Here’s what it takes to be your own boss in hearing care
An estimated 42% of private-practice audiologists in 2023 were owners in the business, per an American Speech-Language-Hearing Association survey released in 2024. Though the survey of 5,000 ASHA-certified providers represents a fraction of hearing care professionals across North America, it demonstrates the enduring entrepreneurial spirit in health care.
Practice ownership comes with risks, however, making it crucial to know what you’re getting into and what it takes to succeed. At Audigy, our business experts work with professionals at every stage of ownership — from launch to retirement and succession. We have lots of proven advice to share, so read on for key factors to consider in your potential journey to practice ownership.
Heightened Responsibilities
Are you ready to be responsible for the continued operation of a business? Ready to work 24-7-365 instead of 9 to 5? The entrepreneurial route requires the drive to bring your vision to life; build something enduring; adapt to change; and develop people and processes to accomplish important personal, professional, and financial goals.
So count on wearing multiple hats — chief executive officer, for example, the leader and top decision-maker responsible for people, processes, and performance. But also:
- Salesperson, representing the brand, engaging the community, creating flow, and attracting great employees
- Finance director, overseeing cash inflow and outflow, managing current and future needs, paying employees and debts first, and compensating yourself last
- Marketer, setting brand direction; understanding your market, investing in effective strategies, determining key measures of success, evaluating results, planning, executing, and adjusting
- Human resources manager, handling employee engagement, managing staff performance, understanding regulations, and ensuring compliance
- Practitioner, generating revenue, developing patient relationships, improving processes and performance, and “keeping the lights on”
Ultimately, entrepreneurial success comes down to being motivated to achieve results, having the desire to develop people and processes, being able to lead and adapt to change, and possessing the self-awareness not only to identify weaknesses but to supplement them with personal development or reliance on those who can help.
Want to pass the torch? Learn how Audigy helped an owner sell and retire on their terms >
Benefits and Risks
Potential Rewards
- Freedom, including being your own boss, setting the direction of the organization, deciding how to serve patients, and partnering with other businesses and organizations
- Flexibility, especially through Audigy’s Ownership Maturity Model, which facilitates effective succession planning and allows you to focus on the business while your team works in the business
- Influence, with the potential to impact the quality of care in your community by providing a higher level of care that differentiates your practice from the competition
- Additional income beyond a typical salary, because owners have access to the funds from the practice’s profitability
Possible Liabilities
- Reputational damage to the owner or business, should a scandal of any sort affect an individual within the practice
- Lawsuits, which — depending on the business’s corporate structure — could affect the owner’s or the practice’s assets but whose risk and responsibility ultimately falls to the owner
- Security breaches of data such as social security numbers, dates of birth, and other personally identifiable patient information collected in a typical audiology practice
- Unavoidable hazards such as hurricanes, tornadoes, tsunamis, earthquakes, and other events beyond human control that are potentially damaging
- Illness, disability, or death, which can seriously affect a practice that’s deeply dependent on the revenue generation of the owner
Ownership Methods
Acquiring ownership in an existing audiology practice can be achieved through various methods, each of which offer unique opportunities and benefits. Equity earn-ins or buy-ins help new owners avoid costly start-up expenses while ensuring the current owner’s legacy lives on and their patients continue to experience premier, uninterrupted service.
Equity Earn-In
- Involves the gifting of equity to an individual typically based on the achievement of defined performance metrics
- Usually time-based — a three-, four-, or five-year plan, for example
- Can be vested or unvested during the earn-in period
- Vested — legal ownership of equity share
- Unvested — not legally owned by the equity earner until a determined vesting event
- Vesting event — typically at end of earn-in period or when the defined performance metrics are fully achieved
Equity Buy-In
- Equity or legal ownership in the business is sold to an individual inside or outside the practice
- Any and all buy-ins are immediately vested
Without a doubt, business ownership involves many complex factors. The rewards, however, can be life-changing. Whether you’ve envisioned owning an audiology practice or already live the dream and want to develop a potential new owner for the successful business you’ve built, Audigy can help.
Our Science of Leadership seminar, Art of Management workshop, new-owner training program, and comprehensive mentorship through our exclusive Strategic Business Unit are just part of the educational opportunities we offer. For the team you need to help make your goals a reality, don’t wait. Reach out today.