Why You Should Hire Strategic Medical Brokers to Sell Your Practice

When medical practice owners contact Strategic Medical Brokers, they seek expert advice on quitting their medical practice.  The three most frequent questions we get asked are: 

  1. What is my practice worth
  2. Who are the buyers for my practice
  3. How long will it take to sell it?  

A business broker who specializes in selling a medical practice should be able to answer these questions.  Beware of the general business broker who only dabbles in healthcare.  They will be telling you what you want to hear, possibly offering to discount their commission or perform a free valuation just to get your listing.  At Strategic Medical Brokers, we don’t operate that way.    

What Do Potential Clients Want?

As a potential client wanting to sell your medical practice, these are usually the things that you are looking for:

  1. Hire an expert who understands their specialty
  2. Hire a firm that has a track record of success
  3. Work with a consultant they know, like, and trust
  4. Want to be paid a fair price for the practice
  5. Close sale within the agreed-upon listing term
  6. The minimum transition period after closing
  7. Preserve the legacy and staff
  8. Only pay a competitive commission at closing (no valuation or marketing fees)
  9. Understand the process
  10. Protect confidentiality (financial and patient’s information)
  11. Meetings only with qualified buyers
  12. Kept informed 

What Are Potential Clients Afraid of?

  1. Commitment to a listing term without results
  2. Paying upfront fees or above market fees
  3. Loss of confidential information
  4. Lack of communication
  5. Loss of Staff or competitors will find out practice is for sale

How Do Clients Define Success?

  1. Sold within the listing period
  2. Sold within “Most Probable Selling Price” estimate
  3. Real estate owned is sold or leased
  4. Minimal transition period
  5. Fair compensation for transition services provided by Seller
  6. The majority of the sales price will be paid at closing

What Strategic Medical Practice Does and Why It’s Essential

Our team is comprised of healthcare experts (15+ years of practice management experience)

  • We understand physicians
  • Better able to assess the practice (SWOT analysis)
  • Less disruption to client as we can answer most of the questions from buyers
  • Most firms are staffed with salespeople, not healthcare executives

Our “Back Door Marketing System” get results

  • We will acquire the needed data for your specialty
  • Create a custom marketing strategy to get your practice opportunity in the hands of targeted buyers
  • We market statewide or nationally, not just within a 15-mile radius
  • Hire professional photographers for marketing materials
  • We send repetitive marketing to our targeted buyers, not just once
  • We spend thousands of dollars on marketing

We meet with our clients and view their facility

  • Creates more effective marketing materials
  • Assists with SWOT analysis 
  • We aren’t walking into a practice “cold” with a potential buyer

We are a national firm with a local presence

  • Our team lives in the market
  • More knowledge about local market conditions
  • More accessible to our clients

We will be present at every Buyer/Seller meeting

  • We will protect your interests during these meetings
  • We won’t allow the buyer to attempt to negotiate with you
  • You can’t deflect any question you are unsure about to us
  • We will follow an agenda and be respectful of your time

We offer a risk-free guarantee

  • We will refund your commitment fee if we can’t help you
  • We will return your commitment fee if we don’t sell your practice

We are specialists

  • We don’t try to be all things to all clients
  • We are not a discount brokerage firm 
  • We won’t accept every client who wants to work with us
  • We do not list at your price and then negotiate a lower price later
  • Because all of our valuations are for medical practices, we are more accurate

We are independently owned and operated

  • Most firms are part of a national franchise with higher staff turnover
  • The focus is on the volume. Therefore their success rate is significantly lower
  • Staffed with new associates who will take any listing

If you want a discount fee from a franchised firm, hire them.  If the above services are vital to you, hire Strategic Medical Brokers.