Profitable Niche Market Exit Plans
Selling an Orthopedic Podiatry Practice
You've learned a lot during your tenure as an orthopedic podiatry practice owner. The next step is to position your business for the demands of the business-for-sale marketplace.
If you listen to many entrepreneurs, there never seems to be a good time to put a small business on the market.
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You'll always have an excuse for not putting your business on the market. With hard work and dedication, your orthopedic podiatry practice can be sold at or above fair market value right now.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for orthopedic podiatry practice sellers. Although the economy is gaining steam, recovery is slow and entrepreneurs are holding their cards close to their vests. 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. Like it or not, the time to sell your orthopedic podiatry practice may be right now, as long as your willing to adequately prepare your business for the marketplace.
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. If you keep your employees out of the loop too long, it's inevitable that misinformation will filter throughout your workplace. 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 orthopedic podiatry practice on the market. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Tips for Working with A Business Broker
Business brokers are professional business sellers. Brokerage is particularly common in the orthopedic podiatry practice-for-sale market, where aggressive selling strategies are the norm. Brokerage doesn't replace the seller's requirement to be involved in the sale; it augments the seller's efforts and creates a more seamless sale process. Establish clear lines of communication with your broker and respond quickly to requests from prospective buyers. You should also assist your broker in listing your orthopedic podiatry practice on BizBuySell.com and other online business-for-sale sites.
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