You have spent years building your practice when it comes time to sell for any number of reasons – retirement, illness, relocation or career change – and ProMed Financial, Inc. is your complete team of experts that specializes in the sale of one of your greatest assets.
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.
Terms of Sale
ProMed Financial, Inc is able to acquire financing for the buyer, including sufficient working capital.
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. 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.
Determining the Value of your Practice
Regardless of the reason, engaging the services of a professional practice transition team is favorable. 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.
With over 25 years of practice transition experience, 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, transferability, age of equipment and many more considerations that will make a difference in your price.
Confidentiality is a Must
The new buyer coming into your practice wants to be sure that it is functioning properly the moment they assume ownership. ProMed understands that confidentiality from your staff is vital and necessary to facilitating a smooth transition, and we take steps to ensure that they are notified of the sale only at the appropriate time.
As part of our guidance through the process, all of our buyers sign a confidentiality agreement before ever being connected with you, and all material provided to interested buyers is coded with a reference number so as not to identify you as a seller. Furthermore, financial information regarding you and your practice is fully redacted, and when the time comes, careful procedures are followed so that any office visits are conducted in a manner that does not alert staff.
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.