Scot
Salad Dressing Empire
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My day job is in the healthcare space, so I’ve been around a lot of single doctor practices, group practices and corporate practices. (I’m assuming you’re either a MD, DC, Debtist, Psych or DVM)
So, your lawyer is correct, in a sense. Right now, today, your business is not sellable. At least in the way you want to sell it.
You’re no stranger to the fact that corporate medical groups are buying up single practitioners and rolling them into their umbrella. If you stay on the practice, you get that benefit of a modest buyout with assistance in the form of cheaper software and overhead.
But, to sell outright, yeah, there’s no business if you aren’t there.
There’s good news! You want to exit in 2 ish years. You’ve got time.
First suggestion, get the book Built to Sell. This book will give you a lot of actionable advice. Next, read the book The E-Myth.
What you need to do to sell:
So, your lawyer is correct, in a sense. Right now, today, your business is not sellable. At least in the way you want to sell it.
You’re no stranger to the fact that corporate medical groups are buying up single practitioners and rolling them into their umbrella. If you stay on the practice, you get that benefit of a modest buyout with assistance in the form of cheaper software and overhead.
But, to sell outright, yeah, there’s no business if you aren’t there.
There’s good news! You want to exit in 2 ish years. You’ve got time.
First suggestion, get the book Built to Sell. This book will give you a lot of actionable advice. Next, read the book The E-Myth.
What you need to do to sell:
- Remove yourself from the business.
- Hire other practitioners to carry the patient load. Most practices, part of the asset sale is “community good will” So, if 50% of the patient’s are loyal to Dr @summer_ceo , then you lose 50% of your sale price.
- Potentially get a second or third location, that is self sufficient, not a satellite office.