Solo physicians have one of two primary mindsets when it comes to thinking about an exit strategy for their practice. Either they have not planned properly for their retirement, thinking that they would be able to sell their practice and live on the proceeds, or they think the practice has little if any resale value and consequently they choose to phase out of practice by gradually reducing the number of days they see patients until there truly is nothing left to sell.
Finding the right medical and dental practice appraisal, transition, sales or merger person (or group) and negotiating the best terms and conditions is something that should be done by a professional firm who specializes in dental and medical transitions, mergers, appraisals, and sales. While attorneys and accountants know how to crunch the numbers and create documents, they don’t necessarily understand how to operate a medical or dental practice – especially during a merger, appraisal, transition or sales phase.
Receive the Right Price for Your Practice
If planned properly, virtually every practice has a value and can be sold to another party.
ThinkMed Consulting can help you get a fair price and a functional transition, appraisal, merger or sale of your medical or dental practice. We can help you determine the right price for the practice (click here for dental or medical Practice Valuation services). During this process, we may be able to identify improvements that could be made to your practice which would make it more valuable for your sale, appraisal, merger or transition. There have even been occasions in which we have “fixed” the practice to the point that the physician decided to stay and not sell at that time.
Dental or medical practice appraisals, mergers, transitions, and sales are not just for retiring physicians. It may be that you want to continue to practice medicine but in another part of the country or you may even be going overseas, etc. The medical and dental practice transition, appraisals, mergers and sales process is much the same, whatever the reason for the sale.
We can discuss with you several options for engaging ThinkMed Consulting to represent you in this medical or dental practice transition, sale, appraisal or merger. The process almost always begins with a practice (e)valuation. We want to know what the practice is worth and what can be easily done to make it even better during the dental or medical practice merger, appraisal, sale or transition. Much as a realtor would tell you to paint a room in your house or clean out the basement, we can tell you what needs to be done in your practice to help attract the best potential buyer.
Now that the dental or medical practice is ready for sale, appraisal, transition or merger, and we know its value, we can determine how you want to work with ThinkMed Consulting in the medical or dental practice sales, transition, appraisal or merger process. We can represent you for a fixed fee, for a percentage of the selling price or a combination of the two. The dental or medical practice merger, sale, appraisal or transition method you select will determine how expenses such as advertising and site visit costs will be handled. Since this varies on a practice-by-practice basis, we will need to discuss this medical or dental practice merger, sale, appraisal or transition with you individually.