If you are considering the sale of your practice—even if you are just early on in the thought process—here are some initial steps.
Plan and pivot
Plan at least a year ahead if possible, but also be ready to sell to the first candidate on short notice, and maybe stay employed by them during the transition. That candidate might have been looking for a while, and now your opportunity pops up and they respond.
There is no guarantee there will ever be a second candidate.
Maintain business as usual
Don’t slow down your practice in advance. Growing practices are more attractive than stagnating ones.
Know your value
Overpricing is the number one reason why businesses don’t sell. Get a professional appraisal—both to price the practice correctly and to convince a buyer of its value.
Have your financing at the ready
Get your business pre-qualified for a bank loan at the asking price for a qualified buyer, which reduces low-ball offers. Both the buyer and the practice must qualify for the loan.
If you pre-qualify the practice to support a loan for the asking price, the seller then only needs to get the buyer qualified when they appear.
On the other side of the coin, if the buyer qualifies, and the bank then refuses to loan because the practice doesn’t qualify, that’s a bad thing to learn later. Get qualified in -advance.
Polish up your online presence
Most purchase candidates now come via internet searches. You should also have a website for the practice and be on LinkedIn and Facebook.
Make a good first impression
Clean up the office—and your desk—to make them appear modern and attractive. Fresh paint, carpet, and furnishings are inexpensive and create quality “staging.”