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Don't try to rush this process or get discouraged if it is taking longer than you initially expected. It is much better to take your time and make sure that you establish a positive arrangement on the front end of the transaction than to risk disappointment after the sale is made Be Specific in Your Terms Sellers should give careful consideration to what their expectations are after the sale. Are you retiring? Will you stay with the practice as an employee? Regardless, this will be a major adjustment, and it's important to give careful thought and planning to your next steps. As you work out the details of the sale with your buyer, there will be discussion of post-sale agree- ments, such as an employment contract and non-compete clause. Buyers should think through some of these same concerns. How long do you want the existing doctor or doctors to stay on board after the transition? What assets are you specifically purchasing? To help ensure a smooth transition, make sure any terms you discuss are properly documented in your agreement. Prepare for the Transition Buyers and sellers should spend time thinking through how they want to handle the transition of the practice. If you are a seller, give careful consideration to how and when you want to notify your patients, and what you will do after you leave the practice. Make sure you are prepared to meet all the terms of your agreement with your buyer. Many buyers will want you to stay with the practice for a period of time to help with the transition or to sign a non-compete so you do not take any patients or referral sources. If that's the case, make sure that you have accounted for that in your post-sale plans. Remember, if you are planning to buy or sell a medical practice, the first step is to always engage your advisers early. Consulting with your banker, accountant and attorney before jumping into any negotiations or commitments will ensure that you begin the process on the right foot. The purchase or sale of a medical practice is one of the most significant milestones in a physician's career, so make sure you give this important decision time and careful consideration before you transition. Jeanne Bennett is a Senior Vice President and the Head of Private Banking for Amegy Bank in San Antonio. She leads a team of professionals that works extensively with physicians and hand in hand with bankers from all lines of business, enabling clients to receive one-on-one, personalized solutions and comprehensive service at any time. Bennett and her team specialize in anticipating and meeting the needs of doc- tors, corporate executives, professionals, entrepreneurs, business owners, wealthy individuals and families who expect and deserve excellence and seek personalized relationship banking. For more information, email jeanne.bennett@amegybank.com, or call Bennett at 210-343-4556. ■