When And How To Sell Your Practice: Design an Exit Plan That is Best for You

• Should you sell your practice to a large group that is buying up practices?
• Should you find the right associate(s) to buy your practice from you?
• Should you “buy your practice from yourself” before you sell it to someone else?
• When should you begin your exit plan in earnest?
• How do you value, sell, contract, and exit your practice?
• What kind of exit do I even want? Sell and leave, continue to work part-time?
• Is any of this still feasible?
• Can I retire or am I stuck?

If any of the above questions are on your mind, even if it feels like your exit is far in the future, then this program is perfectly designed for you.

Your practice is a valuable asset that you have grown and nurtured for years. It should be a significant contributor to your ability to retire and enjoy that retirement. Will it be?

May You Live in Interesting Times

There is a saying that became popular “May You Live in Interesting Times.” It is described as being an old Chinese saying. A quick check reveals it isn’t. It’s relatively recent and its origins are probably English. No matter, it’s still a great saying.

We do live in interesting times of rapid change, unrest, and opportunity.

The best day to think about your exit plan is the day you open your practice. The second-best day is today. Most doctors are flummoxed by the many forces operating in practice acquisition currently and are concerned that they might not only make a poor decision but also might miss an opportunity that will only be available for a specific window of time.

Regardless of whether you sell your practice to:

• Private equity, a hospital system, or a supergroup
• An associate doctor (or several associates)
• On the open market

You need to have a plan. To be successful that plan must include:

1. A business growth plan (the practice needs to be growing and not contracting for the best result)
2. A management structure that works well (well-run practices are easy to spot as are their counterparts and well-run practices are more valuable and attractive
3. A proper value for the practice that can be defended
4. A purchase agreement and contract that is attractive to buyers and the seller (there are numerous creative approaches that can overcome almost any hurdle that interested parties face)

Design an Exit Plan That is Best for You includes detailed plans, coaching, and mentoring in all four of the above areas.

We challenge you to find even one program for podiatrists that is this comprehensive. Led by experts in the law, contracts, valuations, marketing, and management this program will prepare you to design an exit plan that truly works for you. Your practice is an extremely valuable asset and with the right plan you can realize the fruits of your life’s work by selling it at the right time and on your terms.

Far too many podiatrists come to this stage in their career and do not prepare only to discover their practice isn’t worth much. That does not have to be your future. This program will ensure you know exactly what you need to accomplish to maximize the value of your practice when the time comes.

If that day is only a year away or even 20 years in the future, this program is designed for you. The more time you have to prepare, an additional benefit of this program is that your profits will significantly increase and you will earn more if you implement what you learn in this program.

This Hybrid Online and Face-to-Face Approach is Unique.

The program consists of 6 online sessions (approximately 90 minutes in length) and one bonus full-day, in-person meeting in Denver at the Grand Hyatt Hotel on September 16^th. The Top Practices Summit begins on the 16^th in the evening and continues through Sunday so you can attend the Summit as well with special pricing for workshop members. This one-day Mastermind Meeting, in the middle of the program, will not only prepare you for your exit but will allow you to develop relationships with other doctors who are learning with you and are preparing their own exit plans. These relationships could last a lifetime if nurtured. (Note: You do not have to attend the in-person meeting in Denver to receive 100% of the information in this workshop series, but the face-to-face meeting with your fellow attendees and direct access to the four presenters is invaluable.)

The Schedule:

Each online session is at least 90 minutes. All sessions are on Thursday evenings starting at 7:30PM EASTERN until 9:00PM. All sessions are recorded and will be available online or for download so you can access them permanently.

Sessions are on these dates:

• Session 1 - begins August 18: What is your practice worth? How to value and defend your numbers
• Session 2 - August 25: How to choose and execute your personal exit plan
• Session 3 - September 8: Purchase agreements, contracts, and creative solutions
• Session 4 - September 22: Getting top dollar for your growing practice
• Session 5 - September 29: Presenting a well-run, organized, and valuable practice to buyers
• Session 6 - October 6: Transitioning to the new owners and your role after the purchase
• The face-to-face meeting is on September 16 at the Grand Hyatt, Denver, CO. In this session you will work interactively with all attendees and the presenter team and get all your questions answered in-person.

Consolidation by hospital systems, large “super” groups, and now private equity have changed the narrative which was traditionally for podiatrists to sell their practice to one or more associate doctors when the time was right for all. Hospital system acquisitions have proven to be problematic. The differences in hospital system operations and private practice have been great and frequently they need to part ways and this can be chaotic and financially difficult for the doctors who leave. Supergroups have varying degrees of success and the doctors in them have to hope their leadership maximizes the benefits with very differing results. Like the hospital option, the individual doctor has very little control over the process or decision-making.

Private equity is very active currently and the impact and sustainability of this strategy in ambulatory care remains to be seen. And most private practices won’t be invited to this party before it ends. We will address this option in this course and arm you with what you need to be able to negotiate a fair deal. We will also show you how to decide if this is a viable option for you.

Associate doctors ARE STILL an excellent option

There is still the traditional method of hiring, mentoring, and eventually partnering and selling with an associate doctor. The pandemic has upended many things, one them being a renewed interest by younger doctors in opening their own practice or buying an existing practice. This has the complication of differing goals and life views that multi-generational partnerships have always had. We will be teaching in-depth what you need to know to find the right associate buyer(s) and how to structure the sales plan so it works well for all parties.

Should You Buy Your Practice from Yourself?

Another exit plan you may wish to consider is the idea that you can buy your practice from yourself.

In this scenario, the doctor makes the decision to no longer do the associate doctor “should I? shouldn’t I?” dance and makes a clear decision to practice as a solo practitioner and exit as one. The cost savings in recruiting, evaluating, hiring, training, supporting, managing, and possibly replacing an associate doctor can instead be redirected to a new strategy of marketing and managing the solo practice in such a way that the profitability of the practice significantly increases and that savings and profits are banked by the owner.

Some doctors are opting for this plan and we will also address the decision-making process you need to use to decide yes or no to this option.