Practice Buyer and Seller Perspectives

Evolving Outlook - 2011

Georgia

 Preparation: The Beginning

The preparation of your practice for a sale begins with optimizing its current functions and performance. Subsequent preparations will focus on the preparations that are needed to make it ready for a prospective buyer.

Your Experience

If you’re considering transitioning and selling your practice, you probably think of your practice as your creation that you worked hard to develop over the course of your career. It has provided for you, your family, staff and the care of your patients.

You probably feel a sense of pride for what you’ve accomplished and want it to continue to endure in the hands of a capable, new plastic surgeon…and properly so.

With these considerations in mind, you may think that your practice is functioning just fine. You know there are some some tweaks needed, but in general, you are satisfied with its performance. As you consider transitioning and selling your practice, it is also important to consider the buyers perspective.

The Buyer’s Viewpoint

As you begin to prepare your practice, consider that it is important to broaden your perspective beyond your own and consider that of a prudent, prospective buyer. 

A buyer will have different perspectives, beginning with making a significant financial investment and other additional commitments. For these reasons, you can expect that he and his advisors will undertake a diligent evaluation of you and your practice. 

What to Do?

It is important to be able to demonstrate that you have undertaken preparations to accommodate a new associate or buyer. As owner, can address what you think is needed, as well as what you can reasonably anticipate from a buyer’s perspective.

You cannot anticipate everything that a buyer may consider important to him, but you will learn in the course of your discussions.

This approach provides more benefit to you than enhancing the current functions and profitability of your practice. It also creates the opportunity for you to relate to a prospective buyer that the changes you’ve made reflect a continuum of improvements you’ve implemented thoughtfully throughout your career. The evolution of your practice will continue in a manner that promotes growth.

To a prudent buyer, this should add value.

How to Begin?

The preparation of your medical practice for a sale begins with you. It’s important for you to view this process from your perspective as well as that of a prospective buyer. Your role will be that of leader and manager of the transition. 

As the leader you will need to develop a vision that you can communicate clearly to your staff who will form the core of your transition team. It will be essential to designate a key staff member to manage the details of tasks and their execution. Your management role complements that of leader and consists primarily of ensuring that tasks are performed effectively in a timely manner.

Throughout this process, keep your staff informed and consider that they also experiencing a transition. 

Updated: October 21, 2023

Plan. Prepare. Prosper. _TM

PS: Would you like to learn more about how to transition from your practice? I would like to help you. I provide practice transaction services that are tailored to your specific needs. Click here to request an introductory conversation.