Looking to Buy a Chiropractic Practice?
By Loren D. Martin
If you are a potential buyer, an advertisement for a chiropractic practice for sale may catch your eye. It is smart to explore your options by inquiring about such ads.
When a chiropractor advertises a practice for sale, they may receive many anonymous e-mail inquiries from potential buyers requesting information. While the majority of those inquiring have good intentions, it is important for buyers to be aware of the vulnerable position of the seller in disclosing that they are selling. Being aware of the seller’s comfort zone will enhance your initial communication.
When shopping for other goods such as cars, HDTV’s, etc., all product information is available to anyone with a few clicks of a computer. The difference when inquiring about buying a practice is that you are also selling yourself.
To simply inquire about a practice for sale ad, it is not necessary to provide your life story. However, it is necessary to provide your name, contact information, and assurance of confidentiality. Sound simple? It isn’t. It is critical how you make contact. By putting the selling doctor at ease, you will be more at ease. A buyer may take things personally when the seller is evaluating his or her ability to acquire and operate the practice. It is imperative that the selling doctor be confident in the buyer’s ability to continue successfully in the practice, and that the patients are in good hands.
If the practice is of interest, be prepared to provide additional information about yourself. If it is mutually agreed upon to buy and sell, you will receive in-depth information on the practice, enabling you to thoroughly analyze the practice and conduct the necessary due diligence.
Taking particular care of your communication with the doctor on the other side of the transaction will greatly enhance your practice purchase process!
Loren Martin is President of Practice Opportunities Inc., and has specialized in the sale of chiropractic practices for over 20 years. He may be reached at (952) 953-9444, www.practiceop.com.
Practice Management Tips Archive
The Value of Demographic Factors in Opening a Successful Practice: Part I, The Facts
Transitioning to Practice Ownership: Assess Yourself and the Practice Opportunity
Five Surefire Ways to Attract Patients and Clients
Do You Have Any Questions?
Goal Setting Is Essential To Your Success
Unique New Patient Ideas
Taking Time for Practice Building Will Enhance Your Practice
SOS Ends with Success
Is Your Practice 'Undeliverable'?
Start from Scratch or Buy a Practice?