You could be selling your physical therapy practice for a variety of reasons. Whether it be because you are seeking further resources for your practice, or because you want to move on to a new project, there is a spectrum of circumstances that motivate sellers and buyers in the industry.
If you're looking into selling, there are a few typical steps of the process that you should know before moving forward.
3 steps to expect when you're selling your physical therapy practice
- You'll need to decide if you want to stay with the new owner ” You should be ready to evaluate your goals for the future. Do you want to keep working in conjunction with the new owner? Do you want to have more time to focus on patient care rather than administrative work? Or do you want to wipe your hands of your practice and move on to your next endeavor? These are all things you'll have to consider when selling your practice.
- You might reach out to someone in your network with a confidentiality agreement ” You'll want to start conversations with buyers and external parties. The purpose of this is to get buyers interested in understanding your business and offering feedback. You should make sure to have both parties sign a confidentiality agreement so that you remain protected during this step of the process.
- A buyer signs an LOI after showing interest ” If your buyer decides to move forward with you, you'll need them to sign an indication of interest. This is a formal document that is signed at the onset of a transaction and signals official interest in your business. From there, more paperwork will be exchanged until you move on to a letter of intent (LOI). This LOI is a nonbinding document that indicates the buyer's plan to purchase your physical therapy practice. Eventually, this LOI can lead to a more formal purchase agreement.
Alliance PTP wants to help you anticipate the steps to selling your physical therapy practice
At Alliance Physical Therapy Partners, we believe that partnership means creating something that is greater than the sum of its parts. We're proudly bringing together physical therapy practices across the country to help people get the high-quality PT they need. For a more in-depth look at what selling your physical therapy practice might encompass, listen to our Agile & Me: A Physical Therapy Leadership Podcast Series episode.
Contact our team today for more information about how we can help your practice or to find out how you can join our partnership in care.