Sell or Transition Your Chiropractic Practice Smarter
The Path to a Seamless and Successful Practice Sale or Transition
Practice Sale & Transition Planning
To increase your chances of a successful sale or transition, it’s best to gather info about the options you have, transition strategies and the sale process. This is a great time to speak to financial advisors and family about your post-chiropractic goals and dreams. To get an overview from the perspective of the chiropractic profession and to discover common pitfalls or costly mistakes to avoid, consider our Ultimate Chiropractic Exit Strategy program, which was specifically created for this purpose.
Get Exit Ready
Once you get closer to your desired exit date, it’s time to take specific steps to build the value of your business and position your practice attractively to potential buyers. This is a critical time because the appraised value of a chiropractic practice generally looks at the past 3 years’ worth of performance. So fine-tuning your practice just ahead of that three-year mark allows you to enter your “vital value years” prepared to maximize the full potential of your practice value and at a point in time where it can make a big impact on your upcoming sale or transition.
Valuation
The “home stretch” of your transition occurs when you are within 3 years of your anticipated sale, exit or transition. At this point, it is critical that you get a formal valuation to determine the fair market value of your practice and help you plan the best route to reach your goals. Without this vital piece of information, you cannot reliably estimate what your practice is worth, what you can anticipate in terms of retirement needs and when you should sell or transition. Worse, if they do not have a fair price that allows you and an interested prospect to move forward, your sale will stall or fail at this phase.
Finding & Financing Your Prospect
When you know your chiropractic practice value, the next step is clear: the search for the person that will fit your plans. For most DC’s, this phase takes the longest time because you must find a prospect that wants to live in your state, in your area, practice in a similar style to you, who is interested and financially able to purchase a business in your price range AND do all this in a mutually agreeable timeframe. That’s a lot of factors to line up! Finally, even if you’ve found a prospect, you may need to go back a step (Value) before you can meaningfully move forward and/or this phase will focus on securing financing options for your prospect to buy (beyond owner financing).
Sealing the Deal
All successful chiropractic practice sales or transitions end in the same way – by creating a written agreement to “seal the deal.” Getting to this phase is not necessarily an easy task as it requires an agreement on price, financing & transition terms and more. Regardless of whether your plan is to sell, offer an associate buy-in or buy-out, partnership or other transition option, the process is not complete until you get it in writing. Then, it’s to time celebrate! Click here to see some of our recently SOLD chiropractic practices – we’d love to help you get there too!
Don’t Make Costly Mistakes—Watch Our Free Online Training
Provide a Step-by-Step Roadmap: Learn exactly what you need to do to prepare for a successful sale.
Highlight Common Mistakes: Avoid the pitfalls that can cost you time and money.
Help You Take Action: Discover the first steps to maximize your practice’s value.
Our Clients Speak
I would have sold my practice for pennies on the dollar without Dr. Tom…
If I did not have the help of Dr. Tom Necela and the Strategic Chiropractor team, I would have sold my practice for pennies on the dollar! Dr. Tom helped me from A to Z and I would definitely recommend that anyone looking to buy, transition or sell a chiropractic practice get his help!
Mario Fucinari, DC
Detroit, IL
Dr. Tom sold my practice much faster than expected, for a fair price, with ease…
Dr. Tom Necela & the Strategic Chiropractor team helped sell my practice much faster than expected for a fair price. He and his group were very responsive and were able to grasp the details of a unique transition. We had multiple offers within a few months for a decent sized practice with one DC leaving shortly and one in a few years so it was a combined sale of a partnership which can be difficult and Tom worked it with ease. (and lots of phone and emails) I have had 3 other DC’s in my area all retire in the last 6 months and just close up shop without successfully selling the practice on their own. Believe me, it’s not worth the time and effort to try it on your own.
James Howell, DC
Cincinnati, OH
My Sale Would Not Have Been Possible Without Dr. Tom! Highly Recommended…
Thank you so much Dr. Tom and staff for all the help you gave me in selling my practice. You took myself and the new Doctor by the hand and walked us thru all the steps to make it work. Without your knowledge and experience finding banks to loan for chiropractic business I don’t think it would have been possible. I would highly recommend your services to any chiropractor looking to sell their business.
Dan Murphy, DC
Santa Maria, CA
I don’t know any brokers who would’ve gone the extra mile!
Thanks for all your hard work in helping me sell one of my chiropractic offices. I am grateful you helped me not overlook the obvious buyer who now owns my former practice. The transition went quickly as you kept everything moving along and ultimately, you came through and made it happen. Better still, I appreciate all your help before and after the sale to make the process go smoothly. I don’t know of any practice brokers who would have gone that extra mile like you did to help me get my practice sold!
Michael Schweitzer, DC
Issaquah, WA
Dr. Tom was wonderful to work with as we sold our chiropractic practice to move out of state!
Dr. Tom Necela & the Strategic Chiropractor team were wonderful to work with as we transitioned out of our Portland, Oregon practice due to a move out of state. He was able to find new, motivated, highly qualified buyers for our practice through his vast network of connections in the chiropractic community and I feel confident everything was handled well through the entire process. Two thumbs up!
Lauren McCabe, DC
Owner of Innovative Pain & Performance in Naples, FL
Dr. Tom earned every penny of his commission & then some – during COVID!
Tom did an amazing job for me. During COVID, the deal was more complicated and difficult. I could not fathom trying to do this myself or with someone less experienced. Both me, as the seller, and the new Doc, the buyer, are very appreciative of his diligence and expertise. He guided us both through out and was quick responding to questions or solving problems. He earned every penny of his commission, and then some. Strategic Chiropractor is a 5 Star organization all the way. Thank you Tom!
Michael Craven, DC
Land O’ Lakes, FL
The Strategic Chiropractor Can Help You Transition With Confidence
Frequently Asked Questions
Have other questions we haven’t answered here?
Feel free to contact us and we’d be happy to help!