When you decide it’s time to sell, it can become a mad rush to get your practice out into the market. But you should catch your breath first. Here are six things to check off before you list your practice:
1. Research and plan
Before you consider selling, research the market, focusing on other healthcare practices in your area. Is it a good time to sell? Where do you intend to move next? What’s your budget? You don’t need all the answers, but you should develop a clear set of goals and have a realistic view of your finances before you invest time and money into preparing for sale.
2. Secure and maintain
If your clinic needs major repairs, ensure these are taken care of before you look to tempt prospective buyers. Make sure your practice can pass inspections with flying colours. Don’t neglect smaller items, like replacing fixtures, patching holes, locks on windows or leaky taps. It’s the details that often make or break a clinic.
3. Spit and polish
If you’ve been putting off that big clean up, now’s the time. You’ll need a thorough, head to toe scrub to get an accurate assessment of what your practice is worth, and have the best chance of enticing a buyer. Wash, buff, wax, freshen up with paint and remove unsightly wear and tear. Remember the importance of curb appeal. Spruce up the garden for optimal first impressions.
4. Make the emotional break
Arguably the most important step before selling your practice is being able to bid it farewell and no longer see it as a your business. Focus on your future rather than the past, and make peace with your practice as a product to be marketed and sold. How will you channel your insights into a targeted campaign for a new owner?
5. Find a great agent
A great agent makes all the difference to your listing, and ultimately, your sale. A reputable agent understands the market nuances of your area, is committed to frank, realistic dialogue about the market and your needs.
6. Dress for success
Presentation, presentation, presentation! Get rid of clutter and overly personal items so buyers can picture themselves in your practice. Invite as much light as possible, and remove unpleasant smells. Get a second opinion to make sure you haven’t missed anything.