Selling your practice can offer a lucrative reward for years of hard work. There are several key factors a plastic surgeon should consider when selling their practice:
- Timing: The timing of the sale is crucial. Consider your age, health, and personal goals. It’s important to sell when you’re still healthy and have the energy to transition smoothly. It is typically beneficial to start marketing the sale of your practice 3 to 5 years before you plan to transition out of your practice.
- Valuation: Determine the fair market value of your practice. This involves considering factors like revenue, patient base, location, equipment, and goodwill. You should consult with your accountant and business broker to maximize the value of your practice. We work with several brokers that can provide this assistance.
- Buyer Selection: Choose a buyer who shares your vision for the practice and can maintain its reputation. Consider factors like their experience, financial stability, and commitment to patient care. We can market the sale of your practice and coordinate with your team or one of our broker affiliates to locate the optimal buyer for your practice.
- Sale Structure: Decide on the structure of the sale, whether it’s a full outright sale or a partial sale with a partnership or employment agreement.
- Legal and Tax Considerations: Consult with a lawyer and tax advisor to understand the legal and tax implications of the sale. Ensure all contracts and agreements are properly drafted and reviewed.
- Patient Transition: Develop a plan to smoothly transition your patients to the new owner. This may involve informing patients about the change, transferring medical records, and maintaining continuity of care.
- Employee Transition: Consider how to handle your staff during the sale. Discuss with your employees about their future with the new owner and ensure a smooth transition for them as well.
- Post-Sale Involvement: Decide on the level of involvement you want to have in the practice after the sale. This could range from complete withdrawal to a consulting role or a partial ownership stake.
By carefully considering these factors, a plastic surgeon can maximize the value of their practice and ensure a successful transition.
If you have additional questions please feel free to reach ESA Medical Resources to discuss. You can email me at david@esamedicalresources.com or call/text 270/266/1024.
