Dr Erum Ilyas: Merging your aesthetic clinic successfully
Dr Erum Ilyas built a thriving chain of three clinics in Pennsylvania.
So why did she decide to sell them to a much larger group, Schweiger Dermatology, at the peak of her career?
While staying on as an employee in her own practice?
In today’s podcast episode, Dr Ilyas explains why she felt a merger was the best option both for her personally and for her business.
And she reveals how she chose the right buyer, how she navigated the sale process and the challenges and benefits she experienced once the sale was complete. Plus, what it feels like to be an employee again after years of working for herself!
Also in this episode:
Also in this episode:
>> Why the number of clinic mergers and acquisitions is increasing - and when other aesthetic clinic owners should consider it
>> The mistake made by most groups trying to buy her out, which wrecked their chances
>> The mistake made by most groups trying to buy her out, which wrecked their chances
>> The 3 most important factors she looked for in a buyer. (Not what you might expect)
>> How she helped her staff transition through the merger process
>> The surprising reason she never followed up the references provided by her buyer
>> The benefit of merger which she never expected (but which happened immediately)
>> The challenges of merger she’s still struggling with
>> The shock which forced her to expand her practice, after years working alone
>> Why she decided to focus on building the practice brand rather than her personal brand - and how this decision paid off
>> How she grew her practice by networking with her medical peers - and the specific actions she took which generated referrals
>> How her patients’ questions lead her to establish her own clothing line
>> The original way in which she balances work and home life
Resources mentioned in the show:
Erum Ilyas Dermatology practice https://www.schweigerderm.com/providers/erum-ilyas-md-mbe-faad/
Amber Noon, Erum Ilyas's clothing line https://ambernoon.com/
Erum Ilyas Instagram page https://www.instagram.com/drerumilyas