Business Life Cycle Management
At Tracker Enterprises, we believe there is no such thing as a bad question.
For every question listed below, there are dozens of follow-up questions. For detailed information on these topics and more by clicking on our services tab at the top of each page.
We invite you to contact us with any and all of your questions!
Practice Sales & Transitions
Tracker Enterprises is willing to advise either the Seller or Buyer, depending on which party has the need for suggestions. Our goal is to help you to prepare for an outcome with the best results for all parties.
A valuation is a document used to determine a practice’s worth. Value means different things to different sellers, buyers and evaluators. Therefore, the final valuation is determined by a number of methods that will result in a successful transaction.
You need to start sometime and NOW is the best answer. It doesn’t matter whether you have just started your practice whether you have been in business for one year or thirty years, or whether you are planning to retire in the near future, you need to have a plan now!
Tracker will help you establish your goals, prepare a transition roadmap, aid you in preparing for a Valuation, suggest ways to increase market value, prepare an advisory team (e.g., attorney, etc.), show you how to coordinate the potential sale, market the practice, qualify potential buyers, and how to evaluate all Closing documents.
Tracker will help you answer and and all transition questions and help you to prepare for a practice Valuation, prepare to market the practice and search for a Buyer, how to negotiate with the potential Buyer, how to deal with Buyer representatives, and help you understand all Closing documents.
No practice, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it. Tracker will help understand what you need to do to become a great leader.
Every employer needs an organized, easy-to-use handbook that gives employees a source of everything they need to know about your practice, e.g., its rules, expectations, benefits, compensation, etc.. It will provide legal protection if an employer’s policies are ever challenged in court. Tracker will help you understand what you need to do to prepare an Employee Handbook.
The major causes of practice failure or inability to achieve potential are (1) incompetence, (2) lack of managerial experience, (3) lack of treatment, supplies and product experience, and (4) neglect and poor management.
A Business Plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans showing how the objectives are to be realized. It is the road map for the success of a business and may be required by lending institutions. Tracker will help you understand what should be included in a detailed Business Plan and how to keep it updated.
You need to measure and monitor your Production, Revenue, Accounts Receivables, Patient Information, Scheduling, Provider Stats, Labor Costs, and all expenses, both operational and other liabilities like loans, etc.
General Business Principles
Financial statements are typically prepared by accountants on a monthly basis. You need to understand how to interpret these reports so that you can understand the status of your business. With Tracker’s coaching, you’ll better understand your practice management and accounting reports.
A Budget is the annual review of past financial information with the purpose of estimating future financial conditions and creating a fiscal plan of revenues and expenses that can then be managed to Tracker can help you understand how to prepare a Budget.
Forecasting gives you the ability to estimate, in advance, your practice’s financial situation. You need to build a system with monthly updated forecasts so that you know where your practice is headed.
It doesn’t matter what business or profession you are in, sound business principles will allow you to answer those questions you need to know about how your practice is doing and what it will need to do to be successful.
There are 15 factors the IRS uses to determine whether a worker qualifies as an Independent Contractor or an Employee. Ask Tracker for help on interpreting how you qualify.