Practicing Independence
Chapter 6
Legacy & Exit
Build a practice that outlasts you
2 hours with your owners and advisors
Every physician owner exits eventually. The only question is whether the exit happens on a plan you wrote or on a timeline someone else sets for you.
This chapter separates the two paths — transition inside the practice or sell to an outside buyer — and defines what has to be true for either to work. A practice that runs without its founder is worth more and is far harder to pressure.
What makes a practice transferable
- Revenue is not concentrated in one provider
- Management does not require the owner day to day
- Financials are clean, current, and auditable
- Contracts, leases, and compliance are documented
- There is a named successor with a real development plan
On private equity
A payday is not a plan. Decide in advance what price, structure, and autonomy terms you would accept, so an inbound offer is measured against your criteria instead of your fatigue.