September 15, 2017
Selling a Fertility Practice Checklist: What You Should Know
Selling your fertility practice can require you to make some of the most important business decisions you will ever implement. 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 at Professional Transition Strategies, we have found that these 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 you don’t want to entrust your practice with just anyone. 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.
Our team of professionals will advise and mentor you throughout the selling process. So, if you ever have general questions or specific concerns about the transition process, one of our specialists will be there for you. You can learn more about our team here.
Create a plan
If you plan on selling your fertility practice in the next 2-5 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 the best transition plan.
Know the best time to sell
For most doctors, the sale of their fertility clinic is something that 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 sell. 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. This way a practice owner will achieve the highest equity return. This is why we recommend contacting PTS and setting up a plan as soon as you start to think about selling.
How long it will take
On average, it can take anywhere between one and three years to sell a fertility practice. Keep in mind that every practice is different and how long it takes to sell depends on different circumstances — such as location, reason for sell, and patient attraction and retention rates.
Overall, it is important to be as well informed about selling your fertility practice as possible. And having a plan in place is a big part of being well informed. If you are interested in selling a fertility practice and ready to discuss a transition plan, contact us, we are eager to help!