Business Exit Planning
Selling a Mental Health Business
Selling a mental health business doesn't happen overnight. It takes a deliberate process to get top dollar for your company.
The mental health business-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
Yet everyday, hundreds of listed mental health businesses manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
Preparing Family Members
Many sellers embarked on their mental health business sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. As a seller, you need to be sensitive to your family's feelings about the sale and make an effort to keep them informed about the process. Subsequently, selling a mental health business should allow opportunities for all family members to share their feelings and offer input about the sale process.
Selling a Mental Health Business to an Employee
Employee sales have pros and cons. 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. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based mental health business sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Broker vs. No Broker
When selling a mental health business, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your mental health business much less painful. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
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