How Do I Sell My Medical Business?
If you’re a physician who owns a medical practice with multiple employees, you may have enjoyed an enviable arrangement for a long time. As your business has grown, however, you may have found you have different priorities. Perhaps the business has grown too big, and you are finding yourself more of a business manager than a physician. Maybe you’re looking to retire or would like a new opportunity entirely.
Whatever the reason, when it’s time to move on, you will have a lot of questions:
- How to price my medical business?
- Should I sell my medical practice to a hospital?
- How will I find a buyer when I sell my medical business?
- What do I need to find out to know how to sell my medical business fast?
- Will I be able to sell it at all?
We focus on selling large medical practices with multiple doctors that have annual revenues of $1Million to $50 Million. We also sell single doctor practices that have over $500,000 in net income. Below are some tips to keep in mind.
1. Convert to EHR
If you don’t have all your patients logged digitally in an Electronic Health Records system, it helps to change over. If you’ve had a practice for decades, paper charts have probably worked for you just fine, but your new owners want to access things easily and anticipating having to change over could hurt your asking price.
2. Get More Patients
If you’re thinking about selling, you’re probably looking to wind things down, but now is the time to ramp up. You want to show potential buyers you are selling a growing, profitable business — not one that is shrinking. After you sell, you can have as few patients as you want. On that note, however:
3. Stay on Board
You may need to stick around a while as an enticement to buyers. There’s a good chance that you are the heart of this business and that many of the patients came to your practice because of you. Buyers don’t want to have to worry that they will buy your business, you’ll retire, and your patients will scatter like a flock of pigeons. If you agree to stay on for six months or a year to ease the transition, it could help seal the deal.
4. Valuators and Medical Business Brokers
Professional medical practice brokers can go a long way toward getting you a fast sale and a great price on your medical business. You’ll be able to give a reliable estimate to buyers on how much your company is worth and have access to great advice and motivated buyers for medical businesses.
Finding Business Brokers to Help Sell My Medical Business Online Confidentially
Medical businesses in NY, NJ, CT, MA, PA and throughout the East Coast and beyond know that Synergy Business Brokers is your perfect partner when trying to get a great price and a quick sale on your physician practice. We have specific knowledge of the medical business market that we can put to work for you right now. We only get paid once you make a sale, so you have nothing to lose.
If your practice has annual revenues of between $1,000,000 and $50 million, we can get started online right now. Just fill out and submit this simple form online and we’ll be in touch shortly for a confidential consultation. If you prefer, email us at [email protected] or call us at 888-750-5950 to get started.