This process entails a thorough appraisal of the practice, defining the proper pricing and terms (including the terms for lease or purchase of the selling doctor’s building), as well as any other contingencies necessary for the sale. Usually these transactions are “turn key” in nature; that is, the purchasing doctor takes over the practice from the selling doctor including all equipment, supplies, furnishings, staff and goodwill. A practice purchase is most often extremely financially rewarding for a purchasing doctor, as well as from a “pride of ownership” standpoint.
Although there may be a few risks when you purchase a practice, the rewards are substantial! Some of the advantages of owning your practice include:
- You will earn more money (especially as a percentage of your production)
- You will own an asset that will increase in value and thus advance your personal net worth
- You will have ultimate job security
- You will be able to build the “practice of your dreams”
- You create your personal work/life balance
- You will have higher personal and professional freedom