Healthcare Business Lawyers for planning an exit strategy for dental and medical practices.
Are you a retiring dentist or doctor in private practice? Do you have an exit strategy for your retirement? Would you like to map out an exit strategy with Healthcare Business Lawyers?
I meet more dentists and physicians these days that have let their practices go sideway because instead of having an exit strategy they simply reduced their workload by reducing the number of work days and patients. They virtually could not do more harm to their practices and their values by failing to have an exit strategy.
By reducing their workload and number of patients not only are they significantly lowering the selling price for their practices but they are also making it nearly impossible to sell their practices at all. A buyer who is willing to pay a premium in form of the selling price is looking to take over a viable practice, not one that they have to work hard to rebuild and revive.
Couple that with the fact that the selling price is based on the practice’s gross revenue and/or net profits and you will realize that without an exit strategy you will stand to lose hundreds of thousands of dollars, if not millions.
If you are a dentist or doctor that is planning to retire, the time to plan your exit is about 2-4 years before you actually want to retire, not on the eve of retirement. There are a number of options that allow you to plan ahead and retire without losing the value of your practice so you can better enjoy your retirement.
Incidentally, selling to a DSO is a popular option these days, as it allows you to sell your practice, remain employed for a few years, and then retire without having to look for a buyer when you decide to sell your practice.
But even if you have already reduced your workload, the number of your patients, and your revenues, due to our experiences as a healthcare business lawyers and by devising out-of-the-box strategies, we can offer you options that will help you regain most or some of the value of your practice.
Kamkari Law- Healthcare
If you are a dentist or doctor expecting to retire and you are looking to maximize your selling price.