Kathleen Coughlin Sold Two Private Practices – Part 1 of 2 | GP 93

Image of Kathleen Coughlin. On this therapist podcast, Kathleen Coughlin talks about how she Sold Two Private Practices.

Are you thinking of selling your practice? At which point should you start contacting brokers when you want to sell? Can you start a practice knowing that you will sell it in the future?

In this podcast episode, Alison Pidgeon speaks with Kathleen Coughlin who Sold Two Private Practices: Part 1 of 2.

Podcast Sponsor: Brighter Vision

An image of Brighter Vision Web Solutions is featured as the sponsor on The Practice of the Practice Podcast, a therapist podcast. Brighter Vision builds all in one websites for therapists.

It’s Brighter Vision’s biggest sale of the season!

With the holiday season in full swing and the new year right around the corner now is the perfect opportunity to think critically about your future marketing initiatives and consider what improvements can be made to ensure you’re attracting the clients you need to grow your practice.

If you find yourself in need of a professional website that’s properly optimized to rank well in online searches and targeted to speak to your ideal client, Brighter Vision would love to help.

Best of all, as a Grow a Group Practice listener, you can get your first month completely free.

So, if you’re ready to get started or just want to learn more about how Brighter Vision can help you grow your practice, head on over to brightervision.com/joe.

Meet Kathleen Coughlin, LCSW

An image of Kathleen Coughlin is captured. Kathleen is a licensed clinical social worker and private practice strategist. Kathleen is featured on Grow a Group Practice, a therapist Podcast

Kathleen Coughlin is a Licenced Clinical Social Worker and Private Practice Strategist. As a Behavioral Health Consultant and Strategist, she tailors services to meet the specific needs of her client’s team and organization.

Kathleen has owned, operated, and sold 2 behavioral health group counseling practices since 2001. She launched her first practice in Pennsylvania in 2001, later selling it in 2018. The practice on average would provide 600-650 sessions per month.

She then started the initial steps to open a new group counseling and consulting practice in Florida.  In less than 3.5 years, the group practice was started, scaled, and positioned to be acquired.  The practice on average provided 400-450 sessions per month and continues to provide outpatient mental health counseling in the local community.

Visit her website and connect on Facebook, Instagram, and LinkedIn.

In This Podcast

  • Starting the selling process
  • You can work with the buyer
  • Transitional periods

Starting the selling process

Meet with potential brokers to find out whether selling the practice is something that needs to be done publicly or can be done internally.

There are many moving parts to consider when it comes to selling a practice, such as:

  • Keeping an eye on the financials
  • Laying out the marketing value
  • Privately looking at the business evaluation
  • Considering the business growth throughout the years
  • The relationships your company has built within the community

It took time to put all of that data together and looking at that moment for us was … if we’re going to do this, is this something that we can do independently where we have more control in the process, or is it something that we’re going to be more [public] with and [negotiate] the risk of potentially losing some of [these things] along the way. (Kathleen Coughlin)

You can work with the buyer

Depending on the agreement that you make with the new buyer, you could continue working with the new owner after the sale is complete as a consultant.

For a period of time I do stay on as a consultant and will remain as an available consultant throughout the years after as those are some of the agreements we had made in our initial plan of sale. (Kathleen Coughlin)

Work closely with the staff to keep them informed of the change of ownership process so that they feel included and aware of the changes.

You can help them build repour with the new owner as well, and assist the transition period so that it is easier for everyone.

Transitional periods

  • The buyer spent two months looking into purchasing the practice, and had their attorney and financial advisor go over the proposed contract,
  • A period of five to six months came before the transition occurred, wherein the practice, staff, and community were prepared for the transition,
  • An additional six months of on-site work was necessary until the end of that year for the change-over to be fully complete.

It can go faster, or slower, than this. It depends entirely on the buyer and the seller, and how they want to set up the transitional process.

Maintain the valuable aspects of your business, such as your website and the relationships that you have established between the company and the community.

Useful links mentioned in this episode:

Check out these additional resources:

Meet Alison Pidgeon, Group Practice Owner

An image of Alison Pidgeon is displayed. She is a successful group practice owner and offers private practice consultation for private practice owners to assist in how to grow a group practice. She is the host of Grow A Group Practice Podcast and one of the founders of Group Practice Boss.Alison Pidgeon, LPC is the owner of Move Forward Counseling, a group practice in Lancaster, PA and she runs a virtual assistant company, Move Forward Virtual Assistants.

Alison has been working with Practice of the Practice since 2016.  She has helped over 70 therapist entrepreneurs start and grow their businesses, through mastermind groups and individual consulting.

Transformation From A Private Practice To Group Practice

In addition, she is a private practice consultant for Practice of the Practice. Allison’s private practice ‘grew up.’ What started out as a solo private practice in early 2015 quickly grew into a group practice and has been expanding ever since.

Visit Alison’s website, listen to her podcast, or consult with Alison. Email Alison at alison@practiceofthepractice.com

Thanks For Listening!

Feel free to leave a comment below or share this podcast on social media by clicking on one of the social media links below! Alternatively, leave a review on iTunes and subscribe!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.