For most practice owners, selling a practice is one of the most significant financial transactions you’ll conduct in your life. When the time comes it is extremely common for buyers to want to arrange a walk through and inspection of your clinic before submitting their initial offer for your practice sale.
Are Inspections Essential for Buyers?
Most of the time, yes.
An inspection of the practice is crucial for most purchasers when purchasing a clinic, the inspection helps them to identify any problems and avoid costly expenses down the track. With the practice potentially being one of the most significant investments they will ever make, so it’s important that they know exactly what you’re getting into.
Are Inspections Beneficial to the Seller?
An inspection of your clinic by a potential buyer is your chance to showcase your practice & show & tell the buyer how wonderful a purchase it will be for them.
On the other hand, if an inspection does not go well, you can use the feedback and lessons learned to make sure your next inspection goes even better.
After your first inspection you will have a much better idea of what is involved when a potential purchaser walks around your practice and you will know what potential questions they may ask you about the clinic.
What Can You Expect from the Practice Inspection?
Inspections are usually a smooth process for both parties involved. Most inspections do not take too long but is best to block out at least an hour of time to give the potential purchasers enough time to view the entire clinic and ask you any questions they may have.
The inspector will most likely want to see every part of your clinic from the interior, exterior and all storage, treatment rooms and bathrooms plus your clinic software to see how busy the diary is.
Plus, it is important to make sure your practice is spotless, has been de-cluttered and that you are happy showing off every inch of your clinic to the inspector.