Here’s an outline for selling your own practice, provided by Legacy Practice Transitions. This guide will help you navigate the complexities of the sale process:

How to Sell Your Own Practice

Step 1: Should You Sell?

• Determine your goals and assess if selling is the best option.
• Explore alternatives such as adding an associate or considering a walk-away versus a pre-sale strategy.
• Consider post-sale factors and their impact on your decision.

Step 2: Financial Considerations

• Assess the value of your practice, including equipment, furniture, supplies, and intangible assets.
• Write a practice evaluation and establish a purchase price with appropriate down payments and financing terms.
• Prepare a 10-year financial projection covering working capital, installment payments, inflation, and both current and future production.

Step 3: Locating the Purchaser

• Advertise and write blind ads to attract potential buyers.
• Contact senior students and recent graduates, and explore practice merger options.
• Screen applicants, conduct interviews, and maintain confidentiality throughout the process.

Step 4: Banking and Seller Considerations

• Prepare the purchaser for bank interactions, including financial statements and income projections.
• Secure a co-signer if necessary and manage seller loan subordination requests.
• Coordinate the bank loan closing with the practice closing.

Step 5: Working With Attorneys and Accountants

• Collaborate effectively with both your attorney and the purchaser’s attorney to address all legal matters.
• Manage communication and expectations with your accountant and the purchaser’s accountant.
• Control legal and accounting fees to ensure they do not exceed your selling price.

Step 6: Contract Considerations

• Draft a comprehensive contract covering asset sales, purchase price allocation, title considerations, and other key elements.
• Include terms for patient care, restrictive covenants, tax considerations, and post-sale communication.
• Address security interests, default terms, and arbitration clauses.

Step 7: Closing the Sale

• Handle last-minute negotiations and ensure all parties agree to final changes.
• Manage any disputes with fairness and ensure the attorneys are aligned on changes.

Step 8: After the Sale

• Communicate with the purchaser post-sale and handle any legal issues or disputes.
• Consider legal counsel for potential lawsuits and manage your personal transition.

This outline provides a framework for selling your practice independently. If you have further questions or need detailed assistance, Legacy Practice Transitions offers consultations to guide you through each step of the process.