Mastering Niche Market Exit Planning
Selling a Neurology Surgeons Practice
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet neurology surgeons practices continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a neurology surgeons practice.
Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.
Current Market Conditions
Today's neurology surgeons practice sellers face an intimidating economic landscape. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your neurology surgeons practice as attractive as possible so to buyers right now.
How to Skillfully Address Buyer Concerns
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions neurology surgeons practice ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. When concerns arise, it's helpful to base your responses on facts and data. If you don't know the answer to a question, there's no shame in admitting ignorance and telling the buyer you'll look into it. If due diligence drags on too long, your broker may need to intervene.
Sale Documents
We run into a lot of neurology surgeons practice sellers who intend to wait until the final contract to negotiate details. Big mistake. With few exceptions, sale structure is hammered out early, in the Letter of Intent . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. For sellers, that makes a close review of the Letter of Intent more than a formality - it's a critical juncture on the path to closing.
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