How Sally Stuart Built a National Reputation in Medical Business Sales
How Sally Stuart Built a National Reputation in Medical Business Sales
When Sally Stuart began her career helping overseas-trained doctors migrate to Australia, she never imagined that one day she would be brokering the sale of their practices.
Yet after more than a decade in international medical recruitment, she noticed a gap in the market, doctors weren’t just looking for locums, they were seeking succession solutions. That observation sparked a new career, and 11 years later, Sally has built a national reputation as one of Australia’s leading business brokers in the health sector.
From Recruitment to Business Broking
Sally’s professional story begins in Melbourne, after completing her Master of Business in Human Resource Management. She spent 10 years in international doctor recruitment, handling everything from visas and provider numbers to hospital placements.
One memorable day, she brought 14 junior doctors from England and Ireland into Australia in a single intake. “That was a massive amount of work for a great outcome,” she recalled.
From junior doctors, she progressed to specialists and then to GPs, placing both permanent and locum roles.
But a recurring message from practice owners shifted her perspective. “I heard three times in two months that doctors didn’t just want my locums. They wanted locums with a view to taking over their practice so they could retire knowing their patients were in safe hands.”
That realisation led Sally to qualify as a business broker and specialise in medical, dental, allied health, aged care, and NDIS businesses. “It was a transition and a niche that I noticed in my market that wasn’t being met, so I set out to fill that.”
Building a Niche Focus
Today, Sally works exclusively with health-sector clients. She is registered in New South Wales, Victoria, Queensland, Western Australia, and the Northern Territory. “Pretty much the East Coast is where my bread and butter is,” she explained, with 50% of her sales in NSW, 25% in Victoria, and 25% in Queensland.
Her success reflects her laser focus. “I haven’t talked to anyone who doesn’t own a business inside my space,” she said. “If I can just maintain my focus to be an inch wide and a mile deep, then that suits me. It’s my personality, my learning style, my thought processes, and then I can go really deep into an industry and just stay there.”
Recognition and Awards
That discipline has led to recognition. Sally has received multiple awards at LINK, one of Australia’s largest brokerage groups, and has consistently been a national top performer.
But she is modest about her success. “I guess I’ve been very successful, but I’ve just been very focused,” she said. Instead of chasing volume in other industries, she passes on non-health listings to colleagues. “I just stay in my lane.”
Navigating Challenges and Bias
Although broking remains a male-dominated profession, Sally has not found gender bias to be a significant problem. “Perhaps because I’m dealing with professionals, I don’t come across gender bias significantly,” she explained. “There have been a few instances where business owners have spoken to me in a derogatory manner, and I’ve called them out on that, but it hasn’t been a major part of what I encounter.”
Interestingly, in her core market of general practice, women are now the majority of new entrants. “In GP space, which is my bread and butter, there’s actually more ladies going into general practice than men because it’s more family-friendly,” she noted.
Every Sale is a New Lesson
For Sally, every deal brings fresh challenges. “I did 20 sales last year, and I had 20 learnings out of 20 sales,” she said. She documented them in a series of e-articles and later compiled them into an e-book.
One current transaction illustrates the complexity of health business sales. “I’ve got two offers for the same amount - one is from a doctor buyer, one is from a non-doctor buyer. One of them would be so much more suitable than the other, clearly. Non-doctor buyers are very business-focused, but doctors aren’t great business people in the majority of cases.”
She has also observed patterns in profitability. “I see some overseas-trained doctors showing really good profit, which means I can sell it at a high number because they’re doing the right thing and not hiding all their profits. And I see a lot of Australian doctors making zero money and hiding profits to pay no tax. You see all sorts of things in this game, and every transaction is different.”
Case Studies From the Field
Sally listed some current examples: a superclinic sale complicated by recruitment shortages, a Distribution Priority Area-accredited regional practice delayed by legal wrangling, a deal stalled by an unresponsive overseas landlord, and a small suburban clinic where competition between buyers created an unexpected breakthrough.
“Every sale, every transaction has a different story and a different learning,” she reflected. “It’s so hard to be a broker coming into the industry without that knowledge. You’re learning every day on the go - what works, what doesn’t work, how much to follow up.”
The Human Element in a Tech-Driven Future
Technology is reshaping broking, but Sally believes relationships remain paramount. “We can use AI to do information memorandums, SWOT analysis, even a financial appraisal, but I still think selling is about people. It’s about the trust and respect you create during the process.”
For her, the reasons people sell are deeply personal. “Usually, people sell for one of four reasons - they’re retiring, they’ve had a breakdown with their business partner, they’ve had a breakdown with their life partner, or there’s been a sudden or unexpected physical loss or incapacity. So yes, the technology will change, but people will still use people to help.”
Women in Broking
Reflecting on the industry, Sally is heartened by the growth of female participation. “When I started, there were only a handful of women in the AIBB. Now there are so many more women in business broking, and we’re so good at it,” she said. In LINK’s Sydney office, the top three brokers nationally were all women.
Sally believes women bring distinctive strengths. “I think women make great business brokers. We’re better listeners, we can multitask, and from an emotional perspective, we’re a lot more advanced.”
She also values the flexibility the career affords. “It’s like being a lady GP - you can slot your career around your family and other people in your life. It is demanding, but it’s also adaptable.”
Looking Ahead
After more than 20 years working alongside doctors, Sally remains energised by her work. She balances a heavy caseload with community service (she gives plasma every fortnight) and continues to refine her expertise.
While the tools may change, her focus is unwavering.
“Selling a business is very stressful, people are very emotional, and there’s a lot of heated debates and discussions,” she said. “You need to be emotionally intelligent enough to see that it is just business and not take it personally.”
For Sally, the essence of broking comes down to relationships. “People deal with people they like, know, and trust,” she said. “That won’t change.”
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