Selling a Business Advice
Selling an Internal Medicine Practice
Unfortunately, many sellers are waiting to list their internal medicine practices until the economy fully rebounds. We think that's a mistake because for the right buyers, internal medicine practices are a great investment.
In a down economy, many internal medicine practice sellers wait to list their businesses until they see signs that the economy has rebounded, making it difficult to accurately evaluate the number of internal medicine practices that are actually for sale.
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.
Economic Considerations
Think an internal medicine practice sale is simple? Think again. Many would-be sellers are laser-focused on economic indicators, anxiously awaiting the perfect time to list their companies. The truth is that perfect market conditions may never materialize. If you don't believe your internal medicine practice would sell for top dollar right now, what can you do to make it more attractive to the marketplace? Increase profitability? Build brand visibility?. One thing is for sure - buyers are paying more attention to your company's profitability and growth potential than they are to the latest quarterly economic indicators.
The Case for Confidentiality
Confidentiality determines risk in the business-for-sale marketplace. If you are rigorous about maintaining a confidential sale, there is little risk in putting your internal medicine practice on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. Brokers and consultants can mitigate the risk by implementing confidential sale techniques.
Adjusting Expectations
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. Sometimes, sellers need to readjust their expectations to accommodate market realties. In the event that the sale fails to meet your expectations, you may want to consider taking the business off the market until you can grow it enough to achieve your desired sale price.
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