How to Conquer Fear When Buying a Practice
Buying a practice is a huge commitment- your time, money, blood, sweat and tears will all be poured into this new endeavor. It’s much like picking a spouse, you want to pick wisely, because ideally you guys are going to be in it together for the long haul. So it only makes sense that some apt advice for someone having difficulty in finding the perfect mate would also apply to someone seeking the ideal practice to purchase…
Stop looking for perfection!
OK, so you should be picky. And you should definitely have defined criteria that you are looking for in a potential match. But just as perfection does not exist in a partner, it also does not exist in a business! And just as with potential spouses, you will have to accept some things on your ideal practice list will be missing. Others will have potential in that area you will need to develop. And others still will be better than you were hoping for.
When evaluating a potential practice match, focus on looking for a good value. Ideally this means a solid income, low overhead, and potential to grow in areas where your business strengths can shine.
Everything else? Icing on the cake.
So if you are having a hard time finding a practice you can commit to, visit some practices that don’t quite meet your ideals of perfection. Interview the seller, review the practice stats and financials, get a feel for the vibe between the office staff and the patients. If nothing else, seeing them in person will help you tighten up that list of “perfect practice criteria”- and who knows, you might just get surprised with that ideal practice once you experience it in person.
Are you struggling to find the “perfect” practice? Share the most important criteria in your practice search in the comments below!