Business Exit Planning
Selling a Mental Health Practitioners Business
It's a misconception that no one is buying mental health practitioners businesses these days. Savvy entrepreneurs see mental health practitioners business opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a mental health practitioners business.
Eventually, it will the time will come to exit your business. And when that day arrives, you need to know how to sell your mental health practitioners business in a way that achieves positive outcomes for you and the business.
Sale Costs
In a mental health practitioners business sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Depending on your circumstances, you may also incur substantial expenses in hiring legal, appraisal and accounting professionals. Furthermore, your time has value, so you may need to include a personal compensation consideration in your expense estimates.
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. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the mental health practitioners business on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
Current Market Conditions
No one plans to sell a mental health practitioners business in a down economy. So far, government intervention and promises that the economy is slowly recovering haven't been enough to alleviate many entrepreneur's fears. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your mental health practitioners business as attractive as possible so to buyers right now.
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