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What can a healthcare practice sales consultant do for you?

Posted by practicesales on February 13, 2015
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There are a number of things to consider when you decide to buy or sell a healthcare practice. One is whether to involve a third party to assist you throughout the process or not. While there are many stories of bad experiences with healthcare practice sales consultants, this usually results from the fact that it is – after all – a commission based profession. However, both buyers and sellers of healthcare practices can be well served by using a healthcare practice sales consultant – as long as you select the right one! Also, it is important that you understand the role of a healthcare practice sales consultant and their services.

Benefits of a Healthcare Practice Sales Consultant for the Buyer

Healthcare Practice Sales Consultants offer a range of services to buyers. These are generally free of charge to the prospective buyer and should not be abused in the process.

The services include:

  • Access to listings and what’s on the market – often before they are listed.
  • Keep the deal moving and are focused on outcomes
  • They are the negotiator for both the buyer and the seller, however, they represent the seller
  • Progressing the deal through to settlement

A few tips for buyers:

  • Ensure you demonstrate that you are a qualified buyer who is ready to buy
  • Speak to the consultant regularly but only about healthcare practices you are genuinely interested in
  • Do not abuse the free service
  • Remember they represent the vendor

Benefits of a Healthcare Practice Sales Consultant for the Seller

Hopefully the benefits of using a healthcare practice sales consultant for practice owners are obvious. But often sellers do not recognise the extra value a good consultant adds to a practice sale.

The services include:

  • Access to the market Australia wide
  • Allow the practice owner to continue focussing on running the practice and looking after patients to maintain market value
  • Know-how and experience in marketing the practice. For many practice owners, this is a once in a lifetime event.
  • Establish a fair selling price which will achieve your outcome
  • Separate the ‘window shoppers’ from the genuine and qualified buyers
  • Keep the deal moving and are focused on outcomes
  • They are the negotiator for both the buyer and the seller; however, they represent the seller. For the seller, this means that the buyer is not negotiating directly with the decision maker.
  • Progressing the deal through to settlement

A few tips for sellers:

  • Ensure you give your consultant the tools to sell the practice – good information and a practice prepared for sale
  • Speak to the healthcare practice sales consultant regularly and guide them as to your expectations
  • Listen to what the consultant and the market are telling you.
  • Remember they represent you – the seller. Help them do their job.

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