3 Questions To Ask Before Selling Your Practice

If you run a private practice, you’ve undoubtedly invested plenty of blood, sweat, and tears (not to mention money) into it. Now that it’s time to retire, you may wonder about the next steps. Selling it is the course most people take. 

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.

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.

Tips for Selling Your Private Practice Quickly

Selling your business is a major decision that requires a lot of careful planning. However, knowing what to do if you need to sell in a hurry can help a lot.

Selling a private practice is usually a major decision that requires giving yourself plenty of time and planning out a clear schedule that allows you to make the best sale possible. 

When you’re over 50 and ready to retire, you may not want to wait around and see your business caught up in red tape. Those looking to make a quick sale and start managing their finances can benefit from these tips for selling your private practice quickly. 

This straightforward and helpful advice can help you seal the deal expediently and effectively.

Be Flexible on Price

One of the first steps to selling your practice quickly is being flexible on price. While every seller has a specific number in mind, you may need to keep things in perspective. 

With proper planning and time, you could likely achieve your goal price, but you may need to be willing to haggle if you’re trying to sell your business quickly.

Work With Professionals

One of the most helpful tips for selling your private practice quickly is to work with a broker. These industry professionals have quick and easy access to more potential sellers than you could find on your own.

Working with professional brokers is one of the best ways to transfer the lease after selling your practice, and they can help you get exactly what you need. Even if you’re not in a rush, working with brokers can make a huge difference in the quality and payout of the transaction.

Plan an Exit Timeline

Planning an exit timeline is crucial for a quick and smooth transition. Start by setting a realistic date for when you want to complete the sale.

Even if you’re in a hurry, you should still set a deadline for yourself so that you know what you can accomplish in your timeframe. This will give you a clear target to work toward and help you stay focused. An exit timeline also allows you to organize your affairs, providing enough time to notify patients and transfer records.

Final Thoughts

Selling your private practice quickly involves a combination of flexibility, professional assistance, and strategic planning. The goal is to make the transition as seamless as possible for both you and the new owner. If you need further guidance, consider consulting professionals who specialize in the sale of healthcare practices.