Putting together a private practice in the medical field is about more than just practicing medicine or starting a business. Those who put in the time and effort to establish a successful practice likely become a part of the community. As a result, when it comes time to retire or move on to other professional endeavors, private practice owners likely hope to set the facility up for a successful transition.
This goal can serve two purposes. First, it can better ensure the practice continues to serve the community. Second, it can give you better leverage to negotiate a good price for the sale of the practice.
How can medical practice owners better ensure a successful transition?
These three tips can help you to achieve these goals:
- Transition. Start stepping away from the running of the practice before you plan to leave. This allows you the ability to help shape the future governing structure and have a practice that is capable of functioning without you when you leave.
- Document. The bulk of value when it comes to selling a small, private practice is with the patient base. Have paperwork organized to better ensure a proper reflection of the practice’s worth.
- Find a buyer. In most cases these transactions involve a new doctor or a larger practice. Start networking within the medical community to find interested parties and begin negotiations.
Other tactics are available if these steps are not yielding promising leads. If you begin planning early, you may consider raising capital and developing a medical facility. This can increase the types of potential buyers to include health care providers and real estate investors as well as other, larger practices in the area.