You’ve put in the all nighters and years of schooling, started a practice and have been building up your legacy in the profession for years now and are starting to think about one day transitioning out of it.
Many doctors do not have a succession/retirement plan set up for their practice and fall short on readiness, leaving the practice to be undervalued and either shut down or sold at less than it could have been sold for.
The opposite of this is the doc who has their plan, structure and systems in place, and because of this, they get the opportunity to retire 5 years earlier than expected.
Which situation would you prefer for yourself?
This cheat sheet is 100% internal to your practice, on the things you can start doing today to increase the profitability at the time of selling…….. regardless of how far away that is. Building up these rhythms and systems will not only increase the outcome of the practice sale price, but commonly means substantial revenue increases while still in practice.
Use this checklist to get your practice ready to retire earlier than anticipated:
- Have a structured ongoing education system for your practice members and never stop educating.
- Become a master at Table Talk and create and practice scripts for your practice
- Get an operations manual put together of the daily tasks of the practice by all team members
- Create an outcomes assessment for each role in the business and determine what values you are looking for in the role along with clearly defining the outcomes that are required to be achieved
- Create a marketing planner and test different marketing initiatives to see what works best in your community
- Create a ROI (Return on Investment) tracker to determine the best use of company time and money
- Create a system for progress reports & exams
- Create a detailed “persona” of your typical client so you can learn more about where to target your efforts
- Create a regular team meeting ritual to get the heads and hearts of the team members aligned for the day, week and quarter.
- Create a schedule for quarterly team evaluations to ensure every member is growing
- Create a “bench” of team mates so that when a teammate needs to transition from your practice you have someone to fill the void.
- Create at least one source of passive residual income in the practice
- Create a referral program for members to be rewarded for referring
- Get a formal valuation completed every 5 years to patch any holes in your practice (a slight percentage change in your practice can add from $10,000-$100,000 to the selling price)
After appraising 100+ practices, we have created the top 5 lessons in the ‘systems that sell series’ that can help you get an extra $106,000 at time of sale. Check it out here: