It's a fact: Successful business sales take time.
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Too often alternative medicine practice owners 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.
Selling an Alternative Medicine Practice to an Employee
Although it may seem easier to sell your alternative medicine practice to an employee, this approach also has some pitfalls. There are some perks to selling the business in-house. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. But in many cases, employees expect to get a deal from their employer based on their years of service to the company. Seller financing is one way to get around the capital deficit of an employee-based alternative medicine practice sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Since your business was a family affair, your family members should also be involved in its sale Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. Subsequently, selling an alternative medicine practice should allow opportunities for all family members to share their feelings and offer input about the sale process.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. 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.
Given your interest in exit planning and in alternative medicine practices, you might find these additional resources to be of interest.
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