Feb 24 2024 42 mins 3
🧵Are you a group practice owner feeling overwhelmed and considering an exit plan? Dive into our latest episode where Gabrielle Juliano-Villani talks about the emotional roller coaster of selling her practice.
This episode isn't just about the when and the how of selling a group practice—it's also a tale of personal evolution, burnout prevention, and understanding that your business is an asset.
Key Themes:
1. Considering Selling Due to Burnout: Many private practice owners may be feeling overwhelmed by the responsibilities and stress associated with running their practice, which can lead to burnout. This episode directly addresses the emotional journey and practical considerations of selling a group practice, as Gabrielle Juliano-Villani shares her personal experience of deciding to sell due to burnout, providing guidance and reassurance to listeners who may be contemplating a similar decision.
2. Fear of Financial and Legal Complexities: The prospect of selling a practice introduces a range of financial and legal challenges, and many practitioners may feel ill-equipped to navigate these waters. This episode alleviates these concerns by discussing the importance of having financial documentation in order, considering capital gains taxes, and understanding the value of proper bookkeeping. Patrick and Gabrielle underscore the significance of being strategic and well-informed before proceeding with a sale.
3. Uncertainty About Future Career Path and Income Streams: Therapists often find themselves locked into the mindset of traditional one-on-one therapy sessions as their sole source of revenue and may struggle to envision alternative career paths or income streams. The discussion between Patrick and Gabrielle illuminates the vast potential of leveraging therapists' transferable skills in different ways. Try to explore diverse revenue streams, which can help prevent staying in unfulfilling situations and prepare for eventual transitions out of private practice.
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A Thanks to Our Sponsors: Alma & The Receptionist for iPad
✨ Alma:
I would also like to thank Alma for sponsoring this episode.
Alma makes it easy and financially rewarding to accept insurance. When you join their insurance program, you can get credentialed within 45 days and access enhanced reimbursement rates with major payers. They also handle all of your paperwork from eligibility checks to claim submissions, and they guarantee payment within two weeks of each appointment. You can also attract clients who are the right fit for your practice with a free profile in Alma's searchable directory. Additionally, Alma offers time-saving tools and administrative support, so you can spend less time on paperwork and more time delivering great care to your clients.
Get your first month free with Alma by visiting helloalma.com/ATPP.
I would also like to thank The Receptionist for iPad for sponsoring this episode.
The Receptionist offers an iPad list check-in option where clients can scan a QR code to check in, which negates the need for you to buy an iPad and stand. Go to thereceptionist.com/privatepractice and sign up for a free 14-day trial. When you do, you'll get your first month free. And don't forget to ask about our iPad list check-in option.
