We plan our business ventures to succeed and that’s a good thing. But at the same time, or at least for more than just a few moments, you should also think about planning for failure. Not of your business, but of the hospital to which it’s linked. The idea is to avoid the spread of infection to your business.
Seasons come and seasons go and they do this in healthcare, too, where they are called trends or perhaps lean six sigma.
No matter whether you’re selling your practice or building it for success, there are steps in common you must take.
Deal structure. Governance. M&A.
Those were among the subjects of this past weekend’s Advanced Institute For Anesthesia Practice Management in Las Vegas, the premier national conference on actionable anesthesia business issues.
Your house is for sale.
A potential buyer comes along. You are happy. You let the buyer know that you’d love to sell to him. You don’t look for other offers.
Your first sale was to yourself, convincing yourself that you had what it takes to get into your profession.
Bigger or larger or more providers or more locations do not, in and of themselves, make a stronger business.
Physician group leaders often mistakenly think that their options for business organization and for expansion are limited to the models traditionally found in medicine. But that’s simply not the case.
Don’t make the mistake of focusing only on the money. The right buyer for your practice is as important as the right price.
I hear that question on a very frequent basis. In fact, you’re probably thinking it right now.