The number one reason, buyers walk away from a sale isâ€¦â€¦ FEAR OF FAILURE!
They will give you all sorts of excuses, but the underlying reason is most often, the fear of failure.
FEAR OF FAILURE can occur for a couple of reasons:
- Lack of confidence in the suitability of the healthcare clinic
- Lack of confidence in their own business management skills (it may be a healthcare clinic, but it is also a business and must make a profit)
How do they conclude they’re going to fail? By asking a lot of questions and doing their due diligence and research.
We all know a very high percentage of businesses fail in the first couple of years, so buying a practice that has survived the first couple of years and has even grown is going to be a much better bet in the long run.
What are some questions, buyers ask?
- Is this the right healthcare practice for me? Within the healthcare industry (in particular) this is a very relevant question.
- There are different techniques across allied healthcare modalities.
- Different business management styles
- Vast variety of locations
- Is the practice going to afford a particular lifestyle choice?
- sea change,
- less work,
- more work
- Is the clinic financially viable i.e. is it making a profit?
- Can I afford it?
- How large is the active database?
- How old is the equipment?
- Does the clinic need a refurb?
- Why are you selling?
- How much bang will they get for their buck? i.e. what is included?
- Will there be a handover/transition period?
The lure of being their own boss is often what sends prospects into the buying cycle, however they need some surety that the practice will not only survive but thrive. Therefore, they not only need to be confident that the practice will suit their requirements but they also need to have confidence in their own business management skills.