Recent studies indicate that fewer than a third of all businesses are successfully transferred to the next generation. A number of practices across the country today fail to see in advance the need for an associate. Many of these doctors grow their practices until they reach a plateau and cannot service its growing patients demand. This leads to a great opportunity for the addition of an associate. Doctors also looking for the perfect opportunity to either slow down or successfully transition the business to the next generation should also be thinking ahead about adding an associate.
The process of adding an associate and executing a practice sale without professional assistance can be extremely challenging. It is very difficult to find an interested candidate, and it is even more difficult to manage the process of evaluating personalities, conducting due diligence, assessing financial and contractual issues, and many other critical details involved in this process.
The Practice Advisory Group specializes in simplifying this task. The addition of an associate should be a positive one, and if done correctly both parties mutually benefit from this affiliation. The firm will assist in the search, negotiations, contracting, and implementation of this new individual into the practice. We will manage every aspect of this critical component in the practice’s growth and development.
Sale and Purchase of Practices
Selling your practice is not only an emotional decision, but a financial one. The Practice Advisory Group will work with you to evaluate your needs and requirements in order to manage this process effectively.
The Practice Advisory Group relies on its professional expertise to interpret enterprise value, search for a proper buyer, negotiate the business economics, and secure financing for the purchaser. The firm will also work with its network within the legal community to develop the needed legal documents to effectuate an orderly transition of the practice to the purchaser.
Upon establishing a professional relationship with The Practice Advisory Group, we will work with you to make sure that your needs are properly met!