Is It Good For Buyers To Work in the Practice?
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The answer to this question could be a plain one. However, it is best to understand the mechanics.
As soon as the buyer and seller reached a settlement regarding the price of the practice, each of them will be eager for their own reasons to close the deal and start their new life and projects. However, in order to complete the transaction, the parties will have to settle many details and this can turn out to be a stressful process, since it involves changes for both buyer and seller. It can also take months, especially if the buyer is in the process of obtaining the funds for the acquisition.
In the meantime, the seller might welcome the opportunity and the extra help around the clinic, and the buyer – very excited and keen to start working in “his new practice”. Pause. The first thing to remember is that it is not yet his/her practice, but they will regard it as such. They will want to implement changes, start new projects, bring in new ideas, some of which may not be in line with current management.
This would cause a lot of unnecessary friction in the practice and confusion for the staff. They would not know who is in charge, and this could lead to serious problems in the practice.
Furthermore, more often than not, when the buyer starts to work and get involved in the practice before the transaction was finalized there is a risk that he/she will move at a slower pace. Occasionally, they might even lose interest in closing the deal. On the other side of the fence, the owner can start to question the buyer’s management capabilities.
These are only some of the reasons for which allowing the buyer to work in the practice before the deal is final would be a bad idea. In the best-case scenario, the process would become longer and more stressful. In the worst-case scenario, the deal might not go through at all.
So, to answer the starting question: Definitely not, if it can be avoided.
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