Ep 2: How I Decided to Sell My Therapy Group Practice copertina

Ep 2: How I Decided to Sell My Therapy Group Practice

Ep 2: How I Decided to Sell My Therapy Group Practice

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What does it actually take to build a therapy group practice that can run without you and become an asset someone else wants to buy?In this episode of The Therapist Business Growth Podcast, I’m sharing how I invested $25,000 to start Empowered Living Collective, built the systems that allowed it to operate without me, and eventually sold the multimillion-dollar practice after a year-and-a-half-long process.I’ll also share the marketing strategies that moved the needle, what didn’t work, why I chose to sell, and the four things I would tell myself if I were starting over.What You’ll Learn in This EpisodeHow to Build a Group Practice That Can Run Without You: The marketing, automation, hiring, and systems that turned my practice into a sellable asset.What It Actually Took to Sell My Therapy Practice: How I found the right buyers, prepared for due diligence, navigated valuation and financing, and finally closed the deal.What I Would Do Differently: Why choosing a differentiator, tracking your data, and getting help sooner can make your practice more valuable.Episode Timestamps00:00 Introduction 01:05 Burning out as a solo therapist and deciding to build a group practice 06:40 Hiring my first therapist and learning to use discernment 10:20 Investing $25,000 to start and scale the practice 14:50 The decisions that made my practice sellable 21:00 Marketing and management strategies that didn’t work 26:07 Why I decided to sell a business that could run without me 32:19 The year-and-a-half process of selling the practiceTop Takeaways on Building and Selling a Group Practice1. How to Build a Group Practice That Can Run Without YouA buyer does not want a business that depends on its owner for every task and decision. Marketing, automation, clear systems, and strategic hiring helped me remove myself from daily operations. During maternity leave, I ran payroll, paid myself five-figure months, and watched the practice reach $1 million in revenue without relying on me.2. How to Build a Sellable Therapy PracticeHere’s how to start implementing this today:Step 1: Reverse engineer your goal. Decide what you want the practice to become, then identify the revenue and profitability required to get there.Step 2: Choose your differentiator. Let the reason clients and therapists choose your practice guide your hiring and marketing decisions.Step 3 (pro tip): Track your data from the jump. Buyers will want financials, referral sources, conversion rates, caseloads, and retention data. Having it ready makes the process much easier.3. Mistakes to Avoid When Scaling Your Group PracticeWe all make mistakes, but let’s save you the headache:Mistake 1: Expecting an immediate return on every investment instead of giving the business time to grow.Mistake 2: Trying marketing tactics without a clear strategy. Our website, Google Business Profile, Psychology Today, and intentional networking worked. The $20,000 to $30,000 I spent experimenting with Google Ads did not deliver the return I expected.Mistake 3: Putting too many responsibilities on one person because you’re afraid to invest in the roles your business actually needs.Resources✨ Instagram: @dranahitabanoo✨ Website: dranahitabanoo.com✨ Solo to Group Practice Accelerator✨ Freedom First Group Practice Accelerator✨ Get your free marketing audit to help fill your caseloadWork With MeReady to build a profitable group practice that gives you more freedom and time outside the therapist chair? Explore my Group Practice Accelerator programs above or reach out directly.🎙️If you want to learn how to build a group practice that can run without you, hit subscribe and share this podcast with your therapist bestie!Disclaimer: This podcast is for educational purposes only and is not a substitute for therapy, supervision, or legal or financial advice.
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