Following is an outline of the steps involved in the process:
The first step in selling your Healthcare practice is having an initial consultation. This is primarily so that we can obtain some background about you and your Healthcare practice. We will discuss your personal and professional history and experiences, as well as your goals, objectives and target dates.
The next step in selling your Healthcare practice is gathering data about your practice that is needed to complete your practice valuation. This includes creating a professional practice and personality profile, obtaining financial statements for the practice and assessing the patient flow and acquisition potential of the practice.
Once we have the necessary data on your practice, we will value your Healthcare practice based upon the data we have gathered. It is very important that you obtain an accurate and comprehensive valuation of your practice. This means considering all of the variables which affect a practice's worth including goodwill, tangible assets, location, personality, competition, market data, capitalization of earnings, prices and reputation. Proceeding with an inaccurate practice valuation can lead to an increased amount of time required to sell the practice, an increased chance of a transition failure, a decreased chance in obtaining the financing required and decreased effectiveness in buyer/seller communication.
Market Value Analysis and Exit Options
Once we have completed your practice valuation we will discuss its market value with you, and potential exit options as to selling your practice. Potential exit options will include an outright sale to another practitioner, but could also involve considering equity, partners, associates or merger with another practice.
Design a Plan of Action
The next step in selling your Healthcare practice is establishing a plan of action for getting your practice sold. The action plan must suit your individual goals and exit objectives.This involves establishing some target dates, pre-transition guidelines and potential buyer portfolios.
Marketing Your Practice
Once we have a plan of action, the first step in initiating that plan is marketing your Healthcare practice for sale. We will market your practice on both a local and national level in order to reach as many qualified buyers as possible. We will also discuss methods in which you can help market your practice for sale.
Identify and Qualify Prospects
Once a potential buyer has been found, together we will review the prospect's personality as well as their personal goals and objectives to determine if they would be a good match for your practice's patients and employees. We will also review their financing potential. If they will be a good fit we will facilitate an offer to purchase.
Design Transition Plan
Once you've found a good match for your practice, we will work with the Buyer to obtain financing and discuss everyone's responsibilities during the transition process. We will also consult with your accountants and attorneys to prepare the transition. This is also a good time to notify your key staff members about the upcoming changes.
Drafting the Agreements
The next step in selling your Healthcare practice is drafting the paperwork and contracts for the transition and coordinating your attorney's review of the documents. There will likely also be questions for your accountant. Ultimately, we want to create a win/win situation for both you and the Buyer, so you will both be pleased with the practice transition.
Closing the Transaction
At this point all parties involved (seller, buyer, attorneys, accountants, banks, etc.) will need to review the transition paperwork as it pertains to their advisory role. Upon your approval the final contracts, financial settlements, compete agreements and other documents will be signed.
Call us at (877) 261-1792 for a Complimentary Consultation.