Waiting for better economic times to sell your company? That's a common anthem in the small business community.
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More than a few podiatry practice sellers cave under the pressure and settle for a lower sales price than they should. With the right strategy, your sale doesn't have to end that way.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your podiatry practice. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Professional appraisers can use three methods to determine the value ofa podiatry practice: The income method, the asset method and the market method. While the income method uses anticipated revenues as a value basis, the asset method focuses on the company's capital, real estate and intellectual assets. Finally, the market method determines the worth of your podiatry practice based on the sales of similar businesses in your geographic area. All three methods have multiple variations and it's not uncommon for appraisers to use a combination of the three to determine the value of your business. Sellers should take note of the fact that all three valuation methods reward businesses that takes steps to increase assets and income.
Setting the Stage
In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. Professional business brokers understand buyers and know how to properly communicate a podiatry practice to the marketplace. Specifically, brokers can advise you about the preparation of financial statements and other documents buyers expect to see in a premium podiatry practice opportunity.
Given your interest in exit planning and in podiatry practices, you might find these additional resources to be of interest.
If you plan on opening a podiatry practice, these helpul resources may be just what you've been looking for:
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