At Healthcare Practice Sales we speak to many healthcare practice owners including GP’s, Physiotherapists, Chiropractors, Podiatrists & Psychologists who have been trying to sell their clinic for months or even years in some cases. Throughout this time some have never had a single interested clinic buyer. Many have had only terribly unqualified buyers who really only want to find out how their own clinic is performing or need the owner to finance a very big portion of the purchase price (vendor finance). Many of these clinic owners become dismayed at how long the process of even finding a single qualified prospect within their profession can take in order to get the sale of their clinic underway.
Does this sound like your situation? If you are not currently living it, does it sound like something that you have heard from one of your colleagues?
Unfortunately, the above scenario is a common one.
So, how does one go about finding the right buyer for a clinic who is qualified to purchase your clinic on all levels: experienced in your field of healthcare, will take good care of your patients, financially has the resources or is able to obtain required funding, and will be a good fit to work with your practice manager, reception staff & clinical staff?
Well, below are just a few things that we do at Healthcare Practice Sales to proactively manage selling your clinic…
List the clinic more frequently.
How often has your practice listing been posted to the online listing sites if you are self-managing your clinic sale? The ads for selling your clinic must be refreshed on a regular basis to bring your listing back to the top of the search results.
It’s sad to say, but many clinics NOT listed with us, are relying on prospective buyers to search through months of outdated ‘practice for sale’ listings to find your clinic.
List the clinic in more places.
Listing your clinic in as many places as possible gives you the best chances to find a buyer. You should not & we certainly do not just use a single website (such as our own – www.healthcarepracticesales.com.au) when selling a practice. We use a selection of targeted sites as well as social media including Facebook & LinkedIn plus online & print versions of professional healthcare journals in your field.
Use our very active buyer’s database to sell your clinic.
When we first list your clinic for sale it will “go live” on our website together with a dedicated e-blast then sent out to our qualified buyers’ database. This initial stage marketing receives many interested buyer hits. Additionally, we also contact a select group of individually matched buyers from our database (this list has been cultivated for over 10 years & consists of only genuine clinic buyers) who we believe will be both interested in & a good match for your clinic .This targeted marketing produces the majority of our inquiries & sales – up to 85%!
Buyer inquiry screening.
When an inquiry is received, it is screened by our staff to determine whether it is genuine or not. Once it has been determined to be genuine, we then have the potential purchaser sign a Non-Disclosure Agreement (NDA) prior to releasing any information about your clinic. This safeguards your confidential practice and financial information.
Once the signed NDA has been returned to us, they will then be sent a professional sales prospectus which showcases your clinic & highlights to the buyer the reasons they should jump at the opportunity to look further into purchasing your clinic.
All communication beyond this point is what we refer to as the ‘sales process’. This is where we follow-up, liaise with potential buyers & gather answers to questions they may have regarding your clinic. Generally, this includes providing them with your specific clinic information such as profit and loss statements, patient statistics, lease information and scheduling in person inspections of your clinic. We will always conduct a post-inspection follow up with the interested buyer to see if they require any further information or if they’re willing to take the next step and make a formal offer to purchase your clinic.
Throughout the process we may also liaise with your (& the potential buyers) accountant & solicitors to the stage where we have successfully negotiated the price & terms of the sale ready to pass onto your solicitor for drawing up the contact of sale. Additionally, if you don’t already have your own solicitor, we can recommend one who specialises in the sale of healthcare practices Australia wide. We then continue working with both parties and their legal teams to the day that the contracts go unconditional & a 10% deposit is paid, with our service continuing until final settlement date where you ‘bank’ your balance of funds.
So, if you want to sell your Physiotherapy, Chiropractic, Podiatry, Speech Pathology, Psychology, Occupational Therapy, Psychology, Osteopathy, multidisciplinary or GP clinic please get in touch with Healthcare Practice sales as we are the leaders in selling (& assisting buyers) allied healthcare & medical clinics.