When asked to rate ourselves in a variety of attributes, compared to our peers, we are always generous with self praise. We usually rate ourselves, our accomplishments, personal characteristics, good looks, and possessions as a cut above. So, I guess it’s no surprise that we usually feel our practice is worth more than a potential buyer does, or even that which a seasoned professional valuator, estimates.

So why would I need/want a practice appraisal if I am not selling?

OK,  there are all the obvious reasons:  e.g. buying or selling, divorce, gaining or losing a partner, collateral to support a loan, or estate planning. And you would want to engage a professional valuator for these times.

However, there is a much bigger reason: your Net-Worth. Let me explain. We know that setting goals works. Out of the six areas of goal-setting, financial goals are right up there for most people.

So, logic dictates that we become very, very, keen on Net-Worth goals; it’s the bottom line of all your financial goals. I suggest you do it twice a year. Of course setting goals for other things has its benefits, e.g., the number of new patients and number of patient visits is important to consider. However, all business stats are secondary to your Net Worth.

Your practice’s value probably represents a big chunk of your total Net Worth.

And focusing on your net worth has a positive ripple-effect, nudging you to improve your performance, right across the board. Keep in mind, we tend to get what we focus on. Focus on Net Worth for business goals sake.

Start by downloading our free ebook to learn about the Value of a Practice. Take the time to assess your own practice value and use it, along with the tips we offer in our blogs and video channel, to implement strategies and tactics to increase your net worth by building VALUE into your business.