From: Dr. Margolies.. 4-29-22

www.familychirocenter.net

How Much Is Your Practice Worth?

As I wind down a successful and fulfilling career, I am actively attempting to sell my practice. To do so a potential buyer would want to see patient numbers, staff viability, equipment inventory, office space and numbers that brokers and those in the know would acquire. So, you would expect that the outcome would be how much your practice is worth. But no, this not as important as the bottom line, literally how much your practice is worth.

Many of you may have taken Whitehall Management seminars with Greg Stanley. Greg would walk around the room asking doctors to hand in their torn credit cards realizing that profit and accumulation was more important to wealth than material things. Credit cards are an open invitation to spend and spend. His motto was profit and accumulate.  For example, the doctor around the corner may have a huge clinic, multiple rooms and staff to manage it as well as a large patient base or possibly multiple offices, often with multiple headaches. To maintain this requires funding for marketing, staff salary, rent or mortgage. So as impressive as it looks, their take home pay may be meager compared to your humble practice that not only pays the bills but allows you to accumulate wealth over the years while the other doctor breaks even if lucky.

This is not to say that you do not expand your comfort zone and grow as large a practice as you see fit but it should not be at the expense of accumulating wealth. Also, the more patients you see is an honorable thing as you are assisting more spines and therefore the purpose of your diploma. Doctor, grow but like a beautiful garden maintain it with profit and accumulation in mind.

So as the stock market trends down and may have been a great way to acquire wealth, the best way now is to put that money into your office. Look for educational seminars for staff, further your technical prowess with seminars and increase the portion of the office that produces revenue and that is services. Remember there are only three ways you can earn income as a chiropractor and that is volume, fees and services. An increase in patient volume requires marketing and public relations that may cost in time and money. Fees will no doubt increase revenue even if you charge a dollar more per adjustment and is the easiest way to put dough in your pocket, but the best way is to increase services. Adding nutrition, rehabilitative programs, durable products and therapeutic instruments such as cold laser, etc. would not only add income but help patients and with proper patient education increase referrals. Give this some thought, if you have questions or confused, reply to me and we’ll go over it together.

So, during a quiet moment give thought of how much your practice is worth. Have you been able to pay the bills, pay for the material things that are important and have enough to stash away without emotional burnout and bitterness that follows frustration.

So, Doctor How Much Is Your Practice Worth?

By the way, if interested in purchasing my Atlanta practice let me know It Will Be Worth It