Don’t make it hard to sell your healthcare practice

Selling a healthcare clinic of any kind is a challenge. Don’t make it harder than it already is.

Expect window shoppers
These people are the “hmmm I’ll just see what’s out there – I might be interested”, and YES 90% of the time these people are time wasters, tyre kickers, annoying – whatever you want to call them. However occasionally a practice will come along they are truly interested in. Therefore, we need to treat them the same as everyone else – with efficiency and professionalism.

Be flexible
Prospects will want to inspect your practice. Occasionally organising this can be a little like herding cats. No-one can agree on a time. Everyone is busy, but if you are requested to provide your availability, it can be very helpful if you provide a selection of dates and times…. and please allow enough time. Prospects that are inspecting are usually genuinely interested and they will want to wander around and ask questions. If the sale is confidential, (you haven’t told your staff) arrange to meet after hours.

Expect requests for further information and be forthcoming
Despite the number of queries and requests for further information you will get, please provide the answers and information in as timely manner as possible. Genuine prospects need to do their due diligence and will often be assisted by an advisor. Being slow to provide information may encourage the prospect to consider other practices as well and they may find a better fit.

Keep it REAL

Be realistic with the timing. Telling us you want a quick sale is fine, but it’s not under our control. What is under our control, is marketing your healthcare practice to our buyers’ database, advertising your practice to the broader market. Being efficient and timely with our response to enquiries, and following up, following up, following up. We will find you a buyer.

Be realistic with the pricing. You can’t be precious. We will advise you as part of our valuation process our recommended selling price. You may have built your practice up from scratch with a lot of passion, energy and hard work, but at the end of the day – we are the experts in what sells and how much for and if you want to hike the selling price up another $50k – don’t expect the enquiries to be high. You either want to sell it or not.

Keep your eye on the ball.
Don’t lose focus on the practice of running your practice. Too many times, we see sellers that just want to move on. We are selling your healthcare practice as a going concern, so keep it going.