Maximize the Value of Your Medical Practice with Cynergy CSI — Expert Guidance for Physicians Selling Their Practice
Are you a dedicated healthcare provider considering selling your medical practice? You’ve come to the right place. Cynergy Consulting, your trusted partner with over 40 years of experience, has successfully transitioned over 2000 medical practices, ensuring profitable sales and seamless transitions.
Getting Ready to Sell Your Practice
Unlock Hidden Value in Your Practice
Our comprehensive Intermediary Services include practice transition planning and sale strategies designed to convert your hard-earned equity into liquidity for retirement or reinvestment. Many physicians choose to remain with their practice post-sale under negotiated employment agreements, maintaining continuity for both their staff and patients.
Prepare Your Exit Strategy Today
Phases of Selling Your Medical Practice
Initial Consultation: Understand the physician’s goals and needs.
Valuation: Comprehensive evaluation of the practice’s financial and operational value. Not sure how to get started? Try out our free Medical Practice Valuation Calculator.
Preparation: Enhance the practice’s value through strategic improvements.
Listing and Marketing: Targeted outreach to qualified buyers.
Negotiations: Secure favorable terms for the seller, including potential post-sale employment agreements.
Closing and Transition: Facilitate the legal, financial, and operational handover.
Seller FAQs
It’s important to ensure all aspects of your practice comply with laws and regulations, including HIPAA and other healthcare-specific rules. Additionally, the sale itself will require legal agreements like a purchase and sale agreement, so legal counsel is necessary.
It’s important to communicate openly and honestly with your staff about the sale, while also respecting the confidential nature of the process. Assure them that their welfare is being considered during negotiations.
The decision between selling assets or stocks depends on various factors including tax implications, legal liability, and the specifics of your practice. A financial advisor or attorney can help you decide which option is best for your situation.
In our experience if you can stay on board for the transition. Ideally, we recommend 1-5 years. The longer you stay the more value you add to the practice.
You’ll need to provide financial statements, tax returns, and operational data. Other important documents include legal paperwork like your practice’s incorporation documents, licenses, and permits, and any contracts or leases. Learn more about the medical practice valuation process here.
The timeline varies based on market conditions, the nature of the practice, and the specifics of the deal. Generally, it can take anywhere from 6 months to over a year. It’s important to partner with an expert in medical practice brokerage.
Ideally, you should start planning to sell your practice a few years in advance. This allows you to optimize operations, maximize profitability, and address any potential issues before they can impact the sale. Typically providers begin to plan approximately 5 years before starting the process.
The value is a combination of both the tangible and intangible asset value. Some methods that may be used to determine this include the income approach, market approach and asset based approach. Not sure how to get started? Try our free Medical Practice Valuation Calculator.
