Jul 7, 2022
What should you look for when purchasing an existing podiatry business?
My guest, Dr Patrick McEneaney, is the owner of Northern Illinois Foot & Ankle Specialists, and over 2.5 years, he has grown his podiatry empire from three (3) clinics to fifteen (15) clinics. In this episode, he shares lessons learned and pitfalls to avoid.
Patrick was also my guest on Ep 048: Rapid Business Expansion (Nov. 2019), Ep 074: 8 Business Tips During COVID-19 (April 2020) and Ep 108: You Cannot Manage Ten Clinics Yourself.
We covered the following topics:
- Create a business model for podiatrists that want to sell and for others that want to sell and stay on.
- The benefits of a gradual transition of new ownership.
- Developing a purchasing checklist, which grows with each
purchase.
- Overheads and expenses.
- Looking at existing competitors.
- The size of the town and the number of existing podiatrists.
- Demographics of the neighbourhood.
- What services do you have that can easily be introduced will quickly add to the revenue and profits.
- Opportunities: By adding the products and services, you can potentially add a 50% increase in revenue almost overnight.
- Before your first purchase, you need to learn the business numbers, what they mean and how they can work best for you.
- What is EBITA? Refers to a company's earnings before interest, tax, and amortisation expenses are deducted. It is used to measure the profitability and efficiency of a business.
- The benefits of investing in what you know and what you can control. This is why Patrick doesn't invest in restaurants.
- Developing processes to attract good podiatrists and other team members.
"You can teach anybody to do anything but they must have the right attitude. You can't teach hard work and drive."
- His best marketing tips.
- Why developing relationships is better than Google Ads.
If you have any questions, please email me at tf@tysonfranklin.com, or you can reach out to Dr Patrick McEneaney at drmceneaney@illinoisfoot.com
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