Common Mistakes When Selling a Concierge Practice

Concierge Medicine

The Seven Mistakes That Cost Concierge Physicians Millions — And How to Avoid Every One

Most concierge physicians who sell their practice make at least one of these mistakes. Some make several. The costs range from a discounted valuation to a failed transaction to a deal that closes on terms the physician regrets for years.

None of these mistakes are inevitable. Every one of them is avoidable with preparation, information, and the right guidance before any buyer conversation begins.

I spent two years as Corporate Development Director at MDVIP evaluating and acquiring independent concierge practices nationally. I have now advised physicians through $70M+ in completed healthcare M&A transactions as Founder and Managing Director of Olympic M&A. I have seen these mistakes from both sides of the table. Here is exactly what they are and how to avoid every one.

Tony Siebel — Founder & Managing Director, Olympic M&A

Former MDVIP Corporate Development Director · Top 50 M&A Advisors 2025 · $70M+ in completed healthcare transactions

Mistake 1 — Waiting Until You Are Ready to Sell Before You Start Preparing

This is the most expensive mistake in concierge medicine transactions. And it is the most common

Preparation is not something you do when you decide to sell. It is something you do while you still have time to change what buyers see. The improvements that most significantly affect your valuation — financial documentation, owner dependency, membership data organization — take months to execute correctly. A physician who starts preparing six months before going to market is scrambling. A physician who starts 18 to 24 months out is in control.

The best way to sell a concierge practice is not to rush to market when you feel ready. It is to prepare while you still have time to strengthen your position.

Mistake 2 — Responding to an Unsolicited Offer Without Understanding Your Value

Unsolicited offers from buyers are not acts of generosity. They are opening moves in a negotiation designed by a professional deal team that has already evaluated your market, studied comparable transactions, and made a calculated decision about what to offer.

A physician who receives an unsolicited offer and responds without a clear picture of their practice’s value has no framework to evaluate whether the number is fair, low, or insulting. Buyers know this. It is precisely why they prefer to approach physicians before those physicians have engaged an advisor or run a competitive process.

You can respond to unsolicited interest. But never negotiate alone. And never negotiate without first understanding what your practice is actually worth in today’s market.

Mistake 3 — Accepting the First Offer Without Running a Competitive Process

The first offer is almost never the best offer. It is the offer a buyer makes when they believe they are the only buyer at the table.

A structured competitive process with multiple qualified buyers changes the dynamic entirely. When buyers know they are competing they price more aggressively, offer more favorable terms, and move faster. When there is only one buyer at the table they control the price, the terms, and the timeline.

The physicians who achieve the strongest outcomes in concierge medicine transactions almost always ran a competitive process. Not a bidding war — a structured process with qualified buyers who were selected because they were the right fit for the practice. That process is the difference between a good outcome and a great one.

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Understand exactly what buyers are paying for concierge practices right now — so you know whether any offer you receive is fair, low, or worth countering.

Mistake 4 — Going to Market With Weak Financial Documentation

Buyers do not buy revenue. They buy documented earning power they can verify and rely on through a change in ownership. A practice with strong membership and solid underlying financials that cannot present those financials clearly and credibly will be discounted — not because the business is weak but because the buyer cannot see it clearly.

Weak financial documentation creates uncertainty. Buyers resolve uncertainty by discounting the offer or adding contingencies that protect their downside. Clean financial documentation eliminates that uncertainty and allows the buyer to price the practice on its actual merits.

Three years of organized financial statements. Clear separation of membership revenue. Documented owner compensation. Defensible add-backs with explanations. Current-year monthly reporting. This is not a high bar. It is the minimum standard for a physician who wants to be taken seriously by a sophisticated buyer.

Mistake 5 — Underestimating Owner Dependency

Most concierge physicians underestimate how dependent their practice is on their personal presence — and how significantly that dependency affects what a buyer is willing to pay.

A physician who has built deep personal relationships with every patient in their panel has created something genuinely valuable. They have also created a transition risk that sophisticated buyers price carefully. If patients stay because of you specifically — and a meaningful percentage of them might leave when you step back — buyers model that risk into the offer.

The fix is not dramatic. It is structural. Building enough operational depth and team presence that the practice can demonstrate continuity without you being the single point of failure. This takes time — which is another reason starting preparation early matters more than most physicians realize.

Mistake 6 — Choosing the Wrong Advisor or No Advisor

Not all M&A advisors understand concierge medicine. A generalist healthcare broker who has never evaluated a membership-based primary care practice through a buyer’s eyes will not know how to position your practice, identify the right buyers, or structure a process that maximizes the competitive dynamic.

The right advisor for a concierge medicine transaction is one who understands the model specifically — the membership economics, the patient retention dynamics, the owner dependency issues, and the specific buyer universe that is actively evaluating practices like yours right now. That advisor should have experience on both sides of these transactions. Not just representing sellers — but actually evaluating and acquiring practices as a buyer.

Olympic M&A is the only specialized M&A advisory firm for concierge medicine owners in the lower middle market. The only firm where the lead advisor spent two years as the buyer at the nation’s largest concierge network before switching sides to represent sellers.

Mistake 7 — Letting Emotion Drive the Timeline

The decision to sell a concierge practice is one of the most significant professional and personal decisions a physician makes. It is naturally emotional. And that emotion — when it drives the timeline — almost always produces worse outcomes.

A physician who decides to sell because they are exhausted, frustrated, or reacting to a sudden life change is a physician who starts the process in a reactive posture. They feel urgency. Buyers sense urgency. And urgency eliminates the leverage that a well-prepared physician with a structured process and multiple options commands.

The physicians who achieve the strongest outcomes make the decision to prepare before they feel the urgency to sell. They give themselves the time to strengthen their position, understand their value, and approach the market from a posture of choice rather than necessity.

For the complete guide to preparation — read preparing your concierge practice for sale.

For a complete picture of what buyers evaluate — read our guide to what buyers look for in a concierge practice acquisition.

For the insider perspective on what private equity firms specifically look for — read why private equity buys concierge practices.

For the complete guide to the full selling process — read how to sell a concierge medical practice.

FAQ — Common Mistakes When Selling a Concierge Practice

What is the most expensive mistake concierge physicians make when selling their practice?

Waiting too long to start preparing. The improvements that most significantly affect valuation — financial documentation, owner dependency reduction, membership data organization — take months to execute correctly. A physician who starts preparing six months before going to market is scrambling to address symptoms. A physician who starts 18 to 24 months out has time to actually change the outcome. The cost of waiting is measured not just in time but in the valuation difference between a prepared practice and an unprepared one.

What is the best way to sell a concierge practice?

The best way to sell a concierge practice is to prepare early, understand your value before any buyer conversation begins, and run a structured competitive process with multiple qualified buyers. That process creates the leverage that produces the strongest outcomes. A physician who responds to a single unsolicited offer without a competitive process has already given up the most important advantage available — buyer competition. The best outcomes in concierge medicine transactions consistently come from physicians who gave themselves time to prepare and ran a process rather than reacted to one.

How do I know if an offer I receive for my concierge practice is fair?

You cannot evaluate an offer without a clear picture of what your practice is worth in today’s market. That picture requires understanding your normalized earnings, your membership stability, your owner dependency profile, and what comparable practices are transacting at with similar buyer types. A physician who receives an offer without this context has no framework to evaluate whether the number is fair, low, or worth countering. Getting a formal valuation assessment before any buyer conversation begins is the most direct way to ensure you can evaluate any offer on its merits.

Do I really need a specialized concierge medicine M&A advisor?

Yes. The economics of concierge medicine transactions are different from standard healthcare practice sales. The buyer universe is different. The valuation drivers — membership stability, owner dependency, renewal trends — are different. An advisor who does not understand these specifics will not know how to position your practice to the right buyers, structure a competitive process, or identify the terms that matter most in a concierge transition. The cost of using the wrong advisor — or no advisor — is measured in both the outcome you achieve and the protection you lack during the process.

What should I do if a buyer approaches me before I am ready to sell?

Respond professionally but do not negotiate alone and do not provide financial information before you understand your own value. A buyer who approaches you unsolicited has done their homework. They know the market. They have a number in mind. Your job is to understand your value and your options before you engage seriously. That means getting a valuation assessment and engaging a specialized advisor before any substantive conversation begins. A preliminary conversation to gauge interest is fine. Substantive negotiation without representation is not.

How long does it take to sell a concierge practice correctly?

A well-run process takes 9 to 12 months from market engagement to close. Preparation before going to market takes an additional 12 to 24 months for physicians who want to optimize their outcome. The physicians who achieve the strongest results plan for an 18 to 30 month total timeline from first serious preparation to funded close. Physicians who try to compress this timeline sacrifice leverage at every stage. The best way to sell a concierge practice is never fast — it is deliberate.

About Tony Siebel

Founder & Managing Director, Olympic M&A — Former MDVIP Corporate Development Director

Tony Siebel is the Founder and Managing Director of Olympic M&A — the only specialized M&A advisory firm for concierge medicine owners in the lower middle market. He spent seven years at MDVIP — first as Director of Physician Development recruiting and evaluating more than 60 concierge physicians nationwide, then as Corporate Development Director acquiring independent concierge practices nationally for two years. He knows what buyers look for in a concierge practice acquisition because he spent two years as the buyer. Now he works for the seller.

Tony has advised on $70M+ in completed healthcare M&A transactions and was named a Top 50 M&A Advisor in 2025. He has published 60+ articles on healthcare M&A and hosts a private monthly physician briefing — The Truth About Concierge Medicine Consolidation — for concierge practice owners navigating the current market.

The only M&A advisor with direct experience acquiring concierge practices from inside the nation’s largest concierge network. Former MDVIP Corporate Development Director responsible for acquiring concierge practices nationally. Recruited and evaluated more than 60 concierge physicians nationwide. Advisor on $70M+ in completed healthcare M&A transactions.

olympicma.com | tonys@olympicma.com | 502.360.8320

AVOID EVERY ONE OF THESE MISTAKES BEFORE ANY BUYER CONVERSATION BEGINS

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Concierge medicine is an increasingly attractive sector for private equity (PE) investment due to its unique business model and growing demand for personalized healthcare. Understanding what PE firms look for in concierge medicine practices can help owners prepare for a successful sale. Here are the critical factors PE firms consider when evaluating these practices.

Lack of Adequate Preparation

A major misstep is not preparing sufficiently before putting your practice on the market. Make sure all your financial records, legal documents, and operational data are well-organized and up-to-date. Detailed and accurate records not only make your practice more appealing to buyers but also streamline the negotiation and due diligence processes. Spend time tidying up your financial statements, resolving any outstanding issues, and preparing comprehensive reports on your practice’s financial health.

Overlooking Key Valuation Factors

It is crucial to understand what factors drive the valuation of a concierge medicine practice. Common mistakes include ignoring current market trends, undervaluing intangible assets like your reputation and patient loyalty, and failing to highlight growth potential. Engaging a professional appraiser or M&A advisor with experience in healthcare will provide a thorough valuation and help set a realistic asking price that reflects your practice’s true worth.

Poor Timing

Timing can have a significant impact on the success of your sale. Market conditions, industry trends, and economic factors play a crucial role. Selling during a downturn or when the market is saturated with similar practices can reduce your leverage. Conversely, selling during a period of high demand can create a competitive bidding environment. Stay informed about market trends and seek expert advice to determine the best time to sell your practice.

Ineffective Marketing and Buyer Engagement

Attracting the right buyers requires more than just listing your practice for sale. Develop a comprehensive marketing strategy that highlights your practice’s unique strengths and opportunities. Use multiple channels, including online listings, professional networks, and industry publications, to reach potential buyers. Engage with interested parties early and maintain open communication to build trust and generate interest.

Neglecting Operational Efficiency

Maintaining operational efficiency during the sale process is essential. Potential buyers will closely examine your practice’s operations for any inefficiencies or management issues. Address operational problems before listing your practice for sale. Streamline processes, enhance patient care protocols, and ensure your staff is well-trained and motivated. A well-run practice is much more attractive to potential buyers.

Insufficient Due Diligence

Conducting thorough due diligence on potential buyers is as important as their due diligence on your practice. Failure to do so can lead to post-sale disputes and unmet expectations. Investigate the background, financial stability, and reputation of prospective buyers. Ensure their goals align with yours and that they have a clear vision for the future of your practice. This helps in selecting the right buyer who will uphold your practice’s legacy.

Unrealistic Expectations

Having unrealistic expectations about the sale price and terms can hinder the sale process. Set realistic expectations based on market conditions, your practice’s performance, and professional valuations. Understand that while you may have an emotional attachment to your practice, buyers will evaluate it based on financial and operational metrics. Being flexible and open to negotiations can facilitate a smoother transaction.

Ignoring Legal and Regulatory Compliance

Ensuring legal and regulatory compliance throughout the sale process is critical. Overlooking compliance issues can result in delays, penalties, or even the collapse of the deal. Work with legal professionals experienced in healthcare transactions to review all contracts, licenses, and regulatory requirements. Proactively address any compliance issues to avoid complications during the sale.

By steering clear of these common pitfalls, you can enhance the attractiveness of your concierge medicine practice, attract the right buyers, and achieve a successful sale. Thorough preparation, realistic expectations, and strategic planning are key to navigating the sale process and maximizing the value of your practice.

For personalized guidance on preparing and selling your concierge medicine practice, contact Tony Siebel, Managing Director at Olympic M&A. Reach out at 502.360.8320 or email tonys@olympicma.com. Connect with Tony on LinkedIn: linkedin.com/in/tonysiebel. Let Olympic M&A assist you in navigating this transition with expertise and dedication.