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Deferred Transitions: Practice Sale and Partnershipby Dr. Tom Snyder
Suppose you have been searching for the right candidate to become your successor.However, you may need a few more years at the helm before passing the batonand the timing is not right for you to immediately transfer 100% ownership. Alternatively, if you are considering a partnership, your patient base may be inadequate to support both doctors. Perhaps your new associate needs more time to develop clinical skills to assume a productive partner role.
In both instances, more time is needed to achieve the desired results. Deferred transitions have been growing in popularity as an effective strategy, especially in smaller communitieswhere there is a shortage of associates and possible competition from other doctors in your area who have similar goals.
First: Establish a Baseline Practice Market Value
Creating a sale price for a future sale or partnership buy-in is a critical first step in designing your deferred transition plan. By locking in the value of your practice value, your candidate will not be penalized for their efforts in working hard and in many cases may help your practice...
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