A successful practice is saleable and scalable.
Your goal should always be to create a practice which is sale ready and scale ready.
This means you have the following:
- You have automated and manual systems in place.
- You have an Office Procedure Manual both on and offline.
- You have practitioner and client attraction systems.
- You have clear communications channels on all levels.
- You can step out of your practice at any time and have it still run.
- And you have growth opportunities built in to scale up.
If this is you, I congratulate you. Most practices do not have their exit strategy in place, and therefore, are not ready to hand over the keys if and when necessary.
Irrespective of whether you are wanting to sell or leverage you need to be clear on these destinations.
Let me focus for a minute on scalable. It is natural evolution for a business to grow all things being equal. If you’re not growing then somethings not working in one or more of the areas above.
You or a prospective buyer needs to see potential. It needs to be clear the practice has opportunities to scale and leverage. The questions you need to think about are:
- Could you step out of your practice and have it still generate income?
- What is the physical limitations around increasing revenue, i.e. maximum number of rooms, number of clients, number of practitioners, number of receptionists etc? What’s the capacity of your practice?
- What could you do to leverage income, i.e. online strategies, non-practitioner modalities like hyperbaric, Vibrosaun etc.
Your goal should always be how can create the most saleable and scalable business that provides me with the best time and money freedom? If it’s not then you’re working too hard and this is recipe and burn out.
About the Author:
Dr. Andrew Arnold (Chiropractor) is the ‘Practice Leverage Expert’; Principal Chiropractor and owner, Cranbourne Family Chiropractic and Wellness Centre; Accredited Business Coach; Founder, Million Dollar Wellness Practice. Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.