The best way to sell your chiropractic practice is to know your potential buyers. From the new graduate to the private equity firm, each buyer is looking for something a little bit different out of the sale.
Here’s who’s buying and what you need to know to appeal to these common buyers:
New Graduates
With little to no experience running a business, new graduates are a great match for turnkey, mature practices with well-established systems and experienced staff in place. A great selling point is willingness to stay on for a longer transition period. New graduates are an increasingly rare buyer as many banks prefer to lend to doctors with at least two years of professional experience. Working with a broker, you can find out if banks in your area will lend to new graduates. If so, a great place to advertise your practice is on chiropractic college websites.
Associate DCs
Associates are one of the most common buyers. Though they typically are more savvy than the new graduates, associates generally still see the benefit of a longer transition period. Advertising your practice via direct mail to licensed DCs in your area can be an effective way to drum up interest among associates who are ready for the next step in their career.
DCs Seeking Growth by Acquisition
Direct mail will also capture established chiropractors who are considering growing their patient base and by adding another location. This kind of buyer will likely be looking for solid patient retention rates and strong referral systems, as well as a convenient practice location. Length of transition is most likely less of a sticking point than for graduates or associates, so any sellers who need to work on a shorter timeline should consider targeting other local chiropractors as potential buyers.
Relocating Chiropractors
Some chiropractors will look to buy a new practice if they choose to relocate midway through their career. To reach these buyers, advertise your practice in trade journals and include it in online listings with a national scope.
Investor Buyers
An increasingly common type of buyer in states where regulations allow is the non-chiropractor investor. Though still a relatively new presence in the industry, many investor buyers have a lot of capital, often private equity money, and work on a national scale. Investors are often looking at chiropractic as part of a larger medical integration. This kind of buyer is likely to work with brokers to find turnkey practices where they can plug in a few associates and get up and running.
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