The Future of Chiropractic Practice Sales & Business Transitions in Washington
Tom Necela, DC, CBB, ABI Practice Broker & Transitions Consultant with The Strategic Chiropractor
If you are considering a chiropractic practice sale or business transition in the future (regardless of whether that means months or years down the line), the good news is that Washington chiropractors have a bright future for many reasons!
First, let’s put some things into context in terms of the chiropractic marketplace when it comes to selling a chiropractic business, transitioning your practice to your associate doctor or even buying a chiropractic office. Here, one of the most important things that you need to realize is how significantly the chiropractic practice sales landscape has changed over the last several years.
The Marketplace for Practice Sales & Purchases is Active
Thanks to the sheer number of baby boomers hitting retirement age, it makes sense that the number of chiropractors looking to sell has increased.
What is surprising to many is that we’ve also seen a steady and significant increase in the number of buyers entering the market ever since the pandemic.
One likely contributor to more buyers looking is the fact that today’s chiropractic buyer is much more business savvy and educated about the marketplace, probably thanks to the wealth of information available throughout our profession and online. These buyers have come to realize that the riskiest move is actually to start a practice from scratch with an unproven location, an untested marketing
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ideas or business plan, a heavy investment in equipment and no patient base. Instead, many chiropractors are now looking to enter practice and reduce risk by purchasing an existing business, with a proven track record, patient base and “turn-key” scenario where the buyer can step in and assume an excellent income stream.
Interestingly enough, a growing student loan debt also becomes another contributing force in why more younger DCs are choosing to buy a chiropractic practice. With burdensome loan payments, some docs simply cannot afford to start a practice from scratch because they won’t be able to repay their loans while taking years to build a business from the ground up. Others realize that low associate pay won’t really help them get to their goals of income and freedom – but buying a business can do both.
All of these factors combine to form a very active marketplace – with both more sellers and more buyers than in years past!
Practice Financing Has Changed – For the Better
In addition to marketplace changes, the future is bright for Washington chiropractors in terms of practice financing. If you talk to DCs who have been in practice for decades and have experience buying or selling a business, you will be pleasantly surprised to find that times have definitely changed – for the better! Gone are the “old days” where the most common way to get a practice sold was for the Seller to take all the risk and Owner Finance or carry a note for all or most of their practice sale.
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