On Enhancing Your Practice

Western Azalea - 2004

Yosemite National Park

Preparation: the Beginning

The preparation of your practice for a sale begins with optimizing its current functions and performance. Subsequent preparations will focus specifically on the sale to a future associate or institutional buyer and will be addressed in future articles.

For an overview of the process, see this article.

The Personal Experience

If you’re considering transitioning and selling your practice, you’re very likely to view your practice as an entity you have created and 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 for 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, like the ones you’ve been doing for years, and plan to deal with them when you have time.

I also had these experiences.

Similarities and Differences

In some ways, this is like selling your house. It’s a fine house that you’ve made your home. It’s in reasonably good shape but you know it’s not in optimal condition. Yet, while you’re preoccupied with other pressing matters, it continues to serve you well. So, you may be apt to demur and defer.

As you begin to prepare your practice, consider that the present time and circumstances are very different from before. Now you are preparing not only for your benefit but also to lay the groundwork for a prospective buyer. 

A buyer will have very different perspectives, beginning with the fact that he will be making a significant investment that extends beyond the price to be paid. For these reasons, he and his advisors will diligently scrutinize what may seem to you like everything. 

Sometimes, you may not know every tweak that’s needed. Nor can you anticipate those that a buyer may consider important to him.

As the seller, you do have an advantage: You, as owner, can address and resolve what you think is needed, as well as what you can reasonably anticipate from a buyer’s perspective.

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.

To a prudent buyer, this should add value.

What to Do?

 The proverbial list is unique to your situation and so, I leave it in your hands to create. As you do so, I suggest you assume nothing and question virtually everything.

I offer this quote:

"I keep six honest–serving men

(They taught me all I knew);

Their names are What and Why and When

And How and Where and Who.”

Rudyard Kipling (1865-1936)

Ask diligently and valuable things will be revealed to you!

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. Consider how you can best serve his interests as in doing so, you will be serving yours as well.

PS: Would you like to learn more about how to prepare yourself and your practice for the end of career transition? You may be in solo practice and wish to carry out a succession or outright sale; perhaps you are in group practice or are otherwise employed. I provide consulting/coaching services that are tailored to your specific needs. Click here to request a complimentary introductory conversation.

Helianthella uniflora - 2006

Idaho