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Aggressive Growers express a clear interest in generating and supporting profitable new revenue. At the same time, they increasingly recognize the need for a better tool kit to address the core challenges of marketing, sales and acquisitions. Typical questions from this segment are:
- How can I target my marketing to drive more customers in the door?
- How can I add other sources of business to the mix?
- How can I avoid competing on price alone?
- How can I attract and retain the professionals I need to grow my practice?
- How can I find and buy high-quality practices on favorable terms before the large corporations do?
- How can I train my providers and staff to make good business decisions no matter where I am?
Margin Expanders have generally focused on making their practices more profitable by reducing the prices they pay for hearing aids, the largest component of their cost of goods sold. However, many have discovered the limits of this strategy and are examining how they manage their cost structures. Typical questions from this segment are:
- How can I cut my overhead and still support growth?
- How can I utilize real-time information to drive better strategic business decisions?
- How can I make my employees more productive?
- How can I reduce my working capital requirements?
- How can I shift my business mix to maximize profitability?
- How can I use price to recover lost margin?
Exiters want to capture the full value of their practices, but often misunderstand the basis for valuation, feel frustrated by a lack of liquidity or accept too easily the “standard” acquisition structures favored by corporate acquirers. As more independent practitioners consider their exit strategies, several issues come into sharp focus. We have encountered questions such as:
- How can I make my practice as attractive as possible to would-be acquirers?
- How can I identify those potential buyers who would place the highest value on my practice?
- How can I build my best case for fair market value?
- How can I transfer ownership to key staff without deeply discounting the value of my practice?
- How can I structure the deal to maximize the overall value of the transaction?
- How can I integrate the sale of my practice with my broader retirement strategy?