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Who buys

Solo practices trade around collections- or SDE-based prices; group and platform deals price on EBITDA multiples that step up with size, which is the arithmetic behind scaling before selling. Corporate buyers in CPOM states buy the MSO and manage a friendly PC, so a practice already running the MSO/PC structure is easier to buy.

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What moves the price

Provider-independent revenue (does production survive your exit?), clean financials (24+ months of closed books, collections tied to remittances), transferable contracts (payer agreements and a lease with a workable assignment clause), staff that stays, and a low denial rate. Every one of these is fixable, two years out, not two months out.

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The process, briefly

Valuation and cleanup, then buyer outreach (broker or banker for platform deals), LOI, 60-90 days of due diligence (they will re-verify credentialing, coding, and payroll classification, see W-2 vs 1099), definitive agreements, and a transition period with you employed post-close. Deal counsel and a transaction-experienced CPA pay for themselves; the tax structure of the sale (asset vs. equity, allocation) often matters more than the last 5% of price.