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Many doctors that contact us have been trying to sell their practice for a while on their own, but nothing seems to ever materialize.
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Top Mistakes to Avoid When Selling Your Podiatry Practice
Thinking of selling your podiatry practice? Previously, we’ve written about the process of selling and how you can maximize the amount you receive in the transaction. In this article, we’ll focus on some easy mistakes to avoid when selling your practice.
Exiting your practice can be a tricky endeavor; especially if you’re looking to get the best price within a reasonable time frame.
Above all else, information will be your ally during the process. Many of the frustrations and challenges sellers face in today’s market can be summarized by a lack of quality information about potential pitfalls and how to overcome them.
There are also several common mistakes doctors face during the selling process. To help you avoid these banana peels, here are the top mistakes to avoid when selling your practice:
Lean on Professional Help
While you may be an expert in every aspect of running your practice, you’re not an expert in how to sell it. Enlist the services of a broker or other advisor during the process to ensure you’ve covered all the bases. Take the broker, for example. Sure, they’ll cost money up front but they’re usually capable of adding 20-25% per cent to the sale price. An experienced broker can also help you navigate the legalities of the sale, including several you likely haven’t even accounted for. An accountant will always be needed to help you get your books in order during the selling process – Your financials are one of the first things a potential buyer will ask for during their due diligence.
Pre-Qualify Potential Buyers
We are not talking about making sure the buyer is really a doctor or has a good credit score here. We are talking about vetting your prospective buyer. Buyers will naturally want to perform due diligence on your business. This process isn’t a one-way street. You should perform your own pre-qualification checks on potential buyers to ensure they’re both a good fit and financially capable of buying the business. Request pre-qualification documents such as financial records and confidentiality agreements before you release any critical information about your operation. This will prevent wasted time on both sides and ensure all potential buyers are adequately vetted.
Avoid Misrepresenting Your Practice
There’s nothing wrong with wanting to present a glowing picture of your practice during the selling process. However, it’s important not to misrepresent any facts to potential buyers. Avoid the temptation to fudge numbers, be overconfident in projections or tell any lies relating to your operations. While some sellers have undoubtedly got away with it over the years, due diligence will uncover some of these lies. Any that slip through the net could become basis for legal action after the sale. When in doubt, have your broker professionally and diplomatically explain any gray areas of your practice to your buyer.
Don’t Breach Confidentiality
Be extremely careful with publicizing that your practice is for sale. During this period, it needs to be business as usual for your operation. Confidentiality during the process is key. A business broker will be skilled in marketing your business to potential buyers while also ensuring the transaction is appraised quietly. If patients and staff know your practice is on the market it can adversely affect sales and morale at a pivotal time. There is a time and place for disclosing your sale, and a good broker will identity the best time for such disclosure.
Ensure a Transition Plan is in Place
Many practices are left floored when an important staff member departs. Far too much organizational knowledge can be held within the brains of key staff, and nowhere is this more apparent than the business owner. One of your first moves when you decide to sell is to ensure all processes are noted down and explained so that anyone can pick up the threads and ensure smooth operational consistency. An experienced broker will guide you through this process.
Find Out More
Email us to set up a one-on-one consultations with a business broker. We can do this via simple emails or a phone call. Let’s discuss the issues surrounding the sale of your practice to ensure you receive the best possible return on your investment.
Email us at support@podiatrybroker.com
Call us at (888) 694-9440
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Contact us today for a free, no-obligation consultation. Our business brokers are ready to help you get the most out of your investment.
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