We’ve spent years of our life in school, hundreds of thousands of dollars to get the education and then decades of our lives dedicated to the profession and serving our communities.
We dedicate so much of ourselves to our patients while we’re in practice but we often overlook a major step. We don’t think about what happens if we fall ill, hurt our wrists or worse.
What’s going to happen to the patients we’ve cared for?
How is your family going to be supported?
What is your practice even worth in the open market and how do you find a buyer?
These are the questions I receive often.
It took a few practice sales of my own to realize all the implications that go into selling a major asset like your practice. Everything from lawyer agreements, asset lists and reproducible profit calculations to bankers.
To simplify this process we put together a step by step journey on appraising and selling your practice to protect you and your family from getting overwhelmed by the process and likely losing money as well as your legacy.
When I was in active practice, I defaulted to my farm boy mentality. That meant to wake up early, work hard and do it again the next day.
You can imagine this does not work well when you want to introduce LEVERAGE so that you don’t have to work hard forever and can actually enjoy some time with your family and friends!
The thought of someone else coming in and running the practice with me was enticing but I suffered from Superman Syndrome – that feeling that nothing gets done properly if I don’t do it myself.
That mentality was guaranteed to subconsciously sabotage bringing on a “good” associate so when I brought on an associate, it was commonly a disaster.
“If you were really my friend you wouldn’t need me to sign the contract” she stated emphatically.
“Damn” I thought to myself. “Maybe she is right. Maybe I am being a hard ass about this associate contract. She is my long time friend so maybe I should just relax and flow with it. After all she hasn’t signed it in 6 months and things seem to be going OK.”
“Alright” I stated.
“Let’s just roll with it. I guess I am being a hard ass.”
She went on to take hundreds of patient files with her when she opened up her own practice just 3 short months later. A lesson that cost me at least $100,000 / yr.
LESSON LEARNED!
Voida becomes your values and the pain of this lesson was the motivator I needed to grow and let go of that farm boy mindset.
I spent years reworking the systems in what makes a good associate and how to structure the compensation, the contracts, the compensation and the transitions.
These lessons helped me know what the difference was between a good and great practice which formed the backbone of our practice valuation service.
The knowledge and lessons I gained from that painful experience have allowed me to help thousands of docs just like get to the next step in their practice.
So if you’re looking to recruit an associate, create a succession plan or get your practice evaluated we would love to assist you.
We have programs that range from self directed to full service so reach out and lets connect.
I just want to thank Dr. Tom and do a shout out for doing such a thorough review of my chiropractic practice. This valuation was much more in depth and easier to understand than that done by my accounting firm.
– Dr. Ryan Rullitis
I just want to thank Dr. Tom and do a shout out for doing such a thorough review of my chiropractic practice. This valuation was much more in depth and easier to understand than that done by my accounting firm.
– Dr. Ryan Rullitis
“We have begun to close these holes as a result of the appraisal we did with Full Circle. I found out that I can increase the sale price by $106,000 just by changing the recommendations found in the appraisal, not only that but since its helped us:
– Dr. Jay Breitlow
I grew, and eventually sold, two very successful practices from scratch before committing my life to helping doctors just like you get to the next level of their life plan through coaching and consulting.