A SELLERS JOURNEY
Selling your healthcare practice is not like selling your house. You’ve made friends here, treated patients gently over the years, and built this dream of yours with a staff that’s got your back. There are relationships at stake and people you care about that will be impacted by this transition.
This is not just your practice, it’s your legacy.
Maybe you’ve been thinking it’s time for a while now or you just discovered that the end is close for you. Either way, a careful plan and custom-crafted transition strategy is important. Do you sell and walk away, do you want to work back for a while or is there real estate to consider? Here are some steps to get you started
TRANSITION STEP BY STEP
DISCOVERY PHONE CALL
Call us and we’ll figure this out together. Is your practice ready but you are not? Are you gung ho but the practice needs some attention. Find out what options are there for you in advance and then choose what step is best for you
Find our what your practice is worth. A solid appraisal will help you decide if the time is now or you should wait. Your appraisal will tell you what fair market value for your practice is based on a variety of appraisal methods. A number of important factors determine the value.
The Prospectus is a marketable document that showcases your practice in all it’s glory. Three years of adjusted tax returns, practice performance KPI’s, and everything a Buyer would want to know is in this document. A Buyer will only receive this for review after they’ve signed a privacy agreement and we’ve screened their credentials and licensure. This document is for private viewing only and sharing it’s contents with others is prohibited.
You will review interested Buyers that have obtained bank pre-approval and meet your criteria for a possible successor. A broker will schedule a show the office. This on-site practice visit is with the Buyer and Broker, is confidential, is scheduled during NON-business hours, and will not include the Seller.
LETTER OF INTENT
A simple Letter of Intent does well to get both parties to agree up front on key items, so they don't become a problem down the road. Price, Closing Date, Accounts Receivable, and protections and covenants can be found here. An executed LOI will allow the Seller to focus on you and proceed with next steps and your due diligence