Transitioning Your Practice? What You Need to Know to Protect Yourself

Opening up your own practice is very rewarding, but the owner always knows there comes a time that the practice will change at some point in the future - whether it is bringing on a new partner, selling your practice or merging your practice with another firm. The question is always - "How do I protect myself when my practice transitions and to protect what I have developed?"

To have a successful practice transition, there are many areas that require extra attention to avoid future issues, and possibly fines or penalties. Although each type of transition has its own uniqueness, there are certain matters that stay the same in every practice move. Understanding this importance will save the owner time and money in the long run; it will also allow for a much easier and transparent conversion with the potential third-party.  

This course will provide you with an overview of the key aspects that are common in the transitioning of a practice to a third-party. You'll have a better understanding of what is required, how to best represent your client and to ensure that your client is protected when they start their new role, whether it is taking on a partner, merging with another practice or selling their practice to a third-party. Understanding the dos and don'ts from the very beginning will save your client from potential repercussions in the future.  

Learning Objectives:

1. Identify what is required before speaking with any potential buyer
2. Understand what third-parties you may need to contact to organize your business for a potential buyer
3. Evaluate current employees, ongoing work and account receivables to present a clearer  picture for the potential buyer
4. Create a timeline for the transition to ensure that nothing is overlooked or forgotten