If you have ever considered selling your medical or healthcare clinic. You know that there are plenty of things to take into consideration before deciding when to sell. The timing of your sale is one of the most important things to keep in mind when you start taking the first steps towards selling your practice. Making sure that the timing is right before selling doesn’t just mean the time of year. The timing covers many things, from where you are at in your preparation to sell, what your plans are for after the sale, to your own personal plans and where your life is at, around the time of the sale. All these things need to be taken into consideration when deciding to sell, but one of the most important pieces in the puzzle that is preparing to sell your clinic, is your practice profitable?
The success and profitability of your practice should be one of the biggest factor when deciding to sell. Yes, if your practice is on an upwards climb of profitability why would you want to sell? An important thing to keep in mind is the future of your practice. When you first started your practice what was your goal? To run it for as long as possible? To excel at this new challenge and then move on? If your heart just isn’t set on running your practice any longer or other external factors are impacting, you running your clinic as you want it run, then selling while it is still profitable will make your sale a whole lot easier.
It is important to know that when you have a profitable practice selling will be a lot easier than if it was on a downward slope. Put yourself in the shoes of a potential buyer. You are looking at buying a new practice, there’s two clinics that you’re interested in. One has been on a stable profitable growth pattern for the last 3 years. While the other is 4 months from closing and is on a downward slope, not even breaking even. You, as a smart reasonable buyer are going to want to purchase the successful clinic. This is always something to take into consideration when you are thinking of selling your practice.
An important thing to remember is just because your clinics is doing well, doesn’t mean you have to sell. If your practice is your passion and you are running it as best you can and you’re doing well for yourself, why sell? You don’t have to sell if you’ve got yourself a profitable clinic, but if you have considered selling and your practice is profitable. It is a win, win to sell.
Remember, if your practice is profitable and on a track for a continued growth, selling will be much easier than if you were trying to sell a practice that isn’t doing well. If your practice is profitable and you want to sell, contact us here are Healthcare Practice Sales and we will find the right buyer from our database of over 1000 healthcare professionals.