Exit Planning Tips
Selling a Holistic Health Business
Most businesses are susceptible to economic conditions and holistic health businesses are no exception. But in some cases, a down economy can actually improve saleability. Now all you have to do is convince the right buyer that your business is built for long-term success.
A business exit is always a trying experience. But when you need to sell your holistic health business in a depressed economy, the challenges can seem insurmountable.
But the good news is that there is still demand for holistic health businesses that present well and offer solid earning potential.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based holistic health business sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
When Is the Right Time to Sell?
When is it the right time to sell your holistic health business? If you're asking the question, now may be the time to put your business on the market. There are a lot of naysayers out there advising holistic health business sellers to put their plans on hold until the economy fully rebounds. But despite the negativity that exists in some sectors, if you have a desire to sell your holistic health business now, there is a high probability that you can sell it in the current market. With so many sellers holding back, there isn't a lot of inventory out there and you may be able to get a great price for your practice depending on how well you prepare the business and your ability to execute your sale strategy.
Working with Accountants
Professional accountants lend credibility to the financial preparation of a holistic health business sale. Most holistic health business have significant tax consequences requiring the input of a qualified accountant. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
Share this article
Additional Resources for Entrepreneurs