Game changing services for one of life’s biggest transitions
Your practice generates a strong income + provides you with a great lifestyle. When it’s time to transition a Premium practice (generally a clinic that generates more than $300,000 of gross collections each year) to a new owner, it can seem like any savvy chiropractor or investor should see this as a “no brainer” opportunity. But just like your patients don’t understand the complexity behind a skillful chiropractic adjustment combined with a proven treatment plan, the process of selling your practice is more complicated than it looks to the untrained eye. In a Premium practice, some of this complexity stems from:
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Buyer confusion around the practice operations regarding uniquely combined techniques, modalities, care philosophies + care models
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A $250,000+ price point is a substantial investment to the buyer, resulting in intensive scrutiny from the buyer’s advisors + lenders
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80% of Premium clinics are sold through SBA lending, a government program that requires thorough data preparation + meticulous sale management for a successful + timely closing
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Premium clinic sales require more intricate deal structures to adequately address all the details of the clinic transfer and minimize the potential risk and/or loss after the sale closes
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Real estate laws in many states require your broker to be a licensed real estate agent – this creates complexity that you don’t want to ignore, as an unlicensed broker can create significant risks for you after closing
To offset this complexity your sale team (you and your broker, CPA and attorney) will devote hundreds of hours from start to finish to achieve a successful sale. Any time you devote to that sale takes you away from your practice and other obligations, potentially lowering your sale value. And any time your CPA and attorney spend on the sale cost you hundreds of dollars an hour. Your broker is the professional who should have the most involvement in your practice sale, as their experience + seasoned guidance can prove invaluable in successfully guiding your sale to closing.
The Full-Service representation program has been designed to be the premium sales solution that you need. Let our experienced team at PPS save you time, money and unnecessary stress by:
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Completing the bulk of the time-consuming work that’s crucial to a successful practice sale (see full list below)
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Serving as the point of contact for buyer inquiries, prequalification, negotiations + sale management – we keep the sale on track + eliminate unintended sale missteps
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Providing you with invaluable expert sale guidance tailored to the specific + unique needs of a chiropractic practice sale based on years of actual sales experience (we have seen it all)
The Full-Service program is directed by Crystal Misenheimer, an award-winning business broker and the only Certified Business Intermediary © that specializes in chiropractic sales – so you get the highest level of business sale acumen and expertise to optimize your sale. And because PPS was founded to serve the chiropractic community, our Full-Service clients typically get more than TEN TIMES the service and value when compared to the services included through a discount broker. This adds up to big savings on your legal and CPA fees – and much more favorable sale outcomes.
Don’t Risk Costly Sale Mistakes
Get the insights you need to make the best decisions for your practice sale.
“I can’t tell you how many times through this process that I’ve been thankful that I switched from the discount broker we were working with. They were so hands-off, and your team has been so helpful. You’ve helped every step of the way – and we wouldn’t have known what to do without you. You’ve made it such a better experience”
- Dr. Melanie H., PPS Full-Service Client
Why Sell Your Practice with
the PPS Full-Service Program?
Built for Clinics Like Yours
The Full-Service package is designed to serve the unique needs of a Premium practice sale. Get the thorough preparation + analysis needed to survive rigorous SBA underwriting. Enjoy thorough sale assistance including plentiful support from our Lead Broker + team of experts, who will use their extensive expertise to craft custom sale structures and workarounds for your unique sale needs. And have access to sale resources + templates designed specifically to create ease + optimize support in Premium clinic sales.
Maximize Your Sale
Thorough data preparation is key to a successful Premium clinic sale. If not done properly the consequences are dire, as 50% of business sales fall apart when the buyer examines the practice data in due diligence. The buyer’s CPA will also try to decrease your sale price by identifying inconsistencies in the data. The Full-Service package protects your sale price + probability by completing our thorough, proprietary data analysis + preparation before the buyer is procured.
Protect Your Practice Value
Our award-winning brokerage team provides the most comprehensive service support available, and we work extensively to close each practice sale. Our typical Full-Service client receives over 300 hours of support in their Premium practice sale. This level of assistance is crucial as it allows you to focus on maximizing your sale price by keeping patient visits + practice collections strong.
Superior Marketing + Sale Exposure
PPS is the #1 ranked website for chiropractic practice for sale searches - we average up to FOUR times more web traffic of any other chiropractic broker! To maximize your buyer traffic, we also invest thousands of dollars every month in pay-per-click ads. And we post ads for your listing on chiropractic school, technique + classified sites weekly, and regularly promote listings to our buyer lists and on multiple social media platforms.
Save on Your Sale Costs
Your attorney + CPA will still be key members of your sale team, but the Full-Service package provides valuable support that reduces legal + accounting fees by clarifying your financials, drafting comprehensive chiropractic-specific purchase agreements, and investing many hours in overseeing your closing. And our broker team is seasoned in the logistics of business transfers and will provide you with guidance and resources to further reduce your sale costs.
Get the Most Value
Full-Service clients receive an unprecedented amount of sale value, with over 300 hours of sale services, support + guidance provided in a typical sale! This is dramatically more than the 30 hours that a discount broker typically invests in a sale in that same period of time*. When translated to a “dollar per hour” return you get an average of more than TEN times the value in the Full-Service program vs a discounted broker.
Limit Your Risk
The Full-Service program is designed to support the unique needs of a larger + more complex practice sale, giving you the peace of mind of knowing that the PPS team has the experience to identify any issues at first warning signs. This helps you avoid costly problems that can derail your sale. We also have the correct licensure needed to legally conduct sales nationwide, which protects your sale proceeds after the sale closes.
Listing Insights
Do you know what your broker is doing for you? We believe you deserve to know how your listing is performing so you can make the best decisions for your sale. At PPS you get a listing dashboard that provides real-time insight into your practice marketing efforts. We request buyer feedback which we share with you. And Full-Service clients can always call + talk to a member of our Client Concierge team during business hours.
Show Your Practice Some Respect
You’ve sacrificed years (maybe decades!) of your life building this practice. Now that it’s time to sell, you owe it to your family, your patients + yourself to protect your investment and continue your practice legacy with expert sale support + guidance. Your practice deserves the Full-Service program’s premium presentation + Lead Broker sale support. It will shine in the marketplace.
What You’ll Get in the Full-Service Package
Expert guidance throughout your listing + sale
Avoid costly missteps with advice on your sale AND managing your practice while selling
Proprietary data analysis + organization**
Thorough data preparation + presentation so clinic can achieve maximum value pricing at closing
Beautiful, professional presentation of your practice**
Comprehensive prospectus builds value + speeds the sale by clarifying practice operations + benefits
Data-driven pricing recommendations
Meet sale goals with our in-depth market analysis to maximize your sale value or timeline
Professionally written + designed marketing collateral**
Beautiful + aspirational marketing stands among standard, boring practice sale advertising
Nationwide marketing campaign with top buyer exposure**
Get up to FOUR TIMES the web traffic + the most aggressive advertising of any chiropractic broker
Simple + confidential sale reporting**
See real-time insight into your listing performance + marketing
Management of prospective buyer inquiries
We receive initial calls, emails, web chats + social media inquiries to protect your time + privacy
Cultivation of buyer NDAs for your review
Get insight into a buyer’s background + stated ability to buy your practice
Industry-leading responsiveness to buyer inquiries for your prospectus
Rapid responses to prospectus inquiries keeps potential sales moving
Sale management
Serve as primary contact for buyers to guide, negotiate + manage your sale
Collect buyer feedback on the prospectus
Get valuable insight into how prospective buyers are viewing your listing
Keep marketing + listing fresh
Update ads weekly + practice data semi-annually to keep the practice listing relevant + timely
Buyer prequalification
Save lost time + heartache by avoiding sale efforts with unqualified buyers***
Sale Management by Lead Broker
Our award-winning Lead Broker will guide your sale from buyer engagement to closing, optimizing sale strategy + outcomes
Customized Letter of Intent (LOI) + broker consultation
LOI and sale strategy consultation to get your practice started in the right direction
Financing support for eligible buyers
Access to PPS lending network + educational resources
Transition guidance
Templates, checklists + guidance for a successful post-sale transition
Closing Management
Expert guidance, management + coordination of the many parties and tasks involved in your closing.
**Exclusive service available only at PPS
***prequalification is based on credit and proof of funds, and is only an initial opinion of likely qualification, not a guarantee of lending
**** PSA is a template which is provided as-is, and does not feature any custom legal language. It will be personalized with your sale terms. You must retain an attorney to ensure that all of the specific needs of your sale are being met. However, the documents we use have been used extensively for chiropractic clinic sales all around the country and generally require very minimal modifications, saving our clients thousands in legal fees when compared to having an attorney create new sales documents.
Full-Service Program Costs
The Full-Service Program’s premium level of support typically results in costs savings* when compared to other brokerage services
Listing Fee :: starting at $1799 (fees may vary by sale location + needs)
Fee upon Successful Sale :: 8.5-9.5%
Contract Term :: 12-18 months
Prices are for one location/one entity
Success fee subject to minimum fees
Steps to Become a Full-Service Client
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Schedule a complimentary consultation :: tell us about your sale goals + your practice
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Complete a Clinic Review :: get a preliminary opinion of value + test drive working with PPS
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Sign a Full-Service listing agreement :: formalize working together so we can get started!
FAQs
What kinds of clinics do you represent? We specialize in chiropractic clinics, including integrative + multidisciplinary clinics. This is where we have the specialized expertise, and also the best market exposure. However sometimes we do take on other listings, such as physical therapy, acupuncture or naturopathic clinics, as they have a similar and often shared audience in this marketplace.
What is your success rate? Our success rate has ranged annually between 80-85% of our listings. The number one reason that clinics don’t sell is the seller gets too burned out and either closes the door before a buyer can be found or reduces their hours in a way that results in a declining business trend that renders the clinic unsellable.
How long does it take to sell a chiropractic practice? Industry-wide chiropractic practice sales average between 12-18 months. At PPS our average sale timeline is 7.9 months from listing to close. While our sale program is designed to sell practices in a year or less, some clinics do take longer to sell due to challenges like a lower-interest location or highly specialized clinic model. 99% of our practices sell in two years or less.
What if I also own the real estate? The PPS commission on the sale of the business does not apply to the real estate. If the building is also available for sale, then PPS will partner with a commercial realtor in your state who will manage the sale of the real estate. This benefits you, as the agent will be an expert in your local market, and therefore they are best equipped to address buyer questions and concerns about the property, as well as evaluate any offers you receive on the real estate. However, involving real estate in your sale does result in extra work for the PPS team as we will be coordinating all of the sale activities, including additional communications with your real estate agent regarding the offer, negotiations, financing, and closing logistics. This extra complexity results in more sale expenses for PPS, but we avoid passing those expenses on to you by structuring a referral fee with the real estate agent. The real estate agent is typically happy to pay this fee because PPS will dramatically reduce their work on the sale by doing all of the marketing, finding the buyer, prequalifying them, obtaining the initial offer, and helping the buyer to obtain financing. Historically, we have found that if you let PPS find a realtor on your behalf they are happy to honor that referral agreement.
How long does the Clinic Review take? It takes most doctors about 1 – 2 hours to fill out the initial form. Once we have confirmed the information provided for the Clinic Review is complete then it generally takes the PPS team approximately two weeks to complete the Clinic Review, depending on how many other Clinic Reviews are in process at that time, your responsiveness to any follow up inquires, and the quality of the initial information recieved.
What are the MAIN differences between the High-Value package and the Full-Service package? The High-Value package is designed to meet the needs of smaller, straightforward practice sales where the buyer is unlikely to utilize the rigorous national SBA lending program. The Full-Service package is targeted to provide the best support for larger sales, which require more data preparation, analysis + sale guidance to result in a successfully closed sale. To best serve the needs of these larger + more complex transactions the Full-Service package includes additional access + support to our team, as well as support from our Senior sale team including our Lead Broker, Lead Business Analyst + our Lead Closing Agent.
How does it impact the value of the practice if the clinic numbers are down in 2020 and/or 2021? If the clinic has fully rebounded to pre-covid numbers, then buyers and lenders are typically granting a lot of grace for covid-related declines. However, if the clinic is still down based on monthly patient visits or revenue , then those lower numbers will likely factor heavily into valuation. That is one of the benefits of the Clinic Review, is it can help you to identify if it makes sense to list the practice now based on the clinic’s current status.
Do I have to do a Clinic Review before a listing package? We do require a Clinic Review before starting a Full-Service or Platinum listing package. This process allows you to be sure you are comfortable with the estimated range of pricing in which we can likely list the practice before you make the investment in the upfront fee and data submission required for a full listing package. The Clinic Review also allows us to identify which listing package(s) would be the optimal fit for your practice, and allows you to “test drive” working with PPS to be sure that we will be a good fit as your partner through the sale process. However, if you prefer the High-Value package then a Clinic Review is not required.
Is the Full-Service contract exclusive? We do utilize an exclusive contract for Full-Service listings, which we find is in our client’s best interest. Working with multiple brokers exposes you to the risk of owing multiple commissions if a buyer works with both brokers without communicating that to anyone. Having multiple brokers also fragments sale efforts on your behalf, as lack of knowledge of all buyers and offers eliminates the ability to strategically move the sale forward with each buyer.
Why is there an upfront fee? Business sales require a significant upfront investment from the broker to prepare a practice valuation and marketing package. The broker should invest heavily in time and marketing dollars in the early stages of your listing, as that gives you a strong foundation for a successful sale. At PPS we invest about 60 hours in your clinic preparation and initial marketing package. To offset this heavy investment upfront, business brokers require an initial fee to offset those initial costs and also get a sign of “good faith” that the seller is committed to the sale. If a broker does not have an initial fee then the data preparation and marketing efforts they invest will be minimal, which will truly hurt your sale timeline and success.
How long is the Full-Service contract? 12-18 months, depending on the state.
Why do the Full-Service fees vary by location? At PPS our mission is to serve the chiropractic community with the best support for practice sales + acquisitions, so we want to offer all doctors the best pricing on these services. However, our cost to provide high-quality sale services varies by location. Some states treat business sales as real estate transactions, requiring our Lead Broker to partner with a real estate broker in your state through a process called “interstate co-brokering”. This introduces a significant expense to your sale. However, ensuring you are working with a licensed professional also protects you from risk after the sale closes. In other cases, some states have more burdensome sale processes or lower overall buyer traffic, so sales in those states require higher investments of PPS time and marketing expenses, resulting in a higher commission rate. While no one relishes higher sales expenses, there is great peace of mind in knowing your sale is being handled legally and with the highest caliber of care.
Why are business broker fees higher than real estate agent fees? Doctors are frequently surprised to realize that past experiences in selling real estate bear little to no resemblance to the process of selling a business. It’s an understandable comparison, as the two processes share similar terminology. The truth is that there are a lot of major differences between the two which make past experiences with real estate a poor fit when setting expectations for your practice sale.