When Should I Sell My Practice?

Selling your healthcare practice can be a huge decision. You have worked hard to build your business, and when you’re ready for your place to change hands, you want to make sure its value is appreciated. There is no specified correct time to sell your practice, but with the experts at Crossroads Healthcare Transitions, you can develop a plan that satisfies your unique goals. Our team of advisors offers three points to consider when selling your healthcare practice.selling healthcare practice

Plan ahead

If you own a practice, the sale of this practice should be on your mind, even if you do not intend to do so for many years. You should have goals outlined well in advance of your appraisal so that you can begin the process with confidence and promptness when the time comes. With preparations in place, you lower the risk of missing opportunities by waiting too long. If you do not consider the reality of selling your practice until motivated by a personal crisis, you may not be in the ideal mindset to get the best results in the sale. You can be more in control of the direction of the sale with early planning.

Ready the space

The space of your practice must be evaluated during an appraisal during the process of selling your business. For best results, you should make sure your office is in good shape. The appraisal will look at your patient retention rate and the practice’s revenue but will also consider the appearance of the space.

If the furniture and décor of the office are not looking their best, you might want to update them. The condition of medical equipment is also examined, so you may want to check for wear and tear of these items. The aesthetic of your space can contribute to the potential success of your business, so it is important to pay attention to appearances when preparing to sell your practice.

Remain patient

Selling your healthcare practice is not an immediate process. Preparations and negotiations can take 6-12 months in more populated communities, but sometimes the procedures can last several years. You should prepare to participate in this process for an extensive amount of time which will require patience. There will be points in this development that can be frustrating, but support from a team of transition experts can provide support and trusted advice.

Get an appraisal from Crossroads Healthcare Transitions

Crossroads Healthcare Transitions is a team of financial advisors and consultants who specialize in the appraisal and sale of healthcare practices. If you are buying or selling a practice, our office can assist you. For more information, schedule a call with us online.