So, you are now selling your allied health practice, it may be a Physiotherapy, Chiropractic, Podiatry, Psychology, Osteopathy, Speech Pathology, Occupational Therapy, Multidisciplinary or other type of clinic. Now it is time to sweeten the deal.
You may have decided to sell your allied health clinic for several reasons. The reasons can be varied, but usually fall into the following categories:
• Career change
• Family / Lifestyle changes
• Had enough of running a business/clinic
• It’s too hard to find good clinical staff
Just because you have 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 and your patients are happy too. A great way of achieving this is by staying put & continuing to work in the clinic for the new owner as an employee or contractor.
Buying a new healthcare practice 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 to assist the new clinic owner. 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 can also encourage staff to stay on board, they may not feel the need to leave due to uncertainty. Plus, you can still have a patient load yourself.
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 with different pay rates for seeing patients compared to managing the clinic & assisting the new owners.
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.
For help with any aspect of selling your Physiotherapy, Chiropractic, Podiatry, Psychology, Osteopathy, Speech Pathology, Occupational Therapy, Multidisciplinary or other type of clinic please contact us at Healthcare Practice Sales.