Three Midwest audiology practices came together to achieve their individual goals. An audiology practice owner looking to retire, a practice owner seeking expansion opportunities, and a third practice looking to grow all found solutions through collaboration and Audigy’s transition expertise.
Financial component
Audigy provided a business valuation of the seller’s practice as a basis for negotiating the sale as well as a pro forma budget to model the financial performance of the acquired practice three to five years in the future.
This was crucial for evaluating the long-term financial health of the newly acquired business. By projecting revenue, expenses, and cash flow over a 3- to 5-year period, the new owners could assess the acquisition’s potential return on investment, identify necessary adjustments, and make informed decisions about resource allocation.
Cultural Component
A focus on cultural alignment was necessary to ensure a successful merger of the three practices. Alignment across all teams fosters a more cohesive work environment, improves employee morale, and drives long-term success. And when cultures align, your employees are more likely to embrace change, collaborate effectively, and share a common vision, which, ultimately leads to increased productivity, reduced turnover, and a stronger organization.
To support the cultural alignment between these newly merged teams, Audigy convened a cultural summit at which the staff of all three practices met together for the first time. Learning about personality profiles provided a springboard for team building, and together, the team crafted core values and a mission statement.
Operational Component
Audigy outlined the framework for the transaction with the seller, outlined the financial feasibility and structure of a partnership with the buyers, and streamlined the new Audigy member’s platforms and processes according to industry best practices. They also consolidated clinic locations based on maps and a demographic study, further setting up this new partnership for success.
Demonstrating the power of collaboration, Audigy has experience in facilitating numerous, successful practice transitions. By working together, the three audiology practices were able to achieve their individual goals while creating a stronger, more sustainable business for the future.