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Retirement & Selling your Practice

Posted by practicesales on September 19, 2017
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Retirement & Selling your Practice

When it comes to selling your practice, it is important that any potential buyers understand why you have made this choice.  A simple explanation for why it is time to sell, can make your practice more interesting for future buyers.  Even if the practice is thriving, it is completely understood that at some point, you will need to retire.  In fact, it is safe to say that buying a well-established clinic from an owner that is retiring is just the kind of the situation most purchasers like.

Owning a practice, you have most likely formed many close relationships; ranging from contractors and employees, to patients and other clinic owners.  It is important that your parting does not interrupt the operation of your practice and that potential buyers understand that you have taken steps to guarantee a smooth transition. You will want to do your best to create a situation in which everyone is happy and positive once the practice has been sold.

Helping to ensure a smooth transition can have hurdles.  One, is finding a buyer who will look after your staff and patients. Meeting the buyers face to face and understanding the buyer’s prospects is a great way to see if they will continue your clinic in the best interest of your clinic and clients. Another key piece for a smooth transition is to complete as much of your outstanding work before you leave.  No one knows your practice as well as you do, which means that you are the best person to simplify any of the of day to day process’ when it comes to running the practice. A good start, is to outline what steps you’ve taken to simplify these process’, this will help make it more appealing to interested purchasers.

Having a capable staff member who is committed to staying is a very attractive commodity for potential buyers. A capable second in command can prove invaluable, not just during the handover period but also for the long-term operation of the practice.

Working with Anthony Capiaghi and his team are one of the best ways to handle the process of selling your business and getting ready for retirement.

Healthcare Practice Sales can help you with everything from finding qualified prospective buyers, establishing the value of your clinic to negotiating any conditions; hence avoiding delay of sale. The sooner you begin working with a broker like us, the easier your transition will be.

Here at Healthcare Practice Sales, we will help you with all aspects of selling your practice. If you wish to learn more please call 1300 652 361 or email sales@healthcarepracticesales.com.au

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