By Daria Belov
Checking my Google feed reader over the weekend I was stunned to see more than 30 chiropractic businesses had been listed for sale in classified ads posted on planetchiropractic.com. I don't know if it's a sign of our changing economy or just a popular time of year for chiropractors to begin listing practices for sale. I know I've never seen 30+ practice listings posted in such a short time before. Checking today I noticed the current number of businesses listed for sale in the United States tops 780. That's a whole bunch of chiropractic offices.
Take a look at the screenshot, it shows 32 new items in my RSS feed reader for chiropracticclassifieds (I get the RSS feed from here). They were all posted within a matter of days and it looks like all of the practices are being handled by a broker. I checked the classifieds listing for practices listed in the United States, and there were more than 780 businesses currently on the list. I can't say that the current new listings are any way related to our changing US economy but I suspect the number of listings is going to increase before this year is out.
It's really pretty amazing to see this many small business listings appearing in so many different areas. Just among the 32 that were in my feed reader, were locations such as Encinitas California, Laguna Hills California, Culver City California, Beverly Hills California, San Diego California, Santa Monica California, Arcadia California, and others. There was a practice listed in Bend Oregon, Rosenberg Texas, Woodlands Texas, Denver Colorado, Fort Collins Colorado, Yakima Washington, Spokane Washington, Mount Vernon Washington, and Renton Washington.
Prices and collections for the business listings were in all sorts of ranges. A Spokane Washington practice was listed for $400,000, while a Beverly Hills business was listed for $299k. Some offices, like the Beverly Hills office, include physical therapy and a fully staffed massage department, while others list as diversified practices with decompression and rehab services.
A Clark County Washington chiropractor's office states year 2007 collections over $850,000 and a practice sale price around $598,000. A Laguna Hills chiropractic business lists $1.7 million in 2007 collections with a practice sale price of $987,000. An East Bay San Francisco cash practice lists collections of $400,000 for 2007 with a motivated selling price of $175,000.
It looks like a buyers market for those seeking to invest in ownership of a chiropractic business. There are businesses listed for as low as $50,000 (San Diego California) and others listed in the millions. It appears that most everything listed recently is on the West Coast, but a brief browsing through practices for sale pages, returns results of offices in Ohio, Georgia, South Carolina, New Hampshire, Massachusetts, Michigan, Florida, New Jersey, in many other Eastern and Midwest states. For those seeking something further west than California, I noticed a clinic for sale in Kaneohe, Hawaii and Waialua, Hawaii.
Maybe we'll get some feedback from chiropractors, brokers, and/or others involved in the buying and selling of chiropractic businesses, with tips on how best to navigate the sale of a chiropractic office for a smooth and trouble-free transition. The best of well wishes for those selling their businesses, and to those looking to start fresh in one of these many areas. May all your chiropractic office dreams come true.