When your medical clinic has been listed on the market a lot of things are running through your head from negotiating to having inspections and keeping the clinic running smoothly. It is so important that when your brain is racing and thinking of all these things to stay positive. Here are some major points to keep in mind once your practice is listed and to help ease your mind while going through a practice sale.
Assume your GP or Medical clinic will sell:
Assuming your clinic is already sold will be a massive help when it comes to staying positive. Some of the biggest worries practice owners have when their practice has been listed is what’s going to happen if it doesn’t sell, what if it does sell, what if, what if. If you assume your practice is already sold it will make the whole process a lot easier and calming for you. Assume that the buyer has already bought your clinic and you’re just waiting for that sweet, sweet settlement date.
Continue work like nothing is different:
When your practice is on the market you are going to have people coming for inspections, wanting to know everything about your practice from equipment to rent, but it is important that don’t let all these changes effect you running your practice and especially don’t let them effect your staff working at your practice. Not telling your staff is a good way to go when it comes to selling your clinic, but you don’t have to keep secrets if you have a good relationship with your staff, feel free to tell them, but it is key to make sure the practice is running the same as it was before you decided to sell. You don’t want your patients sensing a difference in how the practice is being run and then by the time it comes to the sale you don’t have any patients left!
Patience is Key:
“Patience is a virtue”- A quote everyone has heard, but let’s be honest, we have all only got a limited amount of patience and there have been countless times in life when we have run out. When it comes to selling your medical practice be it a GP, Podiatrist or Physio patience is a huge part of the process of the sale. From start to finish an average medical practice sale takes around 3-6 months. Now this isn’t the case for every sale, every practice is different, and every sale takes a different length of time from listing to settlement date. When it comes to selling your practice, patience is one of the most important keys to being successful and staying positive waiting for the right offer to come along.
Selling a medical practice can be a lot of hard work, but with these tips and some help from us here at Healthcare Practice Sales we will make sure that everything is taken care of and make sure you are happy with everything along the way.