At Healthcare Practice Sales we are serious about selling your practice or clinic. Â OurÂ dedicated sales team focus on your needs and take the hard work and stress out of selling your practice so you can focus on what you do best – working in yourÂ practice. So we thought you might want to know how we do it
First Step – Value the practice
Once a practice owner decides to sell their healthcare practice with us, we send out a checklist of information that we require as well as a questionnaire in order to value the practice.
- List of chattels & stock with purchase price and date -this is so we can depreciate your equipment and value its worth
- P&L statements for the last 3 financial years
- Details of any personal expenses
- Wages and Superannuation information
- Practice income & expenses for current financial year
- Patient statistics (patient. numbers, new patient. numbers, patient retention,
- Lease agreement
- Photos of the practice inside & out (High Resolution)
- Floor plan (if available)
Some of the questions in the questionnaire include:
- Why are you selling? Prospects want to know this
- Are you willing to stay on for a handover / or as an Associate?
- Will you agree to a non-compete clause?
- How many employees or contractors are there and how are they paid?
- What services are offered?
- Is there a process and procedures manual?
- What practice management software is there?
- Description of the clinic i.e. how many treatment rooms, where is it located, is it near public transport, is it wheelchair friendly, is parking available, opening hours and so on.
- Is there a website?
- What marketing is in place?
Accounts Team Responsibilities
Once all the information has been received the Accounts Team step in to value your practice. They go through and analyse the information and the answers to the questionnaire you provided and then prepare a valuation report. This process can take up to ten business days as there is often further clarification needed.
Second Step – Sell the practice
Once the valuation report is finalized, a sale price is agreed on and the sales team step in for the life cycle of the sale. Below are just some of the tasks involved in this process.
- Design a customized and branded sales prospectus, including photography supplied and information compiled from the Accounts team.
- Draft wording for advertisement and prepare a recommended marketing/advertising strategy
- Upload advertisement to all on-line relevant associations and Healthcare Practice Sales website.
- Market to our buyer’s database
- Prepare Non-Disclosure Agreements for all prospect enquiries
- Send out Sales Prospectus
- Liaise between prospects and clients with various queries and ensure prospects are followed up
- Prepare fortnightly client status reports
- Arrange inspections
- Assist with offers and negotiations
- Finally, the goal is to sell your practice or clinic for the best price in the least amount of time.