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List your practice for sale. It’s easy. And Free!
Best Practices matter! We’ve learned that buyers want to be sold. So give them what they want. Our practice listing tool prompts you to ‘sell’ your practice. So sell it. Sell the community. Sell the lifestyle. Let proespective buyers know why your practice is a great buy. The video below will guide you through the best way to complete the form and get your practice sold.SELLING YOUR PRACTICE - ARTICLES & RESOURCES
Exit Strategy Planning: How to Prepare Your Chiropractic Practice for a Sale
After years or even decades of hard work, selling a chiropractic practice may feel like a major emotional and financial decision. Plus, if it’s a doctor’s first time on the seller’s side of the negotiating table, the transaction process may appear complicated and stressful. Luckily with the proper planning, chiropractors can gracefully exit and move onto the next adventure. Here are three ways to prepare for a sale: 1. Give yourself the luxury of time. If possible, start planning for the sale of your practice 3 to 5 years in advance. Enlist a broker, CPA or consultant to appraise the practice and organize the books to make the transfer smoother. Kevin Misenheimer, a practice broker with Progressive Practice Sales in Chattanooga, Tennessee, advises clients to start this process as soon as possible. He says he is often approached by sellers
5 Types of Chiropractic Clinic Buyers & How to Market to Them
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
How to Analyze the Practice Beyond Cash Flow
Brokers and consultants often price chiropractic practices using a simple net cash flow-based valuation method. While this estimate offers a good starting point for determining practice value, many buyers are still left wondering — is this practice worth the asking price? Understanding the Ballpark Figure Before evaluating whether a practice is a good investment, buyers should look at the basis of the valuation. A common ballpark valuation method is 1.3 to 1.5 times a practice’s net cash flow. The multiplier is based in part on current interest rates. In 2020, with interest rates at record lows [LINK], that multiplier is up near 1.5. This means a practice that cash flows $300,000 per year is worth roughly $450,000. This number can help buyers get a sense of what is in their budget — a typical down payment is about 10-12% of
4 Paths to Owning a Chiropractic Practice
Many chiropractors dream of having the professional freedom to run their own practice, be their own boss and set their own schedule. Experience level, finances, goals and practice preferences, all factor into how chiropractors may choose to pursue practice ownership. Luckily there’s a path for everyone, from the starry-eyed associate to the experienced pro. Here are four ways doctors can become practice owners: Starting from scratch Starting a chiropractic practice from scratch allows for complete flexibility and a blank slate to build a dream practice. However, the challenges of starting from scratch mean it’s a strategy that is often best left to the more experienced chiropractors or those with deep pockets. Building a chiropractic business from the ground up is like launching any other business — it requires some business acumen, funding and a lot of grit. Owners will need
Why 2020 is the Year to Buy and Sell Chiropractic Practices
The COVID-19 pandemic and economic slowdown have ushered in record low interest rates for loans. These conditions have also accelerated doctors’ retirement plans, flooding the market with motivated sellers. For associates ready to start their own practice, experienced chiropractors looking to expand or relocate, or even new graduates unsure of where to turn next, this means now is the time to buy a chiropractic practice. This environment isn’t bad for sellers either. Low interest rates are favorable for sellers hoping to get maximum value out of their practice, and create an incentive for buyers to ink the deal, meaning your retirement on a sandy beach is closer than ever. Read more about why it’s a win-win to buy and sell clinics in 2020: The SBA loan forgiveness program and low interest rates have created an ideal lending environment. The Small
The Do’s & Don’ts of Marketing Your Chiropractic Clinic for a Sale
When it’s time to sell the practice, chiropractors want to close the deal efficiently and get the most value possible. However, many first-time sellers find it’s easy to unknowingly get in their own way. Avoid common missteps with the following tips: Do Clean Up Your Books Buyers will want to review profit and loss statements and tax returns for at least the past three years. Get a head start by cleaning up expenses a few years ahead of the sale. “A lot of doctors are extremely aggressive. They try to write everything off, and they try to bury a lot of that, under a section on their P&L called advertising,” says Sam Reader, a chiropractic consultant. Many write-offs can be added back to the profit line before a sale, but the bank will challenge excessive add backs. Don’t Sell for
Exit Strategy Planning: How to Prepare Your Chiropractic Practice for a Sale
After years or even decades of hard work, selling a chiropractic practice may feel like a major emotional and financial decision. Plus, if it’s a doctor’s first time on the seller’s side of the negotiating table, the transaction process may appear complicated and stressful. Luckily with the proper planning, chiropractors can gracefully exit and move onto the next adventure. Here are three ways to prepare for a sale: 1. Give yourself the luxury of time. If possible, start planning for the sale of your practice 3 to 5 years in advance. Enlist a broker, CPA or consultant to appraise the practice and organize the books to make the transfer smoother. Kevin Misenheimer, a practice broker with Progressive Practice Sales in Chattanooga, Tennessee, advises clients to start this process as soon as possible. He says he is often approached by sellers
5 Types of Chiropractic Clinic Buyers & How to Market to Them
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
How to Analyze the Practice Beyond Cash Flow
Brokers and consultants often price chiropractic practices using a simple net cash flow-based valuation method. While this estimate offers a good starting point for determining practice value, many buyers are still left wondering — is this practice worth the asking price? Understanding the Ballpark Figure Before evaluating whether a practice is a good investment, buyers should look at the basis of the valuation. A common ballpark valuation method is 1.3 to 1.5 times a practice’s net cash flow. The multiplier is based in part on current interest rates. In 2020, with interest rates at record lows [LINK], that multiplier is up near 1.5. This means a practice that cash flows $300,000 per year is worth roughly $450,000. This number can help buyers get a sense of what is in their budget — a typical down payment is about 10-12% of
4 Paths to Owning a Chiropractic Practice
Many chiropractors dream of having the professional freedom to run their own practice, be their own boss and set their own schedule. Experience level, finances, goals and practice preferences, all factor into how chiropractors may choose to pursue practice ownership. Luckily there’s a path for everyone, from the starry-eyed associate to the experienced pro. Here are four ways doctors can become practice owners: Starting from scratch Starting a chiropractic practice from scratch allows for complete flexibility and a blank slate to build a dream practice. However, the challenges of starting from scratch mean it’s a strategy that is often best left to the more experienced chiropractors or those with deep pockets. Building a chiropractic business from the ground up is like launching any other business — it requires some business acumen, funding and a lot of grit. Owners will need
Why 2020 is the Year to Buy and Sell Chiropractic Practices
The COVID-19 pandemic and economic slowdown have ushered in record low interest rates for loans. These conditions have also accelerated doctors’ retirement plans, flooding the market with motivated sellers. For associates ready to start their own practice, experienced chiropractors looking to expand or relocate, or even new graduates unsure of where to turn next, this means now is the time to buy a chiropractic practice. This environment isn’t bad for sellers either. Low interest rates are favorable for sellers hoping to get maximum value out of their practice, and create an incentive for buyers to ink the deal, meaning your retirement on a sandy beach is closer than ever. Read more about why it’s a win-win to buy and sell clinics in 2020: The SBA loan forgiveness program and low interest rates have created an ideal lending environment. The Small
The Do’s & Don’ts of Marketing Your Chiropractic Clinic for a Sale
When it’s time to sell the practice, chiropractors want to close the deal efficiently and get the most value possible. However, many first-time sellers find it’s easy to unknowingly get in their own way. Avoid common missteps with the following tips: Do Clean Up Your Books Buyers will want to review profit and loss statements and tax returns for at least the past three years. Get a head start by cleaning up expenses a few years ahead of the sale. “A lot of doctors are extremely aggressive. They try to write everything off, and they try to bury a lot of that, under a section on their P&L called advertising,” says Sam Reader, a chiropractic consultant. Many write-offs can be added back to the profit line before a sale, but the bank will challenge excessive add backs. Don’t Sell for