Selling Your Practice.
You’ve read about it, thought long and hard about it, but this idea of selling your practice is challenging. While no different than selling your home – where you’ve lived and loved for the last 20 years, raised your kids, full of memories – selling your practice may have even bigger financial and emotional implications. We’ll make sure it is handled with care. What do I do from here? Is it enough for me to retire on? Who will take over the care of my patients if I leave? What if I don’t want to leave…yet?
We start with the statement – “It’s time to be selfish.” This is about your nest egg and your career. This is the practice you’ve worked so hard to develop.
The Growth Cooperative can assist with each of these questions helping you arrive at a solution that is right for you. We assist you with:
- Practice valuation – What is my practice worth? The short answer is whatever someone is willing to pay. The longer answer is understanding how your practice is valued by the buyer using specific accounting methods. Our edge over the market is that we know, and have relationships with, those buyers who can provide you with the best offer. We’ll run an estimate for you first, so that you know early on in the process if the price will meet your expectations.
- Choice of buyer – Do I find an associate who will take over my practice? Do I sell to one of the chains who will transform my store into a particular brand? Should I sell to a private equity firm (PE)? Hard to know. We can help you choose the path that is right for you.
- Getting the best price – The Growth Cooperative works with individual doctors, larger groups and private equity firms to ensure that your practice is the right fit on the buyer’s needs. Finding the right fit is the key ingredient to getting the best practice sale price. It is not uncommon for us to be invited late in the process and are able to add hundreds of thousands of dollars to the sale price simply by understanding the process at a deep level and helping the buyer get what they need as well.
- Ongoing employment – What if you’d like to keep working? GREAT! Most buyers are looking for their practice sellers to stay for at least three to five years. Transition is important We’ll help you negotiate the employment agreement that is right for your plans.
- You’re the landlord – If you own your own building, get a lease for the practice you are selling is part of the success equation.
In between those big ideas is the daily work to satisfy the due diligence effort your buyer is conducting to affirm his decision about buying your practice. We are there every step of the way, so you can continue to practice while your practice is being sold.
Call us for references. Our consultations are free, and our services are paid for, if and only if, you have a successful practice sale. Secure your future. Secure your family’s future. This is your moment.
