The Remarkable CEO for Chiropractors 280 - Show Me The Money
n this episode, you'll discover:
- The 3rd party in every deal: the banker
- The importance of securing financing in any deal
- Lots of opportunities in practice acquisition
- De Novo (opening new business) vs Acquisition (buying an existing business) the step by step guide to securing financing
Episode Highlights
00:50 - Introduction to the topic of acquisition, emphasizing the benefits of buying a practice instead of starting a de novo.
02:51 - The importance of not making assumptions, especially for first-time buyers.
04:10 - Three major dynamics affecting practice transitions: post-COVID hangover, baby boomers aging out, and economic uncertainty.
06:06 - The need for proper planning and clean financials to make the practice more attractive to buyers.
10:37 - The value of seller financing as it is viewed positively by banks, as it keeps the seller engaged and vested in the business's performance.
16:49 - The role of documentation and due diligence in the process of selling and building trust with the banks.
27:27 - The pros and cons of buying a practice vs. starting a practice.
33:20 - The concept of arbitrage, where buyers can improve the business by increasing charges, adding services, or growing patient numbers.
38:57 - The differences between asset and stock purchases, noting that asset purchases are more common and forgive past sins.
44:48 - The benefits of expanding with SBA loans, including the potential for zero down and expedited vetting processes.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
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The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business