Are you thinking it may be time to move on from your clinic? Have you had enough?
If you’re planning to sell your practice, your mind has probably jumped to thoughts of how to manage the sales process and the price. But before listing it for sale, there are important housekeeping tasks to help you:
- Know your worth
Don’t fear getting an appraisal. Prospective buyers will either ask for one or order one, so you might as well have one to show them. You’ll gain credibility by doing so. Healthcare Practice Sales offer independent appraisals and have been offering credible, accurate and reliable appraisals since 2010. Feel free to contact us about a clinic appraisal today! (Insert link to website enquiry form)
- Choose the right time to sell
This is a question that does not have a one size fits all answer as each clinic is faced with a unique set of challenges and the personal circumstances for each practice owner may vary. For some, deciding to sell is based on financials, for others, it could be a much more personal desire which drives them.
- Spiff up your practice
- Appearance – At a minimum, make sure you have an attractive clinic logo, consistent branding, and a polished look.
- Visibility – Does your clinic brand even appear in a Google search? If not, it may be worth it to focus on your search rankings first.
- A following – Social accounts are a must-have, but the activity on those social accounts is just as important as having them.
- Ensure you’ve ticked all the boxes on your sale checklist
- Make sure your clinic financial records are up to date
- Review and update any procedure manuals, training documents, or policies which relate to the operation of the clinic.
- If you have business premises, check the lease
- Spruce up your business assets. If you have a bricks-and-mortar location, give it a spring clean. The same goes for your online assets like your website or social media accounts
- Review all employment contracts and accrued entitlements
- If your practice carries stock, conduct a stocktake