We had the pleasure to sit down with Dr. Jay Breitlow today who’s a student of his own practice, constantly pushing the boundaries of what is possible with his marketing, his systems and his growth.
Jay has coached with Full Circle for many years and came to us inquiring about a practice appraisal, which we thought was odd considering he was nowhere close to retiring or selling his practice.
See a lot of people come to us because they’re looking to sell their chiropractic practice, looking to buy a chiropractic practice or simply get themselves a chiropractic practice valuation formula.
Jay was different.
Jay knew he had a good practice, but wanted to know what was wrong with the systems in place, and where the holes were when it came to reproducible profitability. He wanted to know exactly why a McDonald’s restaurant has one of the highest probabilities of success in replication and how he could do the same with his practice so that when he does go to sell it, it is worth much more.
We came across a value gap from his current valuation to what was possible if he maxed out the potential factors that influenced Goodwill.
We found 9 holes in Jay’s practice structure/systems that he would not have known about had he not had the insight to explore what makes a chiropractic practice more valuable in a sellable market.
The value gap of these 9 factors were enough to add $106,000 to his potential sale price at time of sale, and that is if he remains stagnant in revenues, which would be projected to grow once these holes were patched.
We followed up with Jay several months later to see how this valuation has influenced his practice:
- The day to day revenues are higher
- The team synergy has increased
- The systems are documented with amazing detail
- The practice allows more adjusting time and autonomy for the doctors allowing more growth into the practice
We got Jay on the phone and discussed how the practice has changed since that valuation and the small changes that have made a big difference.
We get stories like this every month.
Dr. Nenos had a story of his own:
“We did this appraisal process with Mike and Dr. Tom because we are in the process of incorporation and needed an accurate value of the practice for tax purposes.
The entire process was an eye-opener.
It allowed me to see where we were excelling in practice and where we needed to pick up the pace.
One of the positive outcomes out of this experience was acknowledging my staff for doing a job well done, which resulted in setting up a bonus structure for my practice in which my staff could benefit from when certain goals were reached.
Also, the stats that we calculated as part of the process allowed me to continue tracking our performance.
Overall, I highly recommend this service to anyone thinking of selling their practice or just to get a general idea of what your practice is truly valued at in today’s market.”
If you are curious about the process, if you want to figure out where the holes are in your practice that could earn you serious upgrades in value at sale time, or have any questions at all, feel free to reach out here or email Mike at firstname.lastname@example.org