Red Oak Chiropractic & Therapy

Saturday, November 2nd, 2019

Red Oak Chiropractic and Therapy has been a staple in the Red Oak area for quite some time now. The business provides a full scope of wellness services to help the individual recapture or maintain a high quality of life. Several doctors have come and gone in the practice as part of normal expected turnover and changes in individual aspirations. The clinic has been set up to be run by a practicing chiropractor who essentially is in charge of the practice but pays a fee to the actual owners of the business. This setup has been satisfactory for all the practicing chiropractors until the most recent one decided to make a run at purchasing the practice.

Dr. Brenda Ross came to the clinic three or four years ago and began immediately building a rapport with the client base, the owners of the business, and the community as a whole. Month over month, the clinic was growing in revenues and other key benchmarks. Everyone involved in the business was happy with the results, but in order to expand the way she wanted, Dr. Brenda had to try and own a practice of her own.

After approaching the SBDC, Dr. Brenda decided that it was time to approach the owners and try and determine a fair purchase price. After some negotiation, a price was agreed upon and then the real fun began. The loan process became a bit arduous when a few local lenders were unable to overlook some flaws in the proposal. These flaws were not going to go away so we needed a lender to understand and think alternatively. Ultimately, Community National Bank in Red Oak was able to complete the loan by using a partial owner finance and a second lien commitment from the sellers. The loan finally closed long after the initial proposal was presented, but the bottom line was that Dr. Brenda now had her own chiropractic business and she would be able to expand on her terms.

Dr. Brenda had some very glowing things to say about the SBDC. “I was recently faced with an opportunity I very much wanted to take advantage of, however I was unsure of how to proceed. Thank goodness I had been introduced to Daniel Short with the Navarro Small Business Development Center. If it hadn’t been for him, his expansive knowledge, and pleasant and professional manner, I might have missed out on a wonderful opportunity. I had no idea of the services the SBDC offered and how they could help me deal with a few obstacles and challenges. Because of Daniel, I was able to evaluate my position, evaluate the business, make informed decisions and therefore take advantage of the opportunity before me. He has become my new best friend. Thank you Daniel and NSBDC.” Working with clients like Dr. Brenda is what makes being a Business Advisor so rewarding.