Provided by: Jennifer Kirschenbaum, Esq.
September 10, 2024
Question:
Jennifer,
I am ready to sell. I do not want to manage the practice. I’m sick of hiring and training and not having time off.
Time to sell. Any advice?
Thanks,
Dr A
Answer:
The first bit of advice I have to give is please gear up for a final deep dive into admin activities because to get your practice sold, we do have to dig in to all the nitty-gritty - numbers, relationships, patient records, scheduling, etc. A Buyer will likely need all details surrounding your practice to be disclosed, culminating in the creation of schedules. Schedules to a sale are lists of practice items you are and are not transferring, and are the Seller’s obligation to complete correctly. As your lawyer, I need your assistance and creating the schedules and the more organized you are the less time we have to spend.
Knowing you are ready to start the process is step one. Step two is getting organized with the help of your accountant, attorney and broker, as applicable. Organizing for sale it not just when selling to an outside third party; selling a smaller ownership position or when refinancing, any potential buyer is going to expect transparency and access. The cleaner your books and records are, the higher sale price you will likely command and the easier process you can expect during any sale process.