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Selling a Practice?

Exit forum ID Forum Discussion Selling a Practice?

This topic contains 3 replies, has 3 voices, and was last updated by   Anthony Moreno April 15, 2020 at 10:51 am.

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  • #9053

    Anthony Moreno
    Participant

      Hey all,
      I’m looking to sell my original practice. I’m wondering if anyone has done this, and if there is any advice you can lend.
      I’m planning to relocate to Phoenix/Scottsdale area within 2 years to establish an ID practice with a goal of body regions specialists if there is any interest!

      Thanks in advance.

      Tony

      #9054

      Brandon Cohen DC, CSCS
      Participant

        1. No advice here.

        2. Arizona isn’t the west coast, but it is pretty close. It’s lonely out here!

        #9129

        Matthew Ellerbrock

          I sold my office in 2015 to Ty Vorst, and it was a learning experience for us both.

          I would have to say you have three things to consider when selling your practice.

          1. Current inventory (tables, chairs, build out etc.) This has some value, but again its never worth as much as you think or paid for it. But it is a good way for a chiro looking to get out on his/her own to get started. For example the cost of my buildout at my new office and equipment I had about $60,000, thanks to the state of ohio coming in and making me do an insane amount of upgrades to comply with ohio’s revised code. Getting grandfathered in has decent value.
          2. Real estate (if you own your building)
          3. Patient files (Goodwill). This is where you can kinda get screwed. Your patients like you because you do ID. The next guy better have some skills or this one doesn’t work. There is value in a phone that rings and a busy practice, but it will not last long if they come in with a pro adjuster.

          In the end the buyer will most likely be financing… and most new grads are ass deep in debt. The bank will ultimately tell you if your asking too much.

          The best way to sell is find someone who wants to practice where you do, encourage ID and then make a fair offer and it can be a win/win.

          In the end, the world would be a better place, a better functioning place, with less pain and disability if we all did ID. And selling your practice would be a walk in the park.

          #9196

          Anthony Moreno
          Participant

            Thanks for the advice. I do appreciate it.

            Tony

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