Who Is Your Best Buyer?
Let’s Consider the Options
Sell to a Family Member
The dream of many doctors is to pass on your established practice to a family member ensuring that your legacy lives on. If you’re looking for proceeds to retire this may not be the most lucrative way out.
Sell your Practice to an Associate
This an attractive option to consider as they are familiar with the operation of the practice and often some of your patients. The staff has already had the opportunity of working with the Associate, so the likelihood that they would be unhappy is lessened and so is the possibility of a high attrition with your patient base. The downfall is that the Associate can feel that they have contributed to the gross income and goodwill and therefore want credit for this.
Sell to a Solo Buyer
This is the most common type of sale. There are many buyers seeking the right opportunity. ProMed Financial, in most instances, has been successful in acquiring loans up to 100% of the selling price. This means an all cash sale to you.
Sell to a group or Equity Buyer
This seems to be the trend right now. Often it will require a longer transition, sometimes up to four years but it does give you the ability to reap the rewards of an EBITA value which can be greater than the typical Fair Market Value. There are many pros and cons. Reason to confer with an experienced team of practice transition specialist.
Before you even consider this one, we believe that there is always value in your practice. Let’s talk.