As someone interested in selling your medical practice or health care business, you may be weighing your options and trying to determine the best way to move forward. Maybe you are nearing the age of retirement and want to leave your business in someone else’s capable hands, or perhaps you are simply looking to change your lifestyle and want more time with your friends and family.
Regardless of your reasoning for wanting to sell your medical practice, there are certain steps you can take to help prepare your business for the sale and make it more desirable for potential buyers. So, when preparing your medical practice or health care business for a sale, be sure to:
Set a realistic price
Because many doctors and health care professionals have emotional investments in their practices, they are often prone to setting too high a price when trying to sell. Having an unbiased professional help set your asking price will likely benefit you in the long run by helping you find an interested buyer in a timelier manner.
Assess and improve your financial records
Prior to selling your medical practice, you also need to take a good, hard look at the financial records associated with it. In addition to making sure your staff stayed current as far as record-keeping, you will likely want to assess your overall profit margins and remove any personal expenses you currently have linked to your business.
Determine your role moving forward
When you decide to sell your health care business, determine whether you want to maintain an active role in it after the sale. Maybe you want to cease all involvement with the practice, but if not, you need to work through matters that may include hours, responsibilities and so on.
When you sell your medical practice, chances are, you want to take the necessary steps to ensure a smooth transition and make sure it lands in the right hands. Taking these actions can help you better prepare your business for a sale and boost the chances of a favorable outcome.