Is it the right time to sell your clinic?
Have you been flirting with the idea of selling your clinic because you are getting close to retirement. Have you had enough of working in & running a clinic; or maybe you want to relocate or maybe it’s just time for a change? You’re probably experiencing those fledgling feelings of desire that put the cogs in motion.
How to know when to sell your clinic isn’t an easy decision to come to. You’ve probably been working & running your clinic for many years & may have even established it over a dozen years ago & it’s your ‘baby’. More than wanting to get out of owning your own clinic, you also need to consider a range of factors that will affect you, from the current market conditions to your own financial circumstances and current trading performance to name just a few.
Don’t sit on the fence any longer if you are considering selling your clinic. Here are a few signs that it is time to sell your clinic:
1. You’ve built equity in the clinic
If you’ve been working hard in your clinic & have built up a patient database, solid revenue, have good clinical & reception staff in place then you’ll most likely have a tidy sum of positive goodwill equity. Additionally, there is the value in your equipment (which you will also sell when you sell your clinic). Having built equity is one of the best financial factors in deciding whether you’re ready to sell up.
2. You’re financially ready to sell your clinic
Not only have you got clinic goodwill (+ equipment) equity on your side, you have extra savings up your sleeve from all those years spent treating patients in your clinic. Just remember, there are costs when selling a clinic. Some of your equity will get eaten away — things such as brokers fees, solicitors costs & staff entitlements (if any are outstanding).
3. You’re emotionally ready to move on & sell your clinic
So, you’ve got all your financial ducks in a row? Great news & Congratulations!
… Not so fast!
Ask yourself, “Emotionally, am I ready to sell my clinic (my ‘baby’)?” Are you ready to cut-the-ties? A sign it could be time to sell your clinic is that you’re actively pursuing your next venture or career, or you are just really looking forward to putting your feet up & retiring.
Selling your clinic can be an emotional and stressful process, and emotions can cloud judgement at the best of times. You need to prepare the clinic for sale and be ready for requests for information and possible negative feedback you may receive from potential buyers.
This doesn’t mean you shouldn’t sell! Give yourself time to mentally prepare for all the steps it will take.
At Healthcare Practice Sales we will be with you every step of the way to take the stress out of selling. If you have a clinic you wish to sell, (it may be a Physiotherapy, General Practice, Chiropractic, Podiatry, Psychology, Speech Pathology or Occupational Therapy practice) make contact with us & we will be more than happy to run you through the process.
4. Your location no longer suits your needs
If your clinic (& where you live which is most likely close by) no longer suits your lifestyle or you’re thinking of a sea or tree change, it may be the right time to sell your clinic. You may have also decided to relocate interstate or overseas, in which case it’s definitely the right time to get the ball rolling.
5. Other similar practices you know of have sold recently in the area for a good price
Your local colleagues just made a delicious bundle of cash selling their clinics, now it’s your turn. You’ve discovered you’re located in a seller’s market, and it’s got you intrigued! It could be the best time to sell a clinic, and you don’t want to miss the opportunity.
6. You have found out who is best placed to sell your clinic
You’ve checked off a bunch of concerns on your list and you’re ready to sell your clinic, now is the time to talk with us at Healthcare Practice sales. If you’re serious about selling your clinic we are here to help you. We have a wealth of experience & have been selling clinics for over 10 years, you can read some of our client testimonials here: https://www.healthcarepracticesales.com.au/client-testimonials
We will listen to you and advise you of the best possible outcome achievable. We will put together a sales plan and outline all the steps you need to take to get your clinic listed & sold. Please contact us at firstname.lastname@example.org or call 1300 652 361 to sell your clinic if this is you.