At Crossroads Healthcare Transitions, we understand that selling your healthcare practice is nothing to take lightly. You’ve spent a lifetime devoted to building your practice, serving your patients, and developing relationships with your staff- many of whom are just like family. Whether you are ready to sell now or in 3-5 years, our team can help you to prepare and make the process easier for you.
We create a customized transition plan and selling strategies for you to utilize as your time at the practice comes to a close. We will walk you through the selling process step-by-step to help you feel confident that you are leaving behind a positive legacy. You can rest assured that the Crossroads Healthcare Transitions team will do everything we can to ensure a smooth practice transition.
Selling Your Practice: What To Expect
Selling your healthcare practice doesn’t have to be as overwhelming as it may seem. At Crossroads Healthcare Transitions, we walk you through all of the necessary steps to ensure a smooth transition and a successful sell. Knowing what to expect can relieve a lot of anxieties for sellers. To begin, you should simply start by calling Crossroads Healthcare Transitions. During this discovery phone call, we will make you aware of what options are there for you in advance and then help you choose what step is best for you.
Can’t think of a finer, and more conscientious person than Steve. He pays attention to detail and, more importantly, cares so much about the people with whom he works. — Fred Leviton, President of Dental Lifeline Network
Your Transition Step-by-Step
Following your discovery phone call, one of the first things that will need to get done is a practice appraisal to find out how much your practice is worth. Many sellers find this step to be crucial in determining whether or not now is the right time to sell. Your appraisal will tell you what the fair market value for your practice is based on a variety of appraisal methods. Crossroads Tax Advisors, our sister company, is a built-from-scratch accounting firm exclusively serving dentists. You will benefit from a team of dental accountants to support your appraisal process.
The next step in selling your practice is the prospectus. This is a marketable document that contains all of the information the buyer will want to know about your practice. Some information included in the prospectus includes a brief summary of the practice, three years of adjusted tax returns, and practice performance KPI’s. Rest assured that Crossroads Healthcare Transitions will keep this document private and the buyer will only receive this for review after they’ve signed a privacy agreement. Additionally, we will screen their credentials and licensure to ensure only the most qualified Buyers are considered. Your practice will be advertised, confidentially, on a national basis and Buyers from all over the country will view it and inquire.
Once we have screened potential buyers who have been pre-approved by the bank and meet your criteria for a possible successor, we will schedule a showing of your practice. The showing takes place during non-business hours and is between a broker and a buyer only. The seller will not be at the showing. The showing allows for the buyer to get to know your practice in person and solidify their purchasing decision. The showing also allows the broker to get to know the Buyer and make sure they are the right fit and meet the Seller’s criteria.
Steve Steinbrunner is a rainmaker extraordinaire with an exceptional ability to see beyond the dentist to understand the individual person and how to help him or her achieve success. — Ginny Hegarty, SPHR, Dental Practice Management Strategist, Turnaround Expert, Speaker & Author
Ready to get started?
We are here for you whenever you are ready to discuss selling your practice. Crossroads Healthcare Transitions looks forward to helping you leave behind your best legacy and sell your practice without compromising your peace-of-mind. Schedule a call with us today. We look forward to hearing from you soon.