​Most of us have a vague notion of what retirement might look like but that’s where our planning usually stops.  Getting sick or receiving a terminal diagnosis isn’t something that is easy to think about and is even more difficult to talk about.  Nobody wants to contemplate their last moments in this world. 
Sadly, we have all witnessed peers who have been thrown a curve ball and had an illness or untimely death.  The aftermath of these events places a huge strain on our families.  However, these stresses can be lessened with some discussion and at the very least, taking the steps now to get the right people in place when you need them.
An unexpected sickness can occur at the height of our professional careers.  Depending on the prognosis, it’s critical to get our affairs in order as quickly as possible.  Staff might suspect that something is amiss, and you can ask them to keep health issues confidential.
If you haven’t assembled a team already, start searching for a reputable estate-planning attorney and CPA.  Also include the often-overlooked professional; a practice transition broker who can assist with the transition of your practice and can begin the process with you as soon as possible.  Most widows/widowers are not thinking that the responsibility of selling the practice will fall on their shoulders.  We recommend starting these delicate conversations with your spouse now, so they are not left to deal with this in addition to emotional stress.
If you are still able to work at your practice, we can begin to market the practice heavily but discretely so we can find a buyer as quickly as possible.  The best medicine for you is to heal and take care of your family.  Selling might seem short-sighted if you expect to make a full recovery, but there are many other options available if you still want to continue to work after you heal.
However, for those doctors who pass unexpectantly, word of mouth tends to get ahead of any marketing and the reality is that your practice will be marketed without a doctor and thus the practice value can decrease substantially.  Some of the most difficult challenges that we have encountered are in serving spouses who are left to deal with quickly selling a practice when the doctor is sick or has passed away.  The value of the practice drops sharply and is often valued at 30-40% less even after just one month without a doctor.  
Prepare for the unexpected.  Assemble your professional team and get your estate planning documents in order.  Most importantly, make this information accessible and communicate your wishes with your spouse. 
Life is short, spend your days doing what you enjoy and take care of your health. 

By Rod Johnston, MBA, CMA

Why use a Chiropractic Broker to Sell Your Practice?
After many years of hard work, long hours, and substantial investment that go into building a chiropractic practice, you're now thinking about selling the practice. It's easy to assume that the practice will sell quickly and for a great price when you are ready to sell. Feedback from doctors who have recently sold their practices shows that the process is more complicated and stressful than anticipated. This is why it is essential to hire a chiropractic broker to help guide you through the process.
Potential individual buyers and corporate buyers will have experts who can help them navigate the sale. You will also need someone to advocate for you and help you understand the process from start to finish. In most cases, the last time you were involved in a practice sale was when you bought the practice, which means you need someone to help you navigate the process.

Benefits of Hiring a Broker
Here are just a few reasons why hiring a chiropractic broker to assist with planning and selling your practice would be a sound investment:

Determining Fair Market Price - At Omni Practice Group, we have certified practice appraisers that put together a valuation to maximize a fair market sales price for the practice and real estate (if applicable).

Develop a Marketing Plan for the Practice while Maintaining Confidentiality - Omni provides confidential marketing and advertising services for your practice that do not identify you or your practice until a buyer is screened and signs a confidential Non-Disclosure Agreement. Omni also provides the financial prospectus for your practice along with confidential personal showings of the practice to potential buyers. Finding the right buyer that you will want to take over your practice can take some time. Good practices can sell quickly, but some can take months or even a year to sell.

Letter of Intent - Omni brokers negotiate on your behalf, a Letter of Intent with your approval for the purchase price of the Practice and the Accounts Receivable. Your broker will also guide you through the due diligence conditions for bank financing, help negotiate a new lease agreement, non-compete agreements, and other conditions that both the seller and the buyer will agree on. If real estate is included, your Omni broker will determine the value of the real estate with a “Broker’s Real Estate Opinion” that is used to market the real estate with the practice.

Finalizing the Sale - Your Omni broker works with you to determine a possible closing date based on whether your practice has real estate to sell or a lease that will be negotiated with the new owner. Omni's brokers work with attorneys to finalize the Asset Purchase Agreement for both the seller and the buyer.
Omni’s 70-point-plus checklist helps guide both the seller and the buyer through the process of items to be completed prior to the sale closing.
A banker at one of the major banks recently said a “High percentage of deals that fall apart is due to the seller not using a chiropractic broker.” Using a broker typically saves sellers a lot of time, money, and headaches in selling their practices. 

Omni Practice Group has been helping chiropractors for over 10 years with the planning and transitioning of their practices. If you’re thinking about selling now or in the next few years, give us a call for a “free consultation” to help you determine a plan that works for you and how we can assist with a smooth and profitable transition. 877-866-6053, [email protected]