We are excited to report the results of our recent survey! We appreciate your feedback as it helps us provide you the most valuable education and services as you work toward practice ownership.
Most of you told us your goal after graduation is to enter private practice as an associate with the plan to start a practice in one to two years. We like hearing this! Two years is the perfect amount of time to spend as an associate as it allows you to build productivity and savings before becoming an owner. During this time, you should also determine the type of practice you’d like to own.
Be careful with any non-compete agreements you sign as an associate. We’ll discuss this and other critical details for associates in our upcoming Transition Talk Episode 17 that will release March 27. We will dedicate this entire episode to understanding the associate agreement!
We also heard that many of you consider paying down debt your highest priority after graduation. This is an excellent goal, but you must also save as much as you can during this time period if you want to own a practice. If you need help determining how much money to dedicate to savings and debt, we can help. Just know that banks will expect you to have student loan debt, but they’ll require you to have some liquidity before giving you a business loan. You can lean more in this helpful video about bank loans. That said, we were encouraged to see that over half of you won’t allow your student loans to get in your way of practice ownership. Clearly, paying off loans is a heavy burden, but becoming an owner will help you tackle that debt.
When asked what concerns you the most about practice ownership, more than 40 percent of you said profitability and cash flow of your future practice. While this is key for tackling the rest of your life goals (debt, flexibility, etc.), keep in mind that the practice you acquire may not have the ideal overhead. Don’t worry, we’ve helped buyers gain a clear understanding on how to create efficiencies and secure a good purchase price to ensure success. Download our free Buyer’s Checklist for more information or
We always say there are five reasons to own but being in control of your profitability is one of the most important. We appreciate the insightful feedback you gave us in this survey and plan to develop future podcasts around your most common comments and concerns. In the meantime, take a look at our Transition Talk archive where you will find real-world information on practice ownership, such as how to find the right opportunity.
If you missed the survey but want to provide your feedback, just click this link HERE to take the survey. We’ve opened it back up until March 31st and look forward to hearing from you!