Provided by: Jennifer Kirschenbaum, Esq.
July 25, 2019
I'm at an impasse, where I can't figure out if I should grow or sell. I don't want to retire, but I don't want to deal with the hassle, but I also do not want to change how I practice. Thoughts?
Whether to Grow or Sell is an extremely complicated question, and a personal one. everyone's facts are just a bit different, even if the considerations are somewhat similar. In the end, it is financial or intuition that will likely drive the decision, which is typically dictated by whether the decider is driven by data or feelings.
A significant factor is how long you wish to continue practicing, and on who's terms. If you are not looking to retire in the foreseeable future, who you sell to matters tremendously, as does your autonomy and decision-making capacity post-closing. Understanding what your day to day will look like, and how it will change, is absolutely critical in this decision making process. If you are looking to maintain your practice on your terms the decision is not "Grow or Sell", it is "Grow or Sell to ______". Let's get specific and understand the "Who" of who you may sell to.
Tips - Bring in competent healthcare counsel early. (yes, we are available, unless conflicted out!) Ask questions about post-closing Early. REMEMBER - A deal is not consummated until Closed; Exploration does not have to mean commitment.