Several reasons a person might decide to sell their medical practice. One of the most common reasons is retirement from your practice.
However, you might have different causes, like a change of mind, or you just started your practice and did not think you were ready for it. Whatever your reason, you must not sell your medical practice with a loss or decreased price.
When you decide to sell your medical practice, you will need professionals or experts who know and understand all the legal agreements and procedures related to your business. So before taking action, you must contact a Los Angeles physician attorney and sort out all the legal matters to avoid any obstacles.
Steps to selling your medical practice
- Ensure you have multiple bidders
While relying on a trusted and legitimate bidder should be your top priority, you must not solely depend on one bidder to sell your medical practice. Having more than one bidder will ensure that you are selling your medical practice at the best price and not making an adjustment because you do not have another option.
Before you sell your medical practice, spread the word and see if there are legitimately interested buyers willing to provide the actual value for your business. Moreover, you can also put an offer to your employees and workers if they are interested in buying your medical practice.
Asking your employees or people who train under you is an excellent way of getting a good and resourceful buyer. Additionally, you will not have to worry about any fraudulent offers and not go through the verifying process of each bidder.
- Are you willing to remain as an employed physician at your practice?
When selling your dental practice, you might find some bidders interested in purchasing your business. However, they want you to remain in your position and work for them as an employee. This negotiation happens when a hospital approaches you to buy your medical practice.
The hospital will cover your practice into its brand and hire you as an employee. The benefits of this deal are that you get to keep your old position and earn bread without dealing with the business’s complications.
Nevertheless, the disadvantages are an employment contract might bind you like a non-competition or non-disclosure agreement. Other than that, you also have to consider whether your practice is worth selling to the hospital or not.
Lastly, you must consider that if the hospital takes over your medical practice, there is no guarantee that your work will provide you the rewards it did earlier. So before coming to any decisions, discuss them with a physical attorney.