Many healthcare professionals have days when they think about retiring, whether early or late. There are days when it is just all too much and you can’t take it anymore. On the other side of the coin, perhaps you don’t feel busy enough and wonder if you should just close the doors. Some want to quit and find a better profession or business because they don’t love the profession they chose.
And lastly, there comes a time when retirement in 5 to 10 years is a serious consideration for all the RIGHT reasons. The question begs:
Are you and the practice totally ready for a graceful and profitable turnover, or are there things that need to be done to posh up the practice and get it up to full potential so you go off into the sunset proud of your accomplishments, and with a great retirement fund from the sale of your practice?
Questions to Self:
Even when you have an appraisal done on your practice and are told you have a “good” or “nice” practice, is that good enough for you?
Have you achieved the practice of your dreams? (Be honest with yourself in answering that question.)
Would someone else love your colour scheme, your layout, your front desk, your equipment (how old is it by the way and what kind of shape is it in)?
How about your staff? Is your team on-the-ball and on top of everything, including the recall/reminder/reactivation program? Do patients love them?
What is the size of your active patient base? What is the age demographic of your patients or clients?
How is your flow of new patients into the practice over the last few years?
Are you discounting? This is a negative when someone is looking to buy your practice.
Is the landlord open to a new 5-10 year lease? Banks are getting quite fussy about loaning the buyer money to purchase your practice if there is not 10 years on the lease and if there is a demotion clause in the lease.
Are there aspects of the practice you feel could be improved? Is it fully booked out?
Before you Jump
Exiting your practice may look enticing, but it will lose some of its lustre if you don’t do it in style … and also if you don’t sell it for what it’s worth. This is where an excellent consulting company (like us) can come in handy. Taking the practice into an ideal scene can result in an extra 25-50% profit at time of sale. Well worth the small expenditure to get it there!
