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Clinical Solutions Blog

How to Selling Your Clinic For Millions

Posted by Rick Lau on Sep 30, 2015 11:41:00 AM

Physio_Clinic_For_Sale

Take a moment to imagine…

Imagine 5 years from now, you’ve worked tirelessly to build your business, many sleepless nights, coffee overdoses, and even the occasional panic attack have occurred in that time. But you’ve worked smart and divided your time by working in the business and on the business.

Your goal is to increase revenue while in the business, and then one day put your chiropractor or physiotherapy clinic for sale at the highest price.

You develop treatment strategies and systems that you can pass onto hired clinicians and staff who can do the hands on work for you. You introduce a whole range of product sales and design systems to upsell them to patients after every treatment. You teach these systems to all your physiotherapists, chiropractors, and massage therapists. Your clinic is going so well that now you don’t work in the business, you only work on the business, so you open another location and implement the whole process again.

After 5 years, maybe 10, you decide to retire, but instead of shutting the doors you have built a valuable asset that is easily passed onto someone else. You have documented systems and processes for all the business functions so that someone can buy the business for top dollar, and continue to run the business successfully from day one.

Now imagine yourself lying back on the Greek Islands, lazing around in the sun and enjoying your comfortable retirement.

Does that sound good to you?

Don’t stop there, let’s imagine a bit more…

Imagine doubling your profits, reducing your workload by half, providing extraordinary care for your patients – and positioning your business to sell all at the same time.

Does this sound like an appealing proposition to you?

Today I want to share some tips on how you can start working on your exit strategy today, while at the same time living the kind of great life that you really want. A life where you have ample time to enjoy your family; not one where you’re running rings around the clock regretting the fact that you ever negotiated that lease

You don’t want to be like many other physiotherapy clinic owners, chiropractors, or massage therapists who feel drained to the bone and burned out because of the long and tireless hours you work in your practice. You want a life where you can take time for leisure and enjoyment. And at the end of it all, you want to be sitting in the sun on that Greek Island sipping champagne!

Well I’m here to share with you that there is another way to go about things so that you can make owning a physiotherapy practice, more profitable while having year after year growth. 

How do I know there’s another way?

Because I have gone down ‘the good path’ myself, and I’ve also helped other business owners walk the same path. 

You see, over the past 10 years I have bought and sold over 28 physiotherapy clinics.  Without boasting, I’d say that means I’m an expert in practice management, new patient call conversions, digital marketing, recruitment, systems, and buying / selling clinics.

Wondering how to sell your clinic for millions?
Check out this handy guide on how to sell your practice

Having achieved some success myself, I’m highly passionate about inspiring clinic owners like you to grow your practice by generating consistent profits, so that you can start living the life you want with your business, both now and in the future.

It’s no fun at all if you can’t help others succeed in business too, which is why I love to mentor people in business and share tips to help you succeed.

So like I said, today I’ve got a little secret that I want to let you in on that can change your way of thinking, and in turn help change the future of your practice.

The secret is…TURNKEY!

What is ‘Turnkey’ exactly?

Google says the definition of turnkey is:

“of or involving the provision of a complete product or service that is ready for immediate use”.

When it comes to owning a physiotherapy practice, the more turnkey you make it, the more money you will make, the higher your customer satisfaction and patient retention, and in the long run, the higher price you can demand for the sale of your clinic. This equals, selling your clinic the right way.

Turnkey is about having systems and processes in place for everything you do in your business, because it is the single most important asset you can have. 

Think about it for a moment and ask yourself the following questions:

  • When you put your physiotherapy clinic for sale, can another physiotherapist or even a non-clinician come in and efficiently run the practice in the same way (or better) than you?
  • How much work would the future buyer have to do in order to get the clinic running efficiently and smoothly?
  • Is it already setup so someone else can just walk in tomorrow and pick up where you left off?

If you’re like many clinic owners you haven’t really thought this through and that’s okay. That’s why we’re here now chatting about it.

This whole concept of ‘Turnkey’ is the secret to highly successful business people you admire. And it’s all about those systems and processes, that’s the key to ‘Turnkey’. 

With systems and processes you can hire new staff to do any of the jobs required in your practice.

Systems and processes remove the stress, confusion, and downtime from your business.

Systems and processes help you run a highly efficient and profitable business and when you are ready to sell, it will help the new owners hit the ground running.

The idea of the word ‘Turnkey’ is that those systems and processes are complete and ready for immediate use by another party. So from the very beginning it’s important to start putting those systems and processes into place – to automate as much of your business as possible.

The secret is to automate your clinic into a process driven business instead of an owner driven business. The business ceases to have turnkey value if it’s entirely dependent on you - the clinic owner.

Although you may be a great clinician, you don’t want the business to rely solely on you. Your overall business goal is to develop systems and processes for all the things you do in your practice, so the business can perform in a self-sustaining manner. Essentially you want to be working on the business instead of in the business.

This means that eventually you won’t have to be there to be earning money. This means you create a well-oiled machine that fully functions without you, so that you can enjoy that life you want to live.

It also means that when you’re ready to sell, you will have an incredibly valuable asset that will appeal to many buyers for a very HIGH premium price!

You certainly don’t want to be one of those health businesses that fail. You want to be a clinic owner that inspires action in those around you, and have a practice where patients are highly satisfied, helping to effortlessly boost patient referrals and increase revenue.

That’s what we all want as therapists and clinic owners. We don’t go into it to experience failure and disappointment; we go into it to be highly successful.

Let me help you get this whole ‘Turnkey’ process into action right now. I’ve created a free guide that walks you through the most important factors you’ll need to think about in order to get the maximum long-term investment on your physiotherapy clinic.

If you follow some of the tips and strategies inside the guide, you’ll instantly start to see your practice turn into the kind of business you want and deserve so that you really can retire and head to those Greek Islands one day – and take the extended trip too!

Start building your ‘Turnkey’ business today and sell your clinics for millions later.  Click here to get your free copy 

 

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Topics: Clinic Finances

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