Dec 5, 2023
About The Guest(s):
Dan Schacter is the CEO of Cosmetic Physician Partners (CPP), one of the largest partnerships of med spas and plastic surgery practices in the nation. With over 30 locations, CPP's leadership team has built one of Canada's largest and highest-rated MedSpa networks, Victoria Park. Dan brings a data-driven approach to the industry and focuses on the importance of culture and people in running successful clinics.
Summary:
In this episode, Terri Ross interviews Dan Schacter, the CEO of Cosmetic Physician Partners (CPP), about the process of selling a med spa or plastic surgery practice. Dan shares insights on when the right time to sell might be, the factors that affect valuation, and the importance of culture and people in running a successful clinic. He also provides tips for preparing for a sale and finding the right partner.
Key Takeaways:
Dan Schacter is the CEO of Cosmetic Physician Partners (CPP), one of the largest partnerships of med spas and plastic surgery practices in the nation. With over 30 locations, CPP's leadership team has built one of Canada's largest and highest-rated MedSpa networks, Victoria Park. Dan brings a data-driven approach to the industry and focuses on the importance of culture and people in running successful clinics.
Summary:
In this episode, Terri Ross interviews Dan Schacter, the CEO of Cosmetic Physician Partners (CPP), about the process of selling a med spa or plastic surgery practice. Dan shares insights on when the right time to sell might be, the factors that affect valuation, and the importance of culture and people in running a successful clinic. He also provides tips for preparing for a sale and finding the right partner.
Key Takeaways:
- The right time to sell a practice depends on factors such as whether you're still having fun, if your business is still growing, and if you've prepared yourself for the sale.
- Valuation is determined by factors such as EBITDA (earnings before interest, tax, depreciation, and amortization) and the multiple applied to it.
- Factors that can increase valuation include having multiple providers, being located in a growing region, and having a higher percentage of med spa revenue.
- It's important to get your financials in order and clean up any accounting issues before a sale.
- Communication and community are key to running a successful clinic, and it's important to find a partner who values these aspects.
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