The work is not over once the contracts are signed. A thoughtful transition is critical for the new owner’s success, which is often tied to your final payout. It also protects the legacy you have built.
A Smooth Handover for Patients and Referrers
Your goal is to minimize patient attrition. A realistic target is to retain about 70% of your patient base through the transition. This is achieved through clear, timed communication. Informing patients and your key referral sources about the change 1-2 months in advance allows for a smooth handover and builds confidence in the new ownership.
Securing Your Team’s Future
Your staff is one of your practice’s most valuable assets. Be transparent with them about the sale at the appropriate time. Working with the buyer to define their future roles and responsibilities is a key part of the transition. A happy, motivated team ensures continuity of care and a stable business for the buyer.
Defining Your Own Next Chapter
You must also decide on your own role. Will you leave immediately? Or will you stay on for a period of time as an employee or consultant to help with the transition? This is a key point to negotiate in the sales contract and should align with your personal and financial goals for the future. Planning this early makes the final step of letting go much easier.
Frequently Asked Questions
What is the importance of a thoughtful transition when selling a Physical Therapy practice in Mississippi?
A thoughtful transition is critical for the new owner’s success and is often tied to the seller’s final payout. It also helps protect the legacy of the practice built over the years.
How can I minimize patient attrition during the sale of my Physical Therapy practice?
Minimize patient attrition by retaining about 70% of your patient base through clear, timed communication. Inform patients and key referral sources 1-2 months in advance about the change to ensure a smooth handover and build confidence in the new ownership.
What should be done to secure the future of my practice’s staff during the sale?
Be transparent with your staff about the sale at the appropriate time. Work with the buyer to define their future roles and responsibilities. Ensuring a motivated and happy team will maintain continuity of care and stabilize the business for the buyer.
How should I decide on my role after selling my Physical Therapy practice?
You need to decide whether to leave immediately or stay on for some period as an employee or consultant to assist with the transition. This decision should be negotiated in the sales contract and align with your personal and financial goals. Early planning makes letting go easier.
When should I inform patients and referral sources about the sale of my practice for the best transition?
Informing patients and key referral sources 1-2 months before the transition is recommended to allow for a smooth handover and to build confidence in the new ownership.