Since the inception of Therapy For Your Money, we have received so many requests to do this episode, so here it finally is... all about selling your private practice! Julie collaborated with a Development & Acquisition Specialist to answer all of our listener's burning questions about what it entails to sell their practices. If you're interested in finding out where to start, how to go into negotiations confidently, and what all a buyer might be looking for, then today's episode is for you.
DISCLAIMER - The details of this episode should not be used for professional advice. Please seek out an acquisition specialist and an attorney if you are interested in selling your practice. Any scenarios or advice provided in this episode may not pertain to the specific needs of your practice.
EPISODE HIGHLIGHTS
- What kind of practices are most valuable for corporate buyers?
- Large group practices with multiple full-time clinicians that are 1099 contracts are what attracts most corporate buyers
- It is harder to sell a private-pay practice, though not impossible
- Solo practices are less likely to hold a significant market value
- What do corporate buyers want to look at when negotiating?
- Up-to-date books & financial records
- At least 2 to 3 years of tax returns
- List of insurance panels & the rates for each
- List of clinicians & their individual annual revenue
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
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