeeping. "It’s all under one ABN," says Jasmine, "but I wanted to know each location’s financial performance.” 

Phil quickly identified that the current systems weren’t producing the necessary management reports and enlisted the help of the wider RSM Australia team to update them. RSM also provided staff to help Jasmine transition seamlessly to the new system. 

“Phil helped us to set up MYOB and separate things and that gave us new insights into each part of the practice. He got us onto cloud accounting, too, so I can see all the financials from my home office."

Going the extra mile – personal finances and planning for the future

Phil has also helped Jasmine manage her personal finances. "Some accountants just do your tax, and that’s it. Phil’s not like that. He gets to know you, knows our background, gets our situation and the business side, and gives great advice." 
When COVID-19 hit, Jasmine was worried and remembers “ringing Phil in tears, just thinking that [her] business was going to go under.” However, Phil remained a calming and reassuring presence during that time, and together, they were able to not only get through the troubling times but flourish throughout them, with Jasmine stating that business is “better than ever.”

Phil has now turned his sights on ensuring the business is set up for succession by developing business structures to enable Jasmine to sell or pass on the business if she chooses to do so.

For now, Jasmine is excited to see where her journey with the Physio Group will go with the help of RSM Australia.

A lasting partnership

For Jasmine, the best thing about working with RSM is the personal interaction. "I call Phil on a first-name basis," she says.

"I know I can ring [Phil] at any time and I can run ideas past him. It’s not just a once-a-year tax-time thing. He’s like my personal advisor and he knows the ins and outs of all of our finances. He’s like a friend now and he has a genuine interest and care about how we’re going."

"Phil’s done so much for us over the years; it’s hard to list it all. As soon as something financial comes up, he’s the first person I think to contact for his advice and guidance. That’s why I recommend RSM to everybody."

Can RSM help your practice?

RSM is a national firm with 32 offices across Australia. We’re large but local. We’re a full-service firm with specialist advisors able to assist with all aspects of practice and personal finance. We work with you in a lasting partnership to strengthen your practice, so you can face the future with confidence.

Contact your local RSM adviser to find out how RSM can help you.