There’s no use sticking your head in the sand.
Capital investors ARE coming, and they are going to pressure you into selling your Practice for much less than it is worth… They are going to use your FEAR of the future against you.
They want to buy your Golden Goose for practically nothing and sell it again for double or triple that price. Chances are, you’ve already been made an offer.
If you only take one thing from this article, take this: DON’T fall victim to this. There is no question about whether or not it is coming, only WHEN… And trust me, you don’t want to be in a financially vulnerable position when they do come knocking.
So what’s the best strategy for getting yourself in a secure position? Go ALL IN. Really focus on making your Practice the BEST it can possibly be… Be intentional about making 2015 the best production year your Practice has EVER had.
I know that might sound pretty lofty, but if you work hard and trust the process, I promise you it’s completely achievable. Let’s start with what I mean by “going all in.” I mean things like:
1) setting measurable goals
2) creating an incentive plan for your team members
3) assessing your capacity for growth
4) investing in training for your team and
5) making a plan for when you’re going to expand.
The time and energy you spend on any specific step will be dependent on your VISION…. So, what’s your vision?
Some of you might think you have a pretty solid vision already in place. If you want to know without a doubt that your vision is at work, just test it out! Interview your staff and your patients to see what THEY think your Practice’s vision is, because their answers will reflect exactly what’s been presented to them… And if there is a lack of clarity, then it’s your fault.
Trust me, they’ll have some idea of what the vision is— it just might not be what you WANT it to be. You wouldn’t believe how much influence your daily behavior and attitude have on your staff members and patients. YOU completely determine how they feel about the Practice.
So ask yourself: does your Practice currently have an INTENTIONAL vision that is leading your team to success?
If so, when was the last time that you refreshed that vision? In the many years I’ve worked with Practices, I’ve seen a lot of doctors accomplish their vision, reach an all-time high of engagement and success, and then experience a surprising let-down. Once they’ve reached the target, they completely lose direction. They become unsure of their next move.
That’s why you need to refresh and amplify your vision constantly.
If you have one— great! Make it the biggest, boldest version of itself and clearly articulate it to your entire team. Make sure your leadership knows they are responsible for delegating to others to assure that goals are met and your vision is achieved.
If you DON’T have a clearly defined vision, start thinking about what you want it to be. 2015 has just started… What direction should you take to maximize your Golden Goose? Use this year as a catalyst for progress. Make whatever changes you need to make— new carpet, new paint, new facility, new team member— to position yourself for success ten, twenty, even thirty years from now.
You need to understand that seeing your vision to completion is not going to be easy. It isn’t going to be comfortable. There are going to be days when you want to punch a wall. But putting measurable goals in place and clarifying your vision for yourself and others is going to allow you to reach a whole new level of success… And keep away the vultures that are hungrily circling your Practice!
I’m not saying you’ll never want to sell— I’m sure some of you are already considering that option. All I’m saying is that you want to sell to the RIGHT people for the RIGHT price… when you’ve gotten as much as you possibly can from the Practice and negotiations are on your terms. I can tell you one thing— you don’t want to sell to these consultants and large group MEGA-Practices that are going to nickel and dime you.
This topic is one that I feel extremely passionate about. If you would like my help getting your Practice to a more financially stable position, call 866-917-2808 today, and tell my team that you were referred by my blog.
Until next time,