September 15, 2017
Checklist for Selling a Fertility Practice
Selling your fertility practice can require you to make some of the most important business decisions ever. The best way to preserve your clinic’s equity, avoid unnecessary stress, prevent financial disaster and have an overall successful transition is to be prepared and informed. Here are some of the most important things you should know when thinking about selling a fertility practice.
Talk with a transition broker
You have spent years building your fertility practice. Now you are at an important milestone and don’t want to entrust your practice to just anyone. At Professional Transition Strategies (PTS), we are experienced in providing assistance with partnerships, mergers and affiliations, to name a few. Your PTS consultant will meet with you one-on-one to discuss your personal goals. From there, we will conduct a comprehensive practice appraisal. This will determine ways to make your practice more profitable and, in turn, more valuable.
Create a plan
If you plan on selling your fertility practice in the next two to five years, start preparing now. You should try to set the sale of your practice as a carefully planned event. If you wait too long, you could be jeopardizing one of your most valuable assets. For best results, plan ahead so you can control the outcome. A thorough and realistic evaluation of your individual situation can be invaluable in arriving at the best transition plan.
Know the best time to sell
For most doctors, the sale of their fertility clinic is something they think will happen in the far future when they are ready to retire. Most don’t spend any time thinking about or pre-planning a practice sale. They don’t really worry about selling until something unforeseen happens that forces a doctor to think about selling their practice. From a financial perspective, the best time to sell a practice is at its peak market value to achieve the highest equity return.
How long it will take
On average, it can take anywhere between one and three years to sell a fertility practice. Keep in mind every practice is different and how long it takes to sell depends on different circumstances, such as location, the reason for sale, and patient attraction and retention rates.
Even if you aren’t ready to sell your fertility clinic, contact us to learn what steps you can put into place.