Sell a Business for the Best Price
Selling a Pharmacology Practices
Nervous about selling your pharmacology practice? You shouldn't be. Our tips will help you get the highest price for your pharmacology practice, regardless of what's happening with the economy.
Dire economic forecasts have forced many pharmacology practice sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
If your exit strategy involves selling a pharmacology practice in this environment, sellers need to make a strong case for buyers to purchase at or near the asking price.
Dealing with Your Emotions
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your pharmacology practice now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. At the same time, it's helpful to consult with people who can help limit the influence of your emotions on negotiations and other aspects of the sale process.
Workforce Concerns
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
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