If you’re thinking about selling your private practice, there is a lot to consider and you need to start planning well ahead of time. If you’re not sure if selling is the right option (or even if you think it is), you need to read this blog post.
Selling doesn’t necessarily mean you’ll retire wealthy, so make sure you know the following:
We did this by implementing proven business systems that allow us to treat when we want to, not because we have to.
As a private practice otolaryngologist, you likely make a substantial salary that allows for a more than comfortable living. According to Medscape, otolaryngologist salaries are still going up (between 2016-2017 there was a 13% increase in the average ENT’s salary).
For many private practice owners, it can be difficult to save up enough money for retirement. The same can be said for business owners of all industries. 37% of small business owners who lack a retirement savings don’t make enough money to open a retirement account (Inc).
It’s been a year since Carl Stephenson and his 4 partners opened a FYZICAL balance center inside their ENT practice in Tuscaloosa, AL. Let’s take a look at what Stephenson and his partners have been able to accomplish over the past year for their patients, their practice, and the entire state of Alabama.
Tags: Alabama, Carl Stephenson, Ancillary services, Surgery, Productivity, franchisee, Hearing Aids, Referrals, Reimbursements, FYZICAL, Exit Strategy, Management, Hospitals, Otolaryngology, Franchising, Private Practice, Business, Audiology, Increase hearing aid sales
One of Carl Stephenson’s partners is Dr. James Edgar Shotts, an otolaryngologist approaching the climax of his career. A few years ago, Shotts reached an age where he was no longer comfortable performing surgeries for his patients, but he was not ready to retire. He reduced his practice load to part time, and his interest as a practitioner started to dwindle. He had considered retiring for a handful of years, until his partner Carl brought FYZICAL to the business. Shotts hasn’t looked back since.
For the past 18 years, board-certified Otolaryngologist and Neurotologist Dr. William McFeely has witnessed imbalanced patients suffering from the same issues over and over again, without having the answer to help them. Today, McFeely has an answer, and is working on recruiting physicians and physical therapists across the southeast to help these patients with this new model.
Tags: Peer-to-peer, franchisee, Prevention, FYZICAL, Exit Strategy, Otolaryngology, Private Practice, Business, Ancillary services, Franchising, balance, William McFeely, Carl Stephenson, Alabama, Mississippi
Surgeries have historically been the most profitable aspect of otolaryngology. So, why (and how) would you start spending less time performing surgeries, while making more money AND actually helping more patients?
After more than 18 months of intense investigation, Kale and Mary Isaacson finally figured out which direction they wanted to take their private practice.
Tags: Exit Strategy
The retirement plan for most private practice Otolaryngologists consists of selling their business and riding off into the sunset with their pockets stuffed full of cash. They say to themselves, “After 30 years of building a successful practice, it’s going to be worth millions.” Unfortunately, this dream quickly turns into a nightmare for most practice owners when they discover the valuation formula used to determine a practice’s value yields a significantly lower amount than they expected. This is primarily due to the fact that the majority of physicians still operate on the obsolete “eat what you kill” business model.
With declining reimbursements, rising costs, and shrinking margins impacting physical therapy today, a common phrase repeatedly bantered about by many practice owners is: “I’m going to work for another five to ten years, then sell my practice and retire.”
If that’s your plan then you MUST know these 7 facts about selling your practice. The quality of lifestyle you enjoy in your retirement depends upon it!
Tags: Exit Strategy