Merging Professional Practices, Part 1 The pros and cons feature A Lloyd manning is a semi-retired business appraiser and financial analyst who is now a freelance business article writer. he resides in Lloydminster, Sask. he can be reached at [email protected]. s a trained chiropractor with several years’ experience and a growing patient base whose care is first and foremost, without question you would consider yourself as a professional practitioner and not an entrepreneur. However, the facts of life are that you are running a service business – one that must incorporate market econom-ics, efficiency, productivity, changing demographics, and the foresight to meet present and future challenges. To survive and prosper, it is necessary to make a profit. This is in the face of declining revenues, increasing expenses and growing competition. To rise to these and other tests, many single-practitioner and/or smaller chiropractic clinics are looking to merge with other similar chiropractic practices. Although there are some drawbacks, merging with other chiropractors who are in a similar situation, with similar problems and objectives, is one of the ways to attain one’s own objectives while meeting business needs and prospering in a competitive environment. In most instances, merg-ing two or more borderline practices into one economic unit makes sense. Lloyd C. manning SYNERGISTIC CONSIDERATIONS Many professional practices – and businesses for that matter – are merged for synergistic reasons. The total benefit to be attained by the larger clinic is greater than the sum of the individual practices. Two plus two equals five, or more. The economics of size often produce cost savings. Greater utilization can be made of the fixtures and equipment, Continued on Page 26 www.canadianchiropractor.ca 22 • Canadian ChiropraCtor | September 2011
Chiropractic + Naturopathic Doctor September 2011: Page 22
