For a few years, I was on the other side of that call.
"We’d love to talk to you about your practice."
I worked in private equity. I bought physician practices. So I know what happens on the buyer’s side long before the phone ever rings. By the time that call happens, the buyer has usually done their homework.
They know your locations, your specialty, your market, and often a fair amount about your numbers. And there’s a whole team behind the person you’re talking to.
On your side? Usually it’s a physician between patients, who wasn’t thinking about selling ten minutes ago. And the most common reaction is completely human: "Wow. Someone’s interested in us." That’s the moment I’d ask owners to slow down.
Being courted feels great. It’s flattering. And it can switch off the part of your brain that would normally be asking hard questions.
You think it’s an exploratory conversation. They’re further along than you think.
To be clear: take the call. It’s a good conversation to have, and some of these partnerships are the right answer. But the excitement should come with a yellow flag.
Before the second conversation, I’d want to know: Why are they interested in us specifically? What do they know about us that we haven’t looked at ourselves? What do we actually want the next five years to look like? Who is on our side of the table?
The groups that come out of this well usually aren’t the ones who said no. They’re the ones who walked in prepared. If that call came tomorrow, what would you want to know before picking up?
Originally published on LinkedIn.
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