Finding the Right Buyer for Your PT Practice: Tips for Ensuring a Good Cultural Fit
If you’re a private practice owner considering selling your physical therapy (PT) practice, you’re not alone. Many PT practice owners are exploring their options due to the various challenges and responsibilities that come with running a practice, such as handling scheduling, computer issues, and billing. Juggling these responsibilities while also providing excellent clinical care can be overwhelming. Partnering with a larger group can provide support in these areas and give you more time to focus on what’s most important to you, whether that’s seeing patients, enjoying outdoor activities, or spending quality time with loved ones.
The process of selling your PT practice can be intimidating, as it involves understanding business terminology, interpreting complex financial documents, and ensuring that the buyer is a good fit for your practice. But where do you begin? The answer is simple: find the best cultural fit between your PT practice and a potential buyer. Organizational culture, as defined by Harvard Business Review, is the collection of shared goals and beliefs that guide activity and define what is accepted and rejected within a company. A good cultural fit is important for several reasons: it helps everyone view success in a similar way, aligns operational efficiencies and strategic initiatives, and improves team members’ success rates.
To find the best cultural fit for your PT practice, create a list of what’s important to you and consider the following:
- Contact the potential buyer directly and schedule a call with leadership and the CEO. Come prepared with questions about their vision for the field of PT, their values and leadership, and their acquisition process.
- Check out the potential buyer’s professional social media presence, such as LinkedIn, to see if their vision and strategic initiatives align with yours.
- Read employee reviews on job sites such as Glassdoor and Indeed, but be sure to filter out negative reviews from disgruntled employees.
- Look at patient reviews online to see how the clinicians in each location treat their patients and if the practice values align with yours.
- Consider the potential buyer’s financial stability and growth potential.
Ultimately, the process of selling your PT practice involves finding a good fit for both your practice and the potential buyer. In addition to researching the buyer online, be sure to engage in conversation and build a relationship with them. Understand their preferences, priorities, and goals, and make sure to communicate your own clearly. Building a strong relationship will make a partnership more meaningful and rewarding for both parties and make the transition as smooth as possible for your patients and team.
Want to learn more? Feel free to reach out to Sandeep Masih at smasih@accessptw.com or 845-636-4344 x 163.
