By Diwakar Sinha, CEO, Polaris Healthcare Partners
One of the questions I hear most from practice owners is: “When should I sell my business?”
It’s usually followed by something like: “Will I get more if I wait?” or “Should I push for one last growth sprint?” or “Could I bring in a partner and what would that even look like?”
The truth? There’s no magic date on the calendar. But there is a smart way to think about it.
Here’s what I tell people: Whether you’re in a partnership or running solo, the idea of bringing in a strategic or private equity partner can feel overwhelming. The biggest fear is losing control. But here’s the thing, control isn’t just about owning the majority. Even if you hold 100%, you rely on your team, your culture, and your leadership style to move the business forward. That’s not control. That’s collaboration.
If you’re 6-12 months from a transition and your practice is in great shape, it’s time to start talking about what a deal could look like. Want to step away within 3-6 months after closing? That’s often a doctor-to-doctor sale, typically valued at 60-80% of revenue, which is a meaningful way to pass the torch and maintain continuity of care.
If you’re thinking 3-5 years out, start preparing now. Sell-side processes often take 6-12+ months. After the transaction, you might stay on as a principal partner, renew your contract, or step back from daily operations while keeping equity.
Building a platform business? That’s a 5-10+ year journey. The first year post-transaction is usually about walking before running. You’re building the right executive team, executing your growth plan, and smoothing out operations before scaling aggressively.
No matter your path, the same principles apply: keep your top providers and executives, run at high operational efficiency, and make sure every provider meaningfully contributes to the business and the care you deliver. The earlier you start planning, the more options you’ll have and the better your outcome will be. If you’re thinking about timing, let’s talk. I’m happy to share what we’ve seen work best for owners just like you.
At Polaris Healthcare Partners, our mission is to turn complexity into opportunity and ambition into legacy. Contact us to explore more.
