The Remarkable CEO for Chiropractors 263 - The Secrets to a Successful Practice Sale
In this episode, you'll discover:
- Is your practice Exit Ready?
- The 5 Stages of a Remarkable Exit
- The Remarkable Exit Roadmap
- Practice Sales happen at the speed of TRUST
- How to get the most for your practice
- 20 Value-Drivers Cheat Sheet
- How to make your practice IRRESISTIBLE to your Ideal Buyer
Episode Highlights
00:49 - Exiting a chiropractic business with a focus on practice sales and brokerage services.
04:33 - Finding the right buyer for your practice, ensuring a win-win situation for all parties involved.
06:23 - Understanding your personal goals and priorities for selling your practice.
09:01 - The challenges of balancing emotional considerations with transactional factors.
12:06 - Limitations in scaling and transferring value in chiropractic practices make selling difficult.
14:54 - The customary way to arrive at the value of a business, including sales multiple and owners' discretionary earnings.
15:52 - The different types of sales and the role of private equity in the industry.
17:54 - The lack of understanding of chiropractic on new investors.
19:22 - The common pitfalls, such as false expectations and blind spots, and the need for diligence and homework when selling a business.
21:26 - The importance of preparation and documentation for a successful practice sale.
24:09 - Common traits of sellable practices, such as readiness and curbside value.
26:39 - The importance of systems perspective when selling a chiropractic practice.
29:15 - Dr. Adrian and Success Partner, Dr. David Fletcher converse about the benefits of using CLA technology in chiropractic practices. They emphasize its role in patient care improvement, practice efficiency, and enhancing patient-practice interactions. They underscore its use in growing practices through effective patient communication, retention, and internal referrals. Additionally, they highlight the benefits of tracking patient care progression with systematic re-exams, and the substantial patient data collected by CLA, illustrating chiropractic's profound effects on the nervous system.
Resources Mentioned
For more information about selling your practice visit: https://www.progressivepracticesales.com
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
For more information about CLA please visit: https://insightcla.com/about/
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Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business