When you decide it is the right time to sell to sell your Physiotherapy, Chiropractic, Podiatry, Psychology, Speech Pathology, Occupational Therapy or other type of allied health practice or even your GP clinic, it can quickly become a mad rush to get your practice valued and out onto the market.
But let us take a second and catch our breath first. Like anything good in life this process cannot be rushed, and careful consideration should be made before finally deciding to list your clinic on the market.
Below we have listed 5 general tips which have become apparent to us, in the last 12+ years of selling clinics, that should be taken into serious consideration before you decide to sell your practice.
1. Research and Planning
Before you consider selling, research the market, focusing on other healthcare practices in your area and in your modality (Chiropractic, Physiotherapy, Podiatry, Psychology, Speech Pathology, Occupational Therapy, etc.). Also, is now a good time to sell? Where do you intend to move next? What is your budget? Now, do not panic, you do not need all the answers right now, but you should develop a clear set of goals and have a realistic view of your finances before you invest your time and money into preparing to sell the practice.
2. Repairs and Maintenance
If your clinic needs major repairs, you need to ensure these are taken care of before you look to tempt prospective buyers to purchase your clinic. Prospective buyers will most likely want to do a clinic inspection as part of their due diligence. Do not neglect smaller items, like replacing fixtures, patching holes, service of your medical equipment or updating your computers and server. It is the small details that may make or break a clinic sale. All of these add up and can have huge impacts when potential purchasers are inspecting your clinic.
3. Spit and Polish
If you have been putting off that big clean up, now’s the time. Wash, buff, wax, freshen up with paint and remove unsightly wear and tear. Make sure you clean down all your medical equipment, treatments beds, etc. Remember the importance of curb appeal, even spruce up the garden or clinic signage if necessary, for optimal first impressions.
4. Make the Emotional Break
Arguably the single most important step before deciding to sell your practice is being able to bid it farewell and no longer see it as your baby. Focus on your future rather than the past and make peace with your practice as a product to be marketed and sold.
5. Dress for Success
Presentation is important. Get rid of clutter and personal items so potential buyers can picture themselves in your clinic. Inviting as much light as possible and removing unpleasant smells are important elements to make sure your practice is as welcoming as possible. Getting a second opinion to help make sure you have not missed anything is also a helpful way to improve your clinic before selling.
If you are considering selling your Physiotherapy, Chiropractic, Podiatry, Psychology, Speech Pathology, Occupational Therapy or other type of allied health practice or even your GP clinic please do not hesitate to contact us at Healthcare Practice Sales for a no obligation chat on how we can assist. Just call us on 1300 652 361 or email us at admin@healthcarepracticesales.com.au