Franchises have it figured out. That is why they are successful. If you purchase a franchise, you are buying a set of systems that have been proven to work. All you do is work the systems.
Think of purchasing a practice the same way. Too often buyers purchase a practice and then begin changing it. That is fine if the practice was not successful. That would mean that you bought the practice for reasons other than the profit it was generating. However, if you bought the practice expecting to pocket the profits, don’t change anything.
It seems to be human nature to want to put our stamp on our job. Think of a manager who performs very well and gets a promotion. Now there is a job opening. A new person is hired. First thing the new person wants to do is change things. Yet, things were going so well that the last manager was promoted. The smart move would be to spend time understanding what was going well, before changing anything. Then make slight changes to improve the operation.
Same goes for buying a practice. You should really understand what is working well before you make the purchase. If your purchase is based on profits, don’t change anything. If you do that right, you use the profits to make your payments and soon you are the owner of a successful business.
Thinking of buying or selling a practice? Download my background information sheet. You’ll get some valuable insights.