Retirement Reality Check

In this episode of "Chiropractical," host Mike Whitmer is joined by Crystal Misenheimer from Progressive Practice Sales to discuss the critical aspects of retirement planning and practice valuation for chiropractors. Key points include understanding the common misconceptions about practice value, the importance of early planning, and the reality of practice sales in the chiropractic industry.

Key Topics Covered:

• The Retirement Planning Misconception: Delving into why many chiropractors' expectations about retirement don't align with reality and how early planning is crucial.
• Practice Valuation Complexities: Crystal shares her expertise on the challenges and misconceptions in valuing a chiropractic practice.
• Real-life Examples: Insights into real cases where chiropractic practices faced valuation and sale challenges.
• Missteps in Practice Management: How lack of focus on future value and late planning can affect the sale outcome.
• Marketplace Realities and Profit Impact: Understanding the role of lenders in setting practice values and why profit is a critical factor.
• Family Dynamics in Practice Transition: The complexities involved when family members are part of the practice transition.
• Future Trends in Chiropractic Practice: Crystal discusses technological changes and the rise of corporate ownership in the industry.
• Strategies for Value Growth: Advice for chiropractors to increase the value of their practices over time

Ask NCMIC:

Dr. Jon Kec addresses a question about reducing malpractice insurance limits as a cost-saving measure during retirement, emphasizing the importance of risk mitigation.

For more insights and advice, tune in to Chiropractical. Have questions? Email us at AskNCMIC@NCMIC.com.

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