3 Crucial Steps To Take Before Selling Your Medical Practice

Have you thought about selling your medical practice? The practice may be doing exceptionally well in the neighborhood, thus resulting in bids from potential buyers who could have a lot of plans to take the practice even further. If you don't have the time to dedicate to expanding the practice any further, but you're interested in the opportunity, selling it could be the best decision.

Review the Offers

Take your time while reviewing the offers that are made. Make sure each offer provides something that benefits you. If you have more than one offer to review, the amount of money the bidders are willing to spend on the purchase should increase due to the increased competition for the sale.

Decide If You Still Want to Work There

If you're retiring because you've worked in the medical field for decades and are ready to finally take a break, you may want to sell the practice and leave. However, if you're still in the middle of your career, you may want to sell the practice and then continue working there, which may be possible depending on the types of offers you've received.

Some buyers might prefer if you would continue working there for some time. After all, you're the one who started the practice. You likely have hundreds of different people who trust in the medical services you provide. If they come solely to you for their medical treatment, they'll now need to get used to having other physicians providing services to them at the same location. One way to make the transition easier on the clients who've helped turn your practice into a success is to continue working there for a while, even if it's only for a few months.

Choose to Lease or Sell the Building

Aside from selling the practice, you'll need to figure out what you would like to do with the building. If you're the owner of the building you could choose to sell it to the people who are buying the practice, but you could also offer a leasing option to them. If you're going to lease the building, you'll have an additional source of passive income coming in each month.

Selling a medical practice is a serious decision you'll need to think about for a bit. Take your time reviewing various offers to make sure you're getting the best possible deal from the situation. If you'd still like to work at the practice, make it clear with potential buyers before you make an agreement with them. You'll need to decide if you want to sell the property to the buyers or lease it to them as well.