The Remarkable CEO for Chiropractors 282 - How to Make Your Practice More Attractive to a Young Buyer
In this episode, you'll discover:
- What is Transferable Value?
- How to make your business more attractive to your Ideal Buyer
- What types of practices are easier to sell? Which are harder?
- What’s the chiro acquisition marketplace like today?
Episode Highlights
00:41 – The importance of planning for a successful exit strategy.
02:30 – The value of early vision and planning for a smooth and profitable practice exit.
06:01 – Common mistakes, like waiting too long to sell or failing to maintain the practice's value, which can lead to significant financial losses.
07:33 – The importance of managing financial records properly to ensure the practice's value is transferable and provable to potential buyers.
09:31 – The challenges of associate buyouts, including understanding the associate’s financial situation and preparing for smooth transitions.
13:08 – The necessity of transferable systems, including team operations and marketing, to make the practice more appealing to potential buyers.
18:48 – Counterintuitive aspects of practice value, such as the importance of digital marketing and systems over reliance on referral-based patient acquisition.
25:04 – Viewing the practice as a marketable asset and understanding the traits and desires of the ideal buyer to maximize appeal and value.
28:21 – The importance of planning a runway for transition, including digitizing records and creating systems that new owners can easily adopt.
33:23 – Advice on consulting early with experts, conducting valuations, and creating strategies tailored to the practice's unique attributes and market potential.
Resources Mentioned
Register Now for the TRP Remarkable Team Building Immersion - January 31 and Feb 1, 2025 in Tampa, FL and Feb 28 and Mar 1, 2025 in Brisbane, AUS - https://theremarkablepractice.com/upcoming-events/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Progressive Practice Sales at: https://www.progressivepracticesales.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business