Podiatry Practice Sales, LLC | Podiatry Brokers
Podiatry Practice Sales, LLC | Podiatry Brokers
-We Analyze Your Practice & Set Your Asking Price
-We Assist With Advertising & Marketing
-We Locate, Screen, & Negotiate With Buyers
-We Provide All Documents & Contracts
-We Coordinate Financing Of Buyer
-We Cash You Out 100% At Closing
Asking Price $1,200,000
Medical Operations Group Podiatry Brokers Testimonials Of Podiatry Practice Sellers & Buyers
Medical Operations Group is the leader in podiatry practice sales with endless testimonials from satisfied podiatrists from across the USA. Podiatry broker testimonials because your success is or success!
The podiatry brokers of Medical Operations Group have a 98% List to Sell Ratio. You can sell your podiatry practice with Podiatry Practice Sales, LLC without unnecessary delays, problems, and stress. We have 17 years of success and utilize a proven podiatry practice sales system.
The Podiatry Brokers Of Medical Operations Group Have A 98% Success Rate Because We Specialize Only In The Sale Of Podiatry Practices!
✔ We do not accept all prospective sellers if we do not feel we can sell the office
✔ Each practice is priced correctly, accurately, and realistically
✔ We are master communicators and experts in the medical market
✔ We have the best sales strategy based on a successful business model for 17 years
✔ Our rates and superior attention to detail make us the best choice for your office
Podiatry Practice Sales Is Not An Easy Endeavor...
-Did you know that up to 70% of all podiatry practices don't sell?
-Why do so many podiatry practices fail to sell?
-What can you do to insure a successful podiatry practice sale?
-Why do we have such as high success rate when selling a podiatry practice?
-What are the pros and cons of using a broker vs. selling on your own?
The answers to the above questions are shockingly simple and straight-forward...
✔ It comes down to organization, strategy, persistence, and experience in brokerage
✔ Utilizing our company gives you a successful option sell your practice
✔ Failure is NOT an option with Medical Operations Group podiatry brokers
✔ Practice Analysis Included
✔ We Promote Your Sale
✔ We Locate & Screen Buyers
✔ We Handle All Negotiations
✔ We Provide All Agreements
✔ We Close Deal & You Get Paid
Article 4/4/22 By Amanda Kerrington, Administrator, Podiatry Practice Sales, LLC
Medical Operations Group is an international, full-service, podiatry practice brokerage, operating in approximately 30 US states, several US territories, and has recently expanded into Colombia and Peru.
While many podiatrists in every area of the US may stake claim to be the best state for the practice of podiatry, according to one trusted source.
The podiatry brokers at Medical Operations Group, performs an annual study that collects data on millions of real life careers, including podiatry doctors, places a select few states in the top 10 best locations to practice podiatry. As you will see, the majority of these states are located in the NE part of the USA, with the exception of one, Louisiana.
According to Amanda Kerrington, the administrator of Medical Operations Group, industry pay, benefits, and opportunities vary greatly by location for all industries, and it's no different for Podiatrists - “Research finds that Maine is the best state in the nation for Podiatrists, and people in Newport earn the most in the field,” states Kerrington.
Our research shows that podiatrists in Newport make the most money. South Kingstown and North Kingstown are other high paying cities for Podiatrists. Research puts Connecticut at very high on the list of best paying states for Podiatrists. Vermont, Maryland, and North Carolina also ranked high on the list.
Here is a list of the top 10 states for podiatry according to the research conducted by the podiatry brokers at Medical Operations Group;
Other states in the top 20 are South Carolina, Delaware, and Pennsylvania to name a few. The question is this - why are most of the best states to practice podiatry concentrated mostly in the NE?
While there certainly are better perceived destinations with regard to climate, beaches, sunshine, or maybe mountains, it’s apparent based on research that the best producing podiatry practices reside in the Northeastern part of the US. Could it be the higher concentration of people living in the NE? Is there a higher concentration of podiatry schools and opportunities?
No one really knows for sure but national statistics demonstrate that if you want to make the most money being a podiatrist, the NE part of the US is your best option.
By Amanda Kerrington
Trying to sell your podiatry practice with no experience in brokerage is penny smart but can be dollar stupid in the end. It takes more than running an ad and taking some emails from "potential buyers."
Podiatry Practice Sales aren't easy. Why do so many podiatrists fail to sell their offices on their own? Ever wonder why many podiatry offices do not sell? And you see their "Podiatry Practice For Sale" on podiatry classified sites for months and months on end yet they don't sell. It's not your fault! You have great intentions but lack the experience needed to cross the finish line.
Have you ever had a patient that tried to self medicate and self treat their foot problems themselves based on online remedies, “youtube treatments” and the like?
Of course, these people walk through your door every day! They know you are a doctor. They know you can help them. But for some reason they are/were reluctant to ask or seek help til they realize they can’t do it on their own any longer. They start off penny smart but end up dollar stupid and frustrated!
What happens usually? They end up in your office seeking a professional because they couldn’t “put it all together” and get their health condition managed and resolved. Why? Because the internet doesn’t “tie it all together” for them like a doctor can and they simply aren't doctors!
It's NOT your fault you cannot sell your practice on your own. What happens most of the time when a podiatrist tries selling his/her own office…they call around to different brokers asking alot of questions about valuing an office and how we advertise, etc. Then they run an ad, fiddle around a few months with various potential buyers, waste alot of time, make some more calls to brokers, and in the end, they end up as our clients because they simply couldn’t get the deal done on their own because the lack the experience that a broker has.
Podiatrists that try selling their own practices usually get stuck in the "Fun Phase." The Fun Phase is the part when it's exciting for the seller and buyer to be talking and making plans. Unfortunately, this "Fun Phase" usually turns into a "Talking Phase" and can last weeks to months and then the deal usually fizzles out. Then it's back to square one with another potential buyer.
There's alot more to selling a podiatry practice than setting an asking price and running an ad, and this is where Medical Operations Group thrives! We get sellers and buyers from one phase to the next quickly.
As for finding a buyer? Buyers are easy to find. But finding the RIGHT buyer that is actually ready, able, and willing to buy your practice WHEN you want to actually sell it is another animal.
So what happens? Why do deals fall apart between doctors during a sale?
There’s not just one answer. There’s many. There’s many reasons for sales to blow up, explode suddenly, or just fizzle out.
Brokers know the reason(s) for broken deals. Its what we do. Just like fixing feet is what you do. You know how to do it because you are trained and have the experience to do it.
If you have been trying to sell your office but cannot sell it, have not sold it, and are at a point where you finally recognize that you cannot do it alone, that’s where we can help!
The reason your office isn’t selling isn’t for lack of buyers coming along (usually) and probably isn't even your asking price (usually). The problem is more straight-forward then that - the problem is usually the seller and the buyer are not experienced enough in business brokerage to get the deal done. Sure, you are doctors and highly intelligent. But being a doctor and a broker are two completely different professions.
-Patients aren’t doctors and cannot fix their own feet
-Doctors are not brokers and usually cannot sell their own practice
-Brokers are not doctors and can't diagnose and fix health problems
Brokers exist because there is a market for this profession.
If you want to sell your office and finally cross the finish line, reach out to us and let us help you. We have many options for you including different plans and fees. Email us today if you want to change the course of your sale. We can help!
Up to 70% Of All Medical Practices Do Not Sell: How to Make Sure Yours Does. Is it a marketing issue? Or is something else? While it's true that marketing a practice sale is important, and can delay or even cause your practice not to sell, there's something that can kill a practice deal right off the bat- unorganized financials, unclear financials, and financials that are quite simply, a mess.
It's an unfortunate reality, but true: only about half of all medical practices that are listed on the market end up selling. In some cases, this is truly because the practice doesn't have value, but in most cases, it's because the sellers do not have their financials in order. We want to provide tips to ensure your practice isn't one of the unfortunate ones that never sells.
But first, let's back up a step. Who is it that typically does buy a practice? Well that depends on the specialty. Since Obamacare began, hospitals have been the top acquirers of private practices. They're also often the easiest purchasers to deal with. Podiatrists, chiropractors, and dentists have an easier time selling and the buyer is usually an individual, solo doctor.
But the downside to selling to a hospital is that the purchase price is typically lower. A hospital will only pay for the fair market value of the practice's assets and won't take into account any intangible value. This has its roots in avoidance of government charges against the hospital paying for referrals.
Beyond hospital purchases, venture capital and private equity groups will often give you a more lucrative sale for your practice, but they are very selective about a practice's specialty, and their purchase terms may be less advantageous to you.
For many practice owners, a dissatisfied physician re-entering private practice or a physician relocating to the area are often the best candidates to purchase your practice. Or, perhaps, the best buyer is someone who is currently your competition! Also, doctors who currently reside in your area but work for someone else are great candidates also.
Why Some Doctors Sell A Medical Practice
You've devoted so much of your life and career to your practice, wouldn't it be great to reap a financial reward that could launch you into your next season of life? And if you simply close down your practice, you will have to pay an ongoing expense of custodianship for all your patient records - maybe even into the tens of thousands of dollars! Then there's your lease and moving all of your furniture, fixtures and equipment.
In that case, it may be better to even pay a colleague to take over your practice rather than incur those expenses.
How Do You Sell Your Medical Practice?
How then can you do everything in your power to get your medical practice sold? We've got you covered with these important tips.
Tip #1: Plan Ahead (If you can)
The first time you even consider exiting your practice, you should start planning for a potential sale. There is a lot that goes into preparing your practice to sell, and the sooner you start getting things in order and bringing on broker, the more prepared you will be to sell.
If a great opportunity to sell arises due to a perfect candidate or advantageous market condition, you want to be ready. Part of planning ahead means ensuring all your numbers and financials are in order. Take time to make sure your taxes and financial statements are cleaned up, and that all your financial ratios are healthy.
Tip #2: Keep Growing / Keep Things Normal
If you can, because we understand many selling doctors are burned out and don't have time to plan, whatever you do, don't slow down. Keep making efforts to grow your practice and build an ever-greater competitive advantage. A growing practice will be much more attractive to a buyer than one that has been stagnant and help you get top dollar for your sale
Tip #3: Know What Your Practice is Worth
Overpricing is the top reason businesses don't sell. We can't overemphasize the importance of correctly analyzing your practice. This lets you price your practice competitively and then be well prepared to defend that price to potential buyers. Learn more about practice valuation here, and see why it's perhaps the most important thing to get right.
Tip #4: Clean Up Your Physical and Online Presence
Although the first thing most homeowners do before selling their house is clean it up, most businesses skip this step. But a tidy and organized physical space will make your business much more attractive to potential sellers. Consider spending a little money to modernize your office with fresh paint, carpet, or furnishings if needed.
It's also a smart idea in this digital age to make sure your practice has a proper online presence. Make sure your practice has a website, and better yet, invest in some search engine optimization to make sure your practice comes up in internet searches.
Tip #5: Prepare Your Financing
In most cases, both the buyer and the medical practice must qualify for the loan. Getting your business pre-qualified for a bank loan at your valuation price will help a sale move more quickly and reduce low offers.
Tip #6: Start Bringing on a Team of Experts
To ensure a smooth sale where you are fully protected and your sale potential is maximized, you'll want to start researching who you want on your team of professional advisors. At a minimum, you'll want an experienced medical practice broker. Certified public accountants and attorneys are great. But remember, many professionals in these roles don't have significant experience working with healthcare business sales, marketing, financing, etc. It's important to interview your potential team and vet them well.
We are trusted partners to medical practice owners who want to ensure their practice has the best chance of selling. Nationwide, only 20% of practices put on the market end up selling. However, since we properly vett all potential practices for sale, we list probably only 30% of the clients that come to us which is why we have such a high success rate.
We have a track record of selling 98% of the practices we work with. You have put years or even decades of work into building your practice. Let us help you make sure those years of work pay off and help launch you into the phase of your life.
We'd love to have a discovery chat with you to learn more about your practice and how our services could help you see the outcomes you desire for the sale of your practice.
Get in touch by email today! We're always online!
✔ Not All Practices Sell
✔ Unorganized Financials Kill Deals
✔ Overpricing Scares Buyers Away
✔ Poor Planning Is Costly
✔ Slowing Down Decreases Value
✔ An Outdated Office Is Not Attractive
Medical Operations Group: Selling A Medical Practice
By Amanda Kerrington
One of the main challenges that doctors face who are trying to sell their practice is that buyers can be difficult... VERY difficult. Oftentimes sellers receive inquiries from potential buyers that aren't qualified to buy their practice, or, aren't even licensed in your state to practice. Many times these "potential buyers" are really just your competitors trying to get information.
Just this past month, we had a client come to us after giving away proprietary information to someone he thought was genuinely interested in buying his practice and it turned out to be another doctor just a few blocks away. That doctor tried to get his staff to leave the seller, join him, and "Oh, when you join me, bring a list of your patient base too!" The whole situation was a mess but we straightened it all out.
The benefit of using a business broker that specializes in medical practice sales is that we carefully screen prospective buyers, and they sign a non-disclosure agreement before receiving any information about your practice.
We verify their credentials and check the licensing board as well.
We also require proof of funds to demonstrate financial capability before we will release any of our client's financial statements. As business consultants, we understand that finding the right buyer for your medical practice requires a delicate balance of matchmaking and viability.
Our company is one of the few brokers that cooperates with other firm, attorneys, accountants, and banks, allowing your listing maximum exposure while keeping strict confidentiality.
Considering that most physician owners don't have experience selling a business, making the process of selling your medical practice feel daunting, or even impossible at times. That is why it's vital to hire an expert when selling to a limited market.
Our goal is to ensure a smooth transition and eliminate the complexities of a transaction, letting you focus on running your practice.
Whether you are just thinking about the sale of your practice or you are ready to pull the trigger today, we would love to open some dialogue and help point you in the right direction. After all, selling your practice is like learning a new profession and the payout can be big! Or, the payout can be very small if you don't know how to sell a business.
We have a proven system that works with a high success rate. We have a high success rate because we don't actually accept all sellers as clients. Is your office sellable? Contact us and let's see.
Sell it yourself? Hire a Broker? Let us help you decide!
Medical Operations Group: Why Some Podiatry Practices Fail To Sell
By Amanda Kerrington
We want to address the top 5 reasons based upon our experience, why many podiatry practices fail to sell. Some of these reasons and our explanations may not be want you want to see. However, these are the realities doctors face when they want to sell their practices. Not all practices sell, and here are a few reason why.
Reason #1: Paying alot of personal expenses through the practice account.
Write-offs are great! Using one account for both work and home is convenient! However, the more personal items you run through your business account, the "more leveraged you appear." The more leveraged you appear, the less value your practice will have. This can be fixed. It just takes some time and effort but it's worth it if you plan to receive an equitable payout for your sale. Also,, your deposits into your bank account for the practice should match your billing software and reconciliation documents.
Reason #2: Other income from another source flowing through the practice account.
It's really common that self employed individuals deposit money, whether from another business business or other source, into their practice account because they use this account for virtually everything. When it comes time to sell and your financials don't match up, this can cause a delay or kill your deal.
Reason #3: Overpriced based on emotional value.
Doctors put their heart and soul into their practice. We get that. "Potential" does not have value and unfortunately neither does your attachment to your practice. Doctors often get angry when they realize that "rules of thumb" for valuing their practice doesn't match their post-practice plans. Hint: No, you cannot sell your practice for 3X the gross income! Further, an asking price for "12 months gross collections" won't work in 2022 - this rule of thumb hasn't work for about 10 years now.
Reason #4: Not "getting it in writing" because contracts weren't used.
This one is self explanatory. If you don't get terms in writing, then they don't exist!
Reason #5: Trying to get an unfair deal
Many sellers make the mistake of trying to get better terms than the buyer. Successful deals occur when both parties get a fair shake. For example, just this past month we had a deal fall through because the seller didn't want to sign a "no-compete clause." Buyers want protection from a selling doctor who sell its practice and then opens up a wee later a half mile down the road and solicits the patients and staff to join him/her. Sellers need to understand that for a deal to work, transparency is a must and so is being fair with the terms.
There's a whole lot more that goes wrong in a practice sale that we haven't mentioned. If you are selling your practice, or, have tried to sell it but keep hitting dead-ends, drop us a line to see if we can help!
Selling a podiatry practice yourself is more than just placing a classifieds ad!
Medical Operations Group: Podiatry Practice Brokers & Online Sell-It-Yourself Options
By Amanda Kerrington
Our company is a medical practice brokerage serving doctors since 2005. We are not just a group of business brokers that represent sellers and buyers of medical practices. We also provide FSBO coaching and sell-it-yourself options. We recognize that not all practice sellers want to use a broker.
So we have customized products for doctors so that they can sell their practices without the use of a broker. Of course, if you wish to retain a broker, we would love to represent you in that capacity too!
98% Success Rate:
What's unique about our practice brokerage is that we are very selective when deciding if we will allow a doctor to list with us and this allows buyers of a medical practice to rest assured that our listings meet the best standards. We have a high success rate because we only accept 4-5 practices per month and we have the capacity to service each listing aggressively and give 100% attention to each prospective buyer.
We start together. We finish together. We are always by your side from start to finish no matter if we represent you as a broker or you choose a sell-it-yourself product.
Using A Broker - How It Works:
-We analyze and set your asking price
-We assist with advertising & marketing
-We screen buyers & handle negotiations
-We provide all documents & contracts
-We coordinate financing of buyer
-You cash out at closing & walk away
Whatsmore, is that it's a very simple process to begin!
Thanks to modern technology and the pandemic forcing many businesses to change and adapt, how we do business and from where has evolved. That said, it's no longer necessary to travel to clients to perform on-site surveys. Rather, we use cell phones, computers, email, and scanning to gather information and execute our services.
So what does this mean for selling doctors?
It means that we can obtain all of the information we need very quickly and put most practices for sale on the market within 24 hours!
Our company has a very unique product to help doctors sell their practices without a broker too!Check this out... We offer a 50 Page Interactive Step-By-Step Guide so that doctors can sell on their own (FSBO) for just $149!
What's included and what you will learn:
Valuation: Value your practice in minutes
Strategy: Preparation, organizing, advertising
Negotiation: Negotiate and handle buyers
Seal The Deal: Includes contract templates
Cash Out: Get top dollar at closing
It's simple to use. We also have email support 7 days a week for this product!
If you are a doctor and are considering selling your podiatry practice, we have several cost effective options for you.
Thanks to technology such as the phone, email, scanning, and the internet, and because of how the pandemic has changed how the world communicates and works, we do not need to visit your office to represent your practice sale, or to assist you with our coaching plan sales protocols.
No more travel expenses such as time spent, flights, gas, or hotels means we can pass those savings on to our clients. And our clients love saving money and time! It used to take us 1-3 weeks on average to set-up a doctors sale. Now, we can have you on the market in as little as 24 hours or even the same day you contact us.
We make getting started easy! Simply drop us line - let's chat.
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✔ Take Photos Of All Your Assets
✔ Put Together Some Numbers
✔ Gather Your Practice Stats
✔ Complete Our Analysis
✔ Email Us This Information
✔ Be On The Market Within 24 Hours
✔ No Traveling Costs / Lower Fees