Exit Strategy: Selling Your Practice
Have Questions About Selling Your Practice?
Check out a few frequently asked questions below!
- This depends on what point you want to sell your practice at and the different stages of your practice. Your business is worth either a factor of your gross sales and a factor/ratio of earnings/EBITA (Earnings Before Interest Taxes and Depreciation).
- We will go through your PNL statements quarter by quarter and by year. Ultimately you will sell your practice based on either a multiple of your gross or net profits, future potential/earnings, the value of capital equipment or tangible assets, the goodwill of your practice (patient base), and inventory.
- Exit Strategy (retirement), Illness (disability), or Premature Demise (death)
We help you define, plan, and refine how and when you want to exit your business.
- Having an exit strategy ensures you get value for all of your efforts placed over the years.
You can either train a predecessor, i.e. a family member or trainee, or you can just simply sell.
- If your exit strategy is just about selling and not setting up an heir, than we will focus on getting you the highest monetary value.
- If your plan is to train an heir, you must choose someone that gels with you and your staff, and your patients. If your patients do not trust the doctor who will be treating them after you exit, than there will be no practice. Making sure your patients are indoctrinated with the new provider, is the key to the success of your practice once you exit.
- Once you have your heir in place, we help you set up a legal agreement that makes the transition seamless.
Questions? Contact Us!