Research is the backbone of any effective purchase of allied health practices (it may be a Physiotherapy, Podiatry, Chiropractic, GP, Osteopathy, Speech Pathology, Occupational Therapy, Psychology, or other type of clinic). Without it, you are essentially buying a lottery ticket, with your fingers, toes and any other available limbs crossed, hoping that you have made the right decision. Purchasing a clinic can be a profitable venture provided you put your eggs in the right basket, but research is the key element to make sure you remain successful when looking at purchasing an allied health clinic.
Here are 2 mistakes you need to avoid when looking at allied health practices for sale.
Asking the Wrong Questions
Buying an allied health clinic is a very exciting time, and as such, it can be common for buyers to rush into a deal without doing the right research, especially in the current conditions post COVID-19. If you have found an allied health practice that you are interested in, before you make any commitments, we recommend researching all you can about the practice, the area, and your future before taking it further in. Regardless of how good the clinic looks on the face of things, it is impossible to understand the full picture until you start digging deep into the details. As an added benefit, doing your due diligence can equip you with added bargaining power when it comes to negotiations on the clinic that you have decided to buy.
Doing Too Much Research
Now, it may seem to be contradicting ourselves. Essentially, when it comes to too much research and not enough research, it is all about finding the balance between the two. Not enough research and you could live to regret your purchase, too much and you will be disabled by a commonly used term – ‘analysis paralysis’.
This is where the sheer amount of information swirling around your ahead results in a profound paranoia that you cannot possibly make the right decision, as you are only focused on the risks rather than comparing them with the benefits. To avoid the practice of your dreams being snapped up right under your nose, Healthcare Practice Sales suggest making checklist of all the features you want, while adhering to a concise research plan. This has the potential to narrow your search through all the different allied health clinics for sale, while helping you act with confidence, as you will know it is the one if it ticks all the boxes.
When it comes to looking for a potential allied health practice to purchase, research is a key element that will help you be successful in the end. If you have any questions, please contact Healthcare Practice Sales and find out how we can help you with your practice sales research.