There’s a distinct polarizing impact of COVID19 & chiropractic practice sales that we are witnessing right now similar to what we are seeing in our nation politically.
Chiropractors are feeling pressured by the current circumstances caused by COVID shutdowns, practice slowdowns, or enhanced safety measures …in opposite directions.
Accelerated Exit Chiropractors
The impact of COVID19 on chiropractic practice sales for some chiropractors is causing them to want to accelerate their plans to sell and head towards retirement. They simply don’t want to deal with another hoop to jump through or the red tape required to meet requirements and manage the practice during these COVID times. Likely, many of these docs are either financially ready for retirement or close enough. COVID is just moving them down the road they were on towards a sale, at a faster pace.
Second Act Chiropractors
For other chiropractors, COVID concerns cut a little deeper into their reason for why they live where they live, political values, religious views and the alignment of their lives with those values and views. These docs are maybe not young enough or financially prepared to retired, but they are seeking to move on to their “Second Act” — somewhere else. Many of these chiropractors have viable practices, some excellent ones that are doing well despite COVID. Yet, they are ready to move on and move out to greener pastures elsewhere. For these docs, a sale makes sense as the first step to their Second Act.
Not Ready Yet Chiropractors
For the final group of chiropractors, COVID19 has brought about the realization that they are “not ready yet.” These docs may want to retire or sell or even move to a Second Act in the near future – but their practice and/or personal life is not on pace with their mental desire to move forward. They are smart enough to realize that their business is a big asset and one that is important to their next move but, they are not quite prepared to sell at this time.
Your Best Next Move: Take Action
Procrastination is perhaps the most harmful byproduct of the Impact of COVID19 & Chiropractic Practice Sales.
Regardless of which of the three groups you are in, doing nothing about your situation will undoubtedly bring negative results.
Despite this, there are still chiropractors who persist to imagine that the right buyer will fall into their lap at the right time. Understand this first — I’m not one to discount the hand of God or Providence on bringing about good things in your life. I’m certainly open to the possibility that good things happen to people through little effort of their own at times.
But put simply…hoping that it will rain will not help the farmer who has not sowed any seeds.
You’ve got to take action first before you can reasonably expect good results!
Three Steps For Three Groups
That said, here are some action steps to help you with positively affect the impact of COVID19 on your Chiropractic Practice Sale.
For Accelerated Exit Chiropractors
Your best next move is to put a price tag on your practice so that you can get moving towards a sale and finding a buyer. A chiropractic practice valuation is the first step and we’d be happy to help you with that. Once you know what your practice is worth you can move forward. Until then, selling is just a dream.
If you already have a buyer – congrats! A valuation will help you establish fair market value so that you and your prospective buyer can begin an agreement on price and terms and take steps towards that sale. If that’s you, we can help you “Seal the Deal” here as well.
Second Act Chiropractors
If you are considering moving on to your “Second Act” (or moving out to a different area), you’ve got choices. If this is a plan that you’d like to hatch in the near future, I’d suggest you check out our free Exit Essentials webinar, so that you can learn strategies on how to maximize your practice sale and minimize mistakes.
If your Second Act needs to happen sooner, then you should consider getting a chiropractic practice valuation so that you can move forward sooner too! Either way, we’d be happy to speak to you about options!
Not Ready Yet Chiropractors
First, congrats for being honest with where you are at! For many chiropractors, their business is likely the biggest income producing asset they own so it makes sense to take its sale seriously. If you have the time, energy and resources to dedicate to taking action NOW by working ON your business, you can position yourself to be in much better shape for a sale LATER.
Note – this does require effort and willingness on your part to make changes. But the good news is that you are not trying the same steps or tactics you used to build your practice way back when. Instead, you can focus on specific strategies to boost your bottom line, improve your “curb appeal” and ultimately to make your practice look more attractive to buyers who will pay more for those improvements!
If this sounds like what you may need to get yourself positioned now to sell later for better and bigger results, then I’d suggest you check out our latest Free webinar: Not Ready Yet: How to Prepare Your Chiropractic Practice NOW for Your Sale LATER.