This speech and language pediatric practice has dedicated itself to providing quality, state of the art services within a family friendly environment for over 20 years in Snohomish County. It has set itself apart from the competition by developing and practicing innovative therapy techniques and service delivery. One primary therapist owns 100% of the business, and after 30 plus years in the field is looking to semi- retire. Although currently only offering speech and language services, this practice previously has also provided occupational and physical therapy and can be ramped up to offer this again. The practice provides evaluation and treatment for children from birth through adolescence in the areas of feeding, speech production, expressive/receptive language, vocabulary building, morphology, phonology, oral motor, processing, writing, and orofacial myofunctional therapy.
The practice averages approximately 130 productive visits per month and receives roughly 5 new referrals a week. With the addition of another therapist the projected visits would be closer to 250 per month. Historically, when the clinic employed 8 therapists the monthly count was over 600 visits per month. Treatment sessions are generally 50 minutes whether in the office or via teletherapy.
The practice is an approved provider for speech therapy services through the state of Washington and are credentialed with most insurance companies. They also have a small private pay component. Services are provided primarily in the office, or through tele therapy.
Facility and Location: The practice is housed in an air conditioned home, zoned commercial that is owned by the practice owner. The office offers immediate familiarity to children in order to offset anxiety, they don’t feel they are going to a doctor’s office. The office has 3 floors with the entry on the ground level with no steps or stairs. It is an ADA approved building with clean and inviting spaces that draw one to conversation. The 3000 square foot home includes a waiting room on each floor, 2 treatment rooms on the main floor, a bathroom, kitchen, and dining room (for feeding therapy). In the basement there is a gym, bathroom, administrative office, a treatment room, and 2 storage rooms. The third floor has two treatment rooms with a play area for siblings who attend therapy with our clients. The business sits on a 90 X 100 foot lot. The yard surrounding the clinic is also used as outdoor therapy space in good weather. There are 9 designated parking spaces around the building and parking available for staff at the street level within walking distance. The hours of operation are from 7 AM to 6 PM Monday through Friday.
The owner is willing to sell the building along with the practice or can offer favorable terms for a long term lease. The practice is located in Snohomish County, about 25 miles outside of Seattle in a residential neighborhood.
IT Capabilities: The office has internet and uses Simple Practice as its electronic billing via a web-based portal. Computers along with access to printers and a fax machine are provided. We use zoom for teletherapy. The office is air conditioned.
Current Staff: Currently, the practice employs 2 full time speech therapists and one half time SLPA/biller. All would be eager to stay on under new ownership. Prior to COVID, the practice had a multidisciplinary component and had 2 physical therapists, 5 speech therapists, and one billing/administrative assistant.
Financial Overview: Full financial information including but not limited to profit and loss statements, balance sheets, and tax returns for the last three years are available for inspection. The gross revenue for the company is consistently between 20 to 25K per month with 1.5 therapists. We hired a new therapist as of July 15th 2022 which will increase our gross revenue closer to 600K per year. The practice is a debt free company.
There are numerous opportunities of growth for this practice.
We are positioned to add staff. At peak employment the practice had 10 employees and 2 offices. The pandemic created an environment in which we needed only one office so the additional building was sold. Currently there are 3 therapy rooms and the gym ready to be used.
High demand exists for myofunctional therapists in this area. We get 3 to 5 referrals a week from local dentists requesting myofunctional therapy. It is an area of expansion waiting to happen.
Early feeding and lactation support are also in high demand. Many local therapists are retiring leaving a community without support.
There is a strong community need for social groups for children we serve and the office could be used on the weekend for this purpose.
The practice receives referrals through the company website with our interactive developmental checklist. We have a plastic card program for free consultations which also has the potential for increasing referrals. We have a good relationship with our referral base. More therapists will provide a growth opportunity to serve more children.
Offering Terms: The owner is willing to offer the practice alone at $275,000. The building is offered to lease at $4000/month. If there is interest, the owner is willing to sell the building along with the practice for a package price of $1M. Will consider flexible terms of 50% paid at closing and the balance paid within 24 months.