Dr. Vince Leone uses John Warrillow's Built to Sell to show how chiropractic practices can become sellable. A practice tied to the owner's personal involvement won't attract buyers. Specialization, standardized processes, and repeatable revenue streams let a practice sell for around 5 times EBITDA instead of just transferring patient files.
My third book is interestingly a more modern-day book called Built to Sell by John Warlow. What I really like about this book, and it's told— I was trying to tell the doc earlier, I think maybe it's an allegory, but essentially it's telling the story of a frustrated businessman who has an ad agency and he does print work and he does websites and he does logos and he does This, that, and the other. He's kind of a generalist. And so he's struggling. All things run through him. And that's not a sellable business. Someone that buys a business wants to buy an asset that produces independent of the owner. So what that does is creates, one, a well-oiled machine, one that he's not pulling his hair out or wondering if he can pay the bills at the end of the month, and then is able to sell it for 5x EBITDA. So if you want to sell your practice one day for, you know, a fair price and essentially not just selling a bunch of files, you will want to build it to sell.
