Selling your plastic surgery practice is a big decision, and it’s important to be prepared. Most experts recommend starting to plan for the sale of your practice at least 5 years before you actually want to transition. Starting early will also give you more time to find the right buyer for your practice. A good buyer will be someone who is a good fit for your practice and who will continue to provide excellent care to your patients. We work with individual plastic surgeons and groups that are seeking to buy practice; as well as, private equity firms that are purchasing plastic surgery practices.
Here are the key steps you should take:
1. Know your motivations:
- Why are you selling your practice?
- What are your goals for the sale?
- Are you looking to retire, change careers, or pursue other interests?
- Tired of managing your practice?
2. Determine the value of your practice:
- This is often the most difficult step.
- There are a number of factors that can affect the value of your practice, such as your location, patient base, reputation, and financial performance.
3. Get your financial records in order:
- This will make it easier for potential buyers to assess the value of your practice.
- You should have at least three years of financial statements, including income statements, balance sheets, and cash flow statements.
4. Assemble a team of advisors:
- You should work with your lawyer, and accountant.
- They can provide you with expert advice on the law and your numbers.
5. Market your practice:
- Get the word out that you are selling your practice to a wide audience.
6. Negotiate with potential buyers:
- Once you have received offers from potential buyers, you will need to negotiate the terms of the sale.
- This includes the purchase price, the closing date, and any contingencies.
7. Close the deal:
- Once you have reached an agreement with a buyer, you will need to close the deal.
- This will involve signing a purchase agreement and transferring ownership of the practice.
8. Transition your patients:
- You will need to work with the buyer to ensure that your patients are transitioned smoothly to the new practice.
- This includes providing them with information about the new practice and their new doctor.
ESA Medical Resources can assist you covering most of the steps mentioned above to transition your practice. We offer two options for assisting your transition from marketing the sale of the practice, and sending you and your team prospects that have expressed interest in your practice. We can also coordinate our marketing service with brokers that we work with providing you valuation, marketing, and vetting of prospects services in a turnkey fashion. To learn more information about our services email firstname.lastname@example.org or call/text 270-266-1024.
Here are some additional resources that you may find helpful:
- The American Medical Association: https://www.ama-assn.org/
- The Medical Group Management Association: https://www.mgma.com/