Sell My Practice
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There will come a time in your professional career that you will need to sell your practice for any number of reasons: retirement, illness, relocation, partnership buy-out and/or academia, etc.

The decision may come suddenly and you will have a limited time to plan the sale of your practice. For example, perhaps your practice ends up in your estate to handle without precautionary measures to protect your property. We are prepared to offer assistance every step of the way.

Determining the Value of your Practice

Regardless of the reason, the need to engage the service of a practice transition team is unavoidable. This may be one of your most emotional moments when realizing that you are letting go of your patient base.

ProMed Financial, Inc offers decades of expertise to accomplish the task of a smooth transition.

As seasoned practice professionals, we are able to easily identify the important marketability factors inherent to your practice. The factors can be related to the years that you have been established, the current profit ratio and potential growth, key personnel, transition period, transfer-ability, age of equipment and many more considerations that will make a difference in your price.

Marketing your Practice

Over our many years in operation, we have developed a selection of thousands of buyers throughout the United States eager to pursue the right opportunity. The diversity of our buyers - including individual doctors, medical groups, private equity groups - gives you a large variety of options to consider. Regardless of the entity, we recognize the importance of confidentiality and acquire an executed non disclosure agreement prior to releasing any pertinent information, including your name and location.

The professional quality of marketing material that is generated within the company as part of our service will easily portray the merits of your practice to potential buyers. The extension campaign inherits the years of knowledge to identify the correct method to obtain the qualified buyer.

Confidentiality is a Must

The new buyer coming into your practice wants to be sure that it is functioning properly the moment he assumes possession. Staff often does not realize just how important they are to the transition and, should they find out, may become nervous about losing their job.

As part of our guidance through the process, we assure you that all of our buyers sign a confidentiality agreement and that all material provided to interested buyers is coded with a reference number so as not to identify you as a seller. This way, any potential panic will be avoided. 

Terms of Sale

Terms will vary according to the type of buyer you select. For example with a single or group practice buyer, the terms are usually 100% all cash at closing. ProMed Financial, Inc is able to acquire financing for the buyer, including sufficient working capital. With an equity buyer, they often expect you to stay on for a two year period with an earn out of approximately 25%. This often works very well as you will also have an incentive of a bonus for performance.

There are many important marketability factors that may give your practice more value than others. For example, how long you have been established, profit ratio, patient base, key personnel, transition period and several others. Often, when you have spent years creating your practice, building report with patients - the practice that you have developed is special. The patients have become your family and depend upon you for good care. Finding the right buyer to transfer the patient base to requires a large database of choice which ProMed Financial, Inc. has at its disposal.

Often the sale of a practice will be planned however other times it will come as a surprise.  Having the foresight to plan your retirement is essential to gaining the maximum equity in your practice.  Should your need to sell, come out of an illness or an abrupt change in your life, the price may be reduced but not as great as through your demise.

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