Prelude to a Transition: What to Consider Before Choosing a Transition Pathway
Few decisions in your life will have as large of an impact as your practice transition, both qualitatively and quantitatively. Given this, whether buying or selling a practice, it’s never a good idea to “put the cart before the horse” and pursue a transition before appropriately planning. Sadly, many transition plans suffer, and sometimes fall apart, due to an inability or unwillingness to understand the other party’s requests, concerns and/or demands. This presentation will discuss, from both a buyer’s and a seller’s point-of-view, issues that need to be addressed and decisions that need to be made prior to transitioning into the next phase of your career. Course objectives include:
- Explore real world examples of conflict between buyer and seller and what you can do to prepare for, and avoid, such issues.
- Discuss associate compensation from both an employee and an employer standpoint
- Identify the appropriate representatives that buyers and sellers should have involved in their transition.
- Discuss financing options, and how these may impact your planning
- What to do and what not to do to get the most value out of your practice sale