Don’t Wait Until the End to Plan to Sell Your Practice
When is the first time chiropractic physicians start thinking about the potential sale value of their practices? Physician practice owners should invest time early on to build practice value to plan for eventual sale. Watch the video to learn more!
Transcript:
Recently, I was in a meeting with a number of entrepreneurs, tech entrepreneurs in the chiropractic field. The conversation was interesting because they began to talk about chiropractic physicians and selling their practice and things along those lines. What was interesting was one of them asked all of the technology entrepreneurs on the call, they said, When was the first time you started thinking about selling your tech business? And the honest answer was unanimous. Every single one of them said, started thinking about selling the business the day we started. And then the follow-up, one of the other ones asked, When was the first time that most chiropractic physicians began to think about selling their practice? And pretty much all of them everybody on the call said, somewhere between one week and six months before they really need to sell it or want to sell it.
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We wanted to just kind of open this door, if you will, maybe a little bit of Pandora’s box, because what’s really interesting is we receive a number of calls from our members throughout the years, where they’re asking the question, alright, Mar, what do we need to do to close our practice, and that always gives me a bit of pain, and I’m not going to lie it hurts a little bit because I never want to see our doctors close their practice, I’d rather them see and end up receiving value for what they have spent their time, energy, and years, developing and building and taking the patients and being able to continue to serve those patients through a through another physician or group of physicians into the future. And so we’re going to end up doing a number of videos in this regard. And we’re going to try to empower you because instead of just giving you information, because you know, the Illinois Chiropractic Society can give you the legal facts, if you will, you need to take this step for patient notification, you need to do this with your files, you need to make sure your files are available and go through all of these specific steps. We have articles, we have other videos on this.
Instead, we want our doctors to spend a bit more time on their business, instead of in their business. You know, we want you to be able to take a little time and look at the business itself and find the best methodologies to prepare for what is going to come sometime in the future. Now, we hope for most of you, if not all of you, that’s way off into the future and way off into the distance. But it’s much better to prepare ahead and begin to plan today. So we’re going to put together some videos for you over the coming weeks and months that we hope will help empower you to begin to work more on your business and focus on the future and look at that valuation long before that one week to six months before but instead are looking at that instead between six years and and and and 50 years, if you will before you sell it. So hopefully this helps you think about it. In the meantime, have conversations, talk to your colleagues, talk to your accountant, and talk to your other business professionals. What can you do with your practice today to help you prepare that business to be sold in the future? We’ll catch you next week.
