First Time Buyer Process
Are You a First Time Buyer?
We make it easy for first time buyers for chiropractic office.
Our team at Practice Brokers is here to assist chiropractors in buying their first chiropractic practice. Over the years, we have found that educated people make excellent buyers. Our tried and true process educates buyers about the investment they are about to make. We coach first-time buyers through our five-step process. Please give us a call (952) 938-0092 or contact us today.
The 5-Step Buying Process
Step 1: Matching Process
Is this the Right Clinic for Me?
We understand that every buyer is different. We match a buyer to the appropriate clinic through geographics, adjusting techniques, and personality.
Step 2: Valuation
How Much is this Practice Worth?
Understanding how much a practice is worth is a key component in the buying process. We begin by collecting current and historical data to create a valuation that allows professionals to build a solid foundation for the transaction. The valuation is determined by many considerations including the fair market value of all items in the office, the present value of money to be collected, and the investment value of the intangible portion of the business.
Step 3: Cashflow
Can I Afford this Practice?
As a buyer you must know your personal expenses. We help you determine if your current cash flow is enough to accommodate your own personal expenses plus the clinic's overhead, and the new debt acquired by the buyer.
Step 4: Financing
How Will I Pay for the Practice?
There are a few ways to finance your office, the most popular being with Conventional and Small Business Administration (SBA) loans. An SBA loan is federal aid that requires more paperwork than a Conventional Bank Loan but offers funding to people and businesses that would not typically be eligible for funding. The Conventional Bank Loan does not have government ties and is backed by collateral. Learn more here.
Step 5: Transition
How Do I Grow this Practice?
The goal of any transaction is to maintain the current patients and allow the new buyer to create growth. There must be a custom plan put into place with every transition to guide the growth of the business. This step is critical for future business success.