You have worked hard for years to establish your practice. You have taken great care to provide excellent patient outcomes and you have provided a living for your staff. Your practice is your life’s work and something you take great pride in. Why, then, do so many business brokers tell you that it is worth very little when it is time for you to retire or wish to leave private practice and pursue other professional options?
Selling Your Practice?
The reality is, you own a commodity that is in high demand. However, few business brokers understand how to value an aesthetic practice and even fewer know how to market one. Most surgeons receive incorrect information about their practice and either sell significantly below it’s value or allow partner buy-outs for a fraction of their practice’s real worth.
Navigating the Traffic
If you have been given incorrect information, how do you find real answers to your questions? How do you find out what your practice is really worth? How do you determine the best way to market your practice and maximize it’s value?
The answer lies in the process. Selling your practice does not begin when you want to list it. The process begins at least 12 to 18 months in advance by thoroughly evaluating all aspects of your practice and preparing it for sale.
Finding the Solution
Vision Consulting understands all of the important aspects of selling your practice. We ensure that your financial reports are sound and your practice performance can be documented to merit an appropriate sale price. We also review your staffing structure, human resources, and policies/procedures to determine any changes or improvements that need to be made to market your practice effectively.
The reality in today’s medical environment is that your buyer is likely not another surgeon. Today, viable buyers can be local hospitals, national medical companies, and venture capital firms. These companies are interested in the business of medicine and the economic strength of your practice. Having a strong corporate structure that can be transitioned with little disruption is the difference between selling your practice for a significant profit and walking away with little to show for all your hard work.
Achieving Your Dream
The ultimate question is always, “Knowing all of this information, how do I sell my practice effectively to maximize my profit?” The answer is to contact Vision Consulting.
We understand all of the intricacies listed above as well as many others you simply cannot anticipate. We have professional relationships with business brokers that understand how to market and sell aesthetic practices. These brokers have in-roads to large medical systems, hospitals, and venture capital companies that open the sale of your practice to a much larger pool of viable buyers.
Ultimately, you want to sell your practice for the most money possible to a qualified buyer. This means candidates that are pre-qualified financially and ready to make buying decisions. Without the help of Vision Consulting, your chances of achieving this goal is significantly reduced. Many practices will spend years listed for sale with little to no viable activity and physicians literally end up giving them away in frustration.
Call Vision Consulting today to avoid the issues of selling your practice and maximize your ability to profitably move forward in your life!