You’re selling your healthcare practice…. Now sweeten the deal

You may have decided to sell your healthcare practice or clinic for a number of reasons. The reasons can be varied, but usually fall into the following categories

  • Retirement,
  • Career change
  • Family / Lifestyle changes
  • Relocation

Just because you’ve decided to sell, does not mean you necessarily want to leave (unless you are relocating). There is a good chance you may have formed a real bond with your staff and your patients.

You may want the best possible price for your practice however, you will also want to ensure that your staff are and your patients are happy too. A great way of achieving this is by staying put.

Here’s how you can sweeten the deal.

Buying a new healthcare practice or clinic can be quite a daunting experience. There is so much to learn! New processes and systems, equipment, staff contracts, staff relationships, new patients to familiarise themselves with, the list goes on. Imagine how much easier it would be if you stayed on as a consultant. You have all that expertise, knowledge, and the relationships with the patients and staff. This can be of real value to the practice and will certainly help sustain the goodwill you have built up. Most buyers will jump at this, as they know goodwill can drop off when there is a change.

The new owners will have your knowledge on tap whilst they embark on their steep learning curve. Your expertise will be greatly appreciated. It will also encourage staff to stay on board, they won’t feel the need to leave due to uncertainty.

The best way to navigate what could be an awkward situation is to agree in advance with the new owners what your role will be, what responsibilities you will have, how long you will be on board for, how much you will be paid for your services. Call a meeting with all employees, then the new owners (back up by you) should make it crystal clear to the staff that you are no longer the decision maker and they should defer all decisions to the owners. (Even if they consult with you regarding the queries).

The value you will be providing to the practice will be important for two key things. Sustaining goodwill and alleviating staff uncertainty.

The value you will be receiving will be a better deal at the sale as you are removing an element of risk for the owners. A win win situation for everyone – you, the new owners, the patients and the staff.