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In this episode, I sit down with Daniel King from Fireside Strategic to talk about what buyers are really looking for when it comes to purchasing a group therapy practice. As an investor in outpatient practices and someone who also represents practice owners looking to sell, Daniel brings a unique perspective on both sides of the transaction. We unpack what makes a practice attractive, what to focus on now if you want to sell in the future, and the biggest things that can increase your value along the way.
Make sure to bring your paper and pen because this episode is full of actionable tips!
Here are some key points in this episode:
[04:26] Why mental health practices attract buyers.
[06:21] What to focus on if you want to sell your therapy practice in 3 to 5 years.
[11:20] How adding services can increase your practice’s value.
[13:41] The profit benchmarks buyers look for.
[19:20] Why culture and retention matter to investors.
[27:23] How compliance issues can delay a sale.
More About Daniel
Daniel began his career in M&A law at a large firm and then went to the deal team of a Shark on the TV show, drafting contracts and due diligence. He saw many small companies grow so quickly their people burned out, inspiring a passion for the human side of business. He left law to train as an executive coach and built a few companies in the coaching industry, failing once, and then selling another (which served the legal industry). At Fireside, he leverages his experience with M&A and org psych to build a mental health business without burnout. Daniel studied Law at McGill University and Psychology at Columbia University (Teacher’s College). He is a world traveler and veteran of 2 extreme auto races, driving a Fiat from London to Mongolia and a rickshaw the length of India.
Want to Connect with Daniel?
Fireside Strategic: www.firesidestrategic.com
LinkedIn: https://www.linkedin.com/in/danmking/
Your Group Practice Podcast: www.yourgrouppractice.com
