Buying or Selling a Chiropractic Practice During Times of Economic Uncertainty – 3 Key Ingredients
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
1M ago
If you are wondering if buying or selling a chiropractic practice during times of economic uncertainty is a good move or even possible, you are certainly not alone. In fact, in most chiropractic practice sale situations, there are three people in this equation who are all curious about how economic instability may impact a business – the Seller, the Buyer and the Bank. As a Seller, you are obviously curious as to economic instability will affect the value of your business. Buyers are equally concerned about purchasing a chiropractic practice during these times and they want to make sure that t ..read more
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How the FTC Proposed Rule Will Affect Your Chiropractic Noncompete for Practice Sales or Associateships
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
2M ago
On April 23, 2024 the Federal Trade Commission (FTC) announced a new rule banning chiropractic noncompete agreements that will absolutely impact your chiropractic practice or your chiropractic associate job. The quick summary is this: Any existing chiropractic noncompetes are unenforceable after the effective date. New chiropractors noncompete agreements are banned for most chiropractors, as of the effective date (see below for two major exceptions) The effective date will be 120 days after publication in the Federal Register. NONCOMPETE RATIONALE The FTC ban on noncompetes has been in the w ..read more
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Protected: Your Buyer’s Timeframe is Italian – Even If Yours is Swiss!
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
2M ago
Password Protected To view this protected post, enter the password below: Password: Submit The post Protected: Your Buyer’s Timeframe is Italian – Even If Yours is Swiss! appeared first on Strategic Chiropractor ..read more
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Chiropractic Practice for Sale With Owner Financing – What Buyers & Sellers Need to Know
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
3M ago
If you are looking to purchase a chiropractic practice, undoubtedly you have seen classifieds advertising Chiropractic Practice For Sale with Owner Financing.  Like many prospective buyers of a chiropractic office, this naturally catches your attention. From a marketing or seller’s perspective, a “chiropractic practice for sale with owner financing” ad is designed to pique your interest in the business for sale.  But beyond that what exactly does “Owner Financing” mean? The challenge is that there can be different answers to that question depending on the perspective of the person as ..read more
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Associate Chiropractor Wanted for Buyout: Assumptions Owners & Employees Need to Avoid
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
3M ago
I frequently get questions from docs who are looking to place an associate chiropractor wanted for buyout ad – and aren’t quite sure about some of the buyout details. Interestingly enough, we get an almost equal number of questions from the other side of the fence – from DC’s who have responded to an associate chiropractor wanted ad – and are unclear whether the structure of the promised associateship will serve them well. The primary problem here is that both sides are bringing some big assumptions to the table and, in the process, taking some unnecessary risks of being bound together in a ba ..read more
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Thinking of the End of Your Chiropractic Practice? Start Here
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
4M ago
Towards the beginning and the end of a year, chiropractors frequently spend a little more time thinking about goals.  Perhaps you want to increase income in your practice, lose weight, develop deeper relationships or have more fun. Whatever your target, you’ve undoubtedly heard or experienced the importance of establishing goals. When it comes to creating a plan to transition your chiropractic business, it really is no different. Regardless of whether you plan to sell your chiropractic practice soon (as in THIS year), begin the transition to your associate or prepping yourself for the jou ..read more
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Can You Afford To Buy a Chiropractic Practice For $500,000? $250,000? (Or Whatever Price Range You’re Considering)
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
5M ago
Many chiropractors looking to make the next move in their career wonder if they can afford to buy a chiropractic practice for $500,000 — or $250,000 — or whatever price range they are considering.  Whether the price point of the practice is $500,000, $50,000 or anywhere above or below that mark, most docs don’t have a clue about how much they can actually afford to buy a chiropractic practice — at any price. Of course, you’ve heard the old adage, “You’ve got to spend money to make money.” Perhaps you’ve even debated that when it comes to the decision of whether to buy a chiropractic pract ..read more
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Buy a Chiropractic Practice or Start From Scratch? Options to Consider & Mistakes to Avoid
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
5M ago
For most chiropractors, there comes a point in their chiropractic career that they ask the question: should I buy a chiropractic practice or should I build one from the ground up? Bad Ways to Buy OR Build While there is no “right” answer to the above question, there are some universally bad factors that can influence your decision, so let’s get them out of the way first: The Bitter Beginning: unfortunately, many chiropractic practice sales and startups begin with the often emotional end of an Associateship gone wrong. While we can’t ignore that fact, the decision to buy a chiropractic pr ..read more
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The Biggest Legal Mistakes Chiropractors Make When Selling Their Chiropractic Practice
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
8M ago
Each year chiropractors make the decision to finally leave practice.  And while their focus is naturally on the future, there are a few details that must be taken care of in the present before that future transition can be realized. If not, these serious mistakes can cause significant financial damage that can follow them for years to come. If you are thinking about selling your chiropractic practice or some type of transition, make sure you handle these details before heading off to the beach, into retirement or out of practice: Mistake 1        Abandon ..read more
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Buying a Chiropractic Practice With an SBA Loan – The Basics Chiropractors Need to Know
The Strategic Chiropractor – Work Smarter, Not Harder
by Tom Necela
9M ago
Many chiropractic buyers have heard about the current incentives for buying a chiropractic practice with an SBA loan, so we are getting a lot of questions about the basics of how an SBA Loan works.  Here’s a quick primer on SBA loans so you can understand how they may benefit you. Buying a Chiropractic Practice with an SBA Loan – The Basics of SBA Involvement First, it’s important to understand that the SBA does not actually lend you the money to purchase a chiropractic practice, a bank or other lender does. Instead, the SBA acts as “insurance” for the bank. This is helpful for both the ..read more
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