While you undoubtedly want to fetch a high price, you should consider other factors. You’re transferring your legacy and reputation.
Getting the best deal is about compatibility, future plans, and meeting your personal goals. Making the right queries before selling makes all the difference in navigating the process. To that end, here are three questions to ask before selling your practice.
While price isn’t the only consideration, it’s a big one. Figure out your practice’s true value in terms of physical assets and your reputation, client relationships, and years of goodwill.
Not all buyers share your beliefs and commitment to your business. Consider the buyer’s background and their intentions after the sale. Do they plan to retain staff? Will they maintain the level of care and service you’ve established?
The deal’s structure matters just as much as the price. Think about payment terms (lump sum versus installments) and transition timelines. How involved must you be during the transition period?
Getting the best deal is about compatibility, future plans, and meeting your personal goals. Making the right queries before selling makes all the difference in navigating the process. To that end, here are three questions to ask before selling your practice.
What Is My Practice Worth?
While price isn’t the only consideration, it’s a big one. Figure out your practice’s true value in terms of physical assets and your reputation, client relationships, and years of goodwill.
Hire a professional to conduct a professional business valuation. They can help you determine a fair asking price. Remember, buyers often make lower initial offers, so think twice before accepting the first offer on your practice. Knowing your practice’s worth empowers you to negotiate with confidence.
Are the Purchaser’s Plans Compatible with My Vision?
Not all buyers share your beliefs and commitment to your business. Consider the buyer’s background and their intentions after the sale. Do they plan to retain staff? Will they maintain the level of care and service you’ve established?
If the buyer’s goals don’t align with yours, it could compromise your legacy and leave a bad taste in the long-time customers’ mouths. Prioritize compatibility when choosing the right buyer.
Have I Considered the Terms of the Sale?
The deal’s structure matters just as much as the price. Think about payment terms (lump sum versus installments) and transition timelines. How involved must you be during the transition period?
Will the buyer uphold certain practices while the transition takes place? Some sellers can just let go and move on without looking back. On the other hand, the contract’s fine print may affect your post-sale peace of mind.
A professional business broker can easily answer these three big questions before selling your practice. Selling a long-time business is a personal and emotional decision. Consider these questions to make informed choices and leave your private practice in capable hands.
A professional business broker can easily answer these three big questions before selling your practice. Selling a long-time business is a personal and emotional decision. Consider these questions to make informed choices and leave your private practice in capable hands.
No comments:
Post a Comment