Doctor friend of mine is a partner at a firm considering selling to PE. He had several meetings with his partners. We’ve been talking but he calls me as he’s on his way to meet for the last time. Final decision coming. What should he do? Their practice has been approached a few times now and each time it seems they get a little closer to selling. His issue is he’s got partners who are retirement age with no way to monetize their equity. The younger guys typically don’t want to sell. So anyway, he calls me for advice and we talked through it. My advice was: don’t do it. Yes, the PE firm will drive more revenue, sure. And yes, you might not work more hours per week. But there are trade offs for their money. The good: get a check, probably drive revenue higher, probably drive costs down and efficiency up. The bad: less autonomy, less flexibility. You may not be able to do the procedures you like because they aren’t profitable. You will spend less time with patients. Patient outcomes will become less important. Basically, for the check, you will become an employee to efficiency experts. That resonated. Most doctors put in a decade+ for school. To do that, it’s usually about more than money. It’s about helping others, driving change, having some sort of positive impact. As true for my friend as anyone. Being a doctor is his worldly identity. Fortunately, after that meeting he called to tell me he had convinced his partners to decline the offer. But make no mistake, PE will be back for them (and in greater numbers). PE is gobbling up healthcare practices across the country. That will have good and bad outcomes. I just hope the doctors selling don’t lose the motivation to become a doctor in the first place. It’s not always about money.