There are 5 Phases to successfully sell or transition your chiropractic practice
-- and we can help you with any or all of them.
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. (click link above to learn more)
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. Click here to learn more.
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 & an interested prospect to move forward, your sale will stall or fail at this phase.
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).
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!
I didn't plan to help chiropractors sell or transition their practice, but...looking back at my own practice sale, there were so many elements in the process that could have been improved to help BOTH me and my buyer. After years helping clients work smarter IN their business, I began to assist them with their practice transition and sale starting by planning sooner, reviewing options and then walking them through the phases of their sale - so that they could all avoid the common and costly mistakes that I felt could have been prevented in my own sale. Fast forward a decade, this is now the focus of the work we do at Strategic Chiropractor. So whether you are looking for a chiropractic practice broker to sell your business, a consultant to help walk you through the steps or a coach to help you grow (then sell) -- I'd love to help you work SMARTER getting OUT of practice!”
Without Dr. Tom, I would have sold for pennies on the dollar...
“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 (Decatur, IL)
Past President-Illinois Chiropractic Society; National Speaker on Coding & Compliance
I hate to think what a "hot mess" I would've been in without you...
"Dr. Tom, I would like to say again THANK YOU for all your help selling my chiropractic practice! You are really great at what you do and I've already recommended you to several colleagues. I would like to think that I might have been able to do this without you, but I hate to think about what a "hot mess" I would have been in for the past 6 months! Your team has been a pleasure to work with and your constant positivity meant a lot to me when things felt like they were bogging down. If I can ever help you in any way, as far as recommendations, or anything else, it will be my pleasure to do!
Paul Henry, DC (Baltimore, MD)
Past President-Maryland Chiropractic Association
I don't know any brokers who would've gone the extra mile like you!
"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 that extra mile like you did to help me get my practice sold!"
Michael Schweitzer, DC (Issaquah, WA)
Past President-Washington State Chiropractic Association
A: Yes. The first step for most of our clients is a chiropractic practice valuation so that we can establish the value of your business.
A: Yes! We will take care of all the advertising and putting your practice on the market to find a prospect to buy your practice.
A: If you have a serious and qualified buyer, we can help you navigate the steps to "seal the deal" on your chiropractic practice sale through our transitions consulting program. If you are not certain how serious they are, we can assist with determining that too.
A: Yes, we have a network of lenders that we work with to help your buyer find financing, as this is often one of the more challenging aspects of chiropractic practice sales. We will also assist them with the process to ensure that they successfully obtain a loan to purchase your practice.
Feel free to contact us via email and we'd be happy to help! Email info [at] StrategicDC.com
Ready to start your sale or transition? Fill out this brief application and we'll schedule a call to talk.
Need to learn about your options and how to maximize practice value? Our webinars can show you how!
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