Key Questions Practice Owners Should Ask to Find the Right Partner

March 30, 2022

Key Questions Practice Owners Should Ask to Find the Right Partner

A Guide for Private Practice Owners

Lindsey Nicholson, Vice President of Operations — As a practice owner, you put extensive time, blood, sweat, and likely tears into building your practice over the years. Deciding to sell your practice is — without a doubt — a difficult decision. It is even more difficult to decide which potential partnering company is the right fit for, not just for the future of your company, the legacy of what you have tirelessly built.

So, how do you go about deciding who to partner with? Ask yourself the following questions as you decide which group is the best fit for the legacy and future of your practice.

Determine your ideal long- and short-term plan for both your company and for yourself as a team member.

    • Do you plan to sell your practice and stay on to grow with it?
      • What resources do you need to flourish?
        • Does the acquiring company offer or have access to these resources?
        • Does the acquiring company have a developed and strategic growth plan?
      • How do you plan to grow?
        • New clinics: Have you identified potential locations and leaders?
        • Same store growth: Are there additional specialties/programs you could add to bring in additional revenue?
        • Complimentary acquisition?
      • Do you plan to retire?
        • If yes, do you have a leader trained and prepared to lead the practice ensuring staff stability?
        • What resources does this emerging leader need? What resources does your team need? Does the acquiring company offer or have access to these resources?

Determine what opportunities you desire for you and your team.

    • Are there offerings that compliment your practice that you currently can’t access or offer to staff?
      • Professional development (I.e., continuing education and certifications)
      • Growth opportunities (I.e., leadership and promotions)
      • Benefits
      • Work/life balance
    • Does the acquiring company offer or have access to these opportunities?

Arrange to talk to colleagues who have partnered with the potential buyer.

    • Ask questions. Anything is fair game:
      • How was their experience with the process?
      • Would that individual partner with the group again?

Determine which potential partner’s values most align with yours.

    • Is there a clear mission, vision and values?
      • Do they live out that mission? How?
      • Does your vision align with theirs?
    • Do they have a growth strategy?

If you’re considering selling your private physical therapy practice, Alliance works with you every step of the way to make it simple and easy. Our practice owners find that the ownership percentage they sell is more than made up for by the additional freedom, promotion, and tools they receive to serve their patients more effectively & efficiently. Click here to contact us to learn more about partnerships in care.