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Retirement from private practice

Discussion in 'Practice Management' started by sussex hen, Apr 8, 2013.

  1. sussex hen

    sussex hen Member


    Members do not see these Ads. Sign Up.
    I would like to retire but have a private practice which has a reasonable income. What value can be put on the goodwill and instruments and furniture, all of which are relatively new and in good condition? Where is the best place to advertise? Anyone have any experience or tips to pass on?
     
  2. Kara47

    Kara47 Active Member

    Hello,
    I purchased a practice a couple of years ago, found goodwill was the hardest thing to value. One source of information I found useful was to work out the value of seeing a regular patient load over 1 rotation ( if you see 20 px/ day approx every 8 weeks for example, x number of days). This way if the px don't like the new owner, they have at least visited once & made their goodwill payment back.
    A personal industry like ours is affected by how well personalities mesh, as well as the quality & type of treatment. I was told to expect to lose up to 30% of existing customers after handover, but the amount was probably less than 10%. I actually gained quite a few px in the first 6 months that were looking for a change/ didn't like the previous owner.
    Equipment : look at the current replacement value, + tax, delivery costs, etc & take off a certain percentage for age. If it is a few years old, maybe 50% of new value?
    Basically it comes down to how badly somebody else wants the business, how much competition is in the area & if there is room to expand ( is it full time or part time?)
    Good luck. :)
     
  3. Ideology

    Ideology Active Member

    Hi you need to establish how much profit you make after you have taken out a market salary. The goodwill is the value of that profit left after salary expressed as a sum of capital the new owner pays for the practice. The value gets adjusted for equipment, stock and other items purchased.
     
  4. Returner....?

    Returner....? Member

    Hi there,
    Where in Sussex are you based?
    Might be interested......
    Thanks
     
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