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2 Reasons To Get A Professional To Help You Sell Your Medical Practice

5 June 2017 by Hugh Larson

Selling your medical practice can often be an extremely time-consuming and difficult experience, mostly because the overall process can be more than a little complicated. However, there are brokerage services, such as Paragon Health Capital, out there that can help you sell your medical practice more easily. Listed below are two reasons to get a professional to help you sell your medical practice.

The Sale Process Can Be Extremely Complicated

One of the biggest reasons to hire a professional to help you sell your medical practice is because the sale process itself can be extremely complicated. In many cases, the company or hospital that is looking to purchase your medical practice does not simply want the practice itself, they will often want you to stay on at the practice for a while. The primary reason for this is that they know that many individuals are quite loyal to their doctor. So even if the practice were to retain the same name, if you were to leave, then many of your patients may choose to leave as well.

As a result, a professional brokerage service can not only help you sell the practice itself but they can also help you negotiate an employment contract that will clearly spell out exactly how much money you are going to be paid for your services and how long you are contractually obligated to remain at the practice before moving on or retiring. In addition, the brokerage service will be able to help you if you happen to own the building that your practice is located in, which may result in you having to deal with multiple buyers: one for the practice and one for the building itself.

Determining The Value Of The Practice Can Be Tricky

Another reason to get a professional brokerage service to help you sell your medical practice is that determining the value of the practice can be extremely tricky. Not only will you need to determine the value of the equipment that you actually own, but you will also need to assign a value to the number of patients that you see in a given day.

In addition, valuing your practice is also going to include complications such as how many competitors you have in your area, which can lower how much you can ask for when selling the practice. However, a professional brokerage service will know exactly how to assign values to your patients and your equipment while also taking into account any circumstances, such as competitors, that can affect the overall value of your practice. That way you can set a realistic asking price when selling the practice.

Contact a medical practice broker today in order to discuss how they may be able to help you sell your practice in the most efficient and profitable way possible. You should get a professional to help you sell your medical practice because the sale process can be extremely complicated and determining the value of your practice can often be extremely tricky.

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