Profitable Niche Market Exit Plans
Selling an Osteopathic Medical Practice
You've learned a lot during your tenure as an osteopathic medical practice owner. The next step is to position your business for the demands of the business-for-sale marketplace.
The buzz in the marketplace is that now isn't the right time to sell an osteopathic medical practice. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
The economy hasn't squashed the market for osteopathic medical practices. Like always, unprofitable and poorly positioned businesses struggle to find buyers while sellers who have invested time and effort to prepare their sale are being rewarded in the marketplace.
Leveraging Industry Connections
Today's osteopathic medical practice buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. The downside of industry networks is that it leaves your company vulnerable to exploitation by competitors. Your broker may be able to offer strategies for promoting your sale within your network while maintaining some remnant of a confidential sale.
Family Business Sale Tips
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based osteopathic medical practice sale can be more complicated than selling to a stranger. In fact, selling your osteopathic medical practice to a family member can quickly become a no-win proposition. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Preparing Family Members
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. The sale of the business will likely result in new family dynamics. The decision to sell an osteopathic medical practice has to include ample communication and shared decision-making.
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