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Plan for Buying the Right Practice that Suits You

Posted by practicesales on September 24, 2018
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Running your own practice can be very rewarding, but it’s important to make sure that when you are planning to purchase a practice, you buy the right practice for you. Here are some tips to make sure you correctly plan for purchasing the right clinic to suit your wants and needs.

1. Purchase a clinic that you will enjoy working at. Before you decide to purchase a new practice make sure you realistically assess everything about that practice that will impact your enjoyment while working in the practice. Think about the location of the practice, remember you won’t be spending 24 hours a day, 7 days a week in the practice. Make sure that you will enjoy spending time in the location the practice is located. Make sure the day to day running of this new practice will be fun for you and getting up each morning and being excited about where you are working will make the work load seem light.

2. Never confuse a practice that doesn’t show a profit for tax purposes with a practice that isn’t profitable. There are plenty of practices that don’t show a profit but when looking a little deeper you can see potential. Potential can play a huge part when choosing a practice to purchase.

3. Expect and respect confidentiality. Knowing that a practice is for sale can set off alarms with employees and patients and do damage to a new operation that you are about take over. Patients and skilled staff could go elsewhere reducing turnover and profits. If you see a practice listing that you are interested in, you will be asked to sign a Non-Disclosure Agreement (NDA) protecting the confidentiality of the practice for sale.

4. Be prepared. Timing is everything, so be prepared in advance to make a serious offer once you have found what you are looking for. Get your financial and credit facilities in order before you consider buying. You don’t want to be ready to make an offer and not have your financial facilities in order and then lose out to another potential buyer.

5. Be patient. Negotiating the right deal takes time and effort.

6. Don’t over spend. Negotiate only for terms you can realistically afford. Don’t overstretch yourself to your financial capacity and end up losing out.

7. Choose the right professionals. Every buyer needs a good broker to deal with when it comes to the sale of the practice they are interested in. If you are interested in purchasing a healthcare clinic whether it be a Physiotherapy clinic for sale,

Chiropractic clinic for sale, Osteopathy clinic for sale, Podiatry clinic for sale, Occupational Therapy clinic for sale, Psychology clinic for sale, Speech Pathology clinic for sale, Medical Clinic for sale or other allied health care clinic for sale please contact us here at Healthcare Practice Sales. We will add you to our nationwide database of buyers and keep you updated with all the latest listings to match what you are looking for, but the service doesn’t stop there, once you have found the clinic you are looking for we will help you every step of the way. From sending information about the practice to arranging times to inspect and meet owners. We will help you with everything you need and make sure that you walk away with the perfect practice for you.

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