Profitable Niche Market Exit Plans
Selling an Otology Medical Practice
Business-for-sale markets are susceptible to a variety of influences. As you know, the otology medical practice market has been exceptionally volatile. Many sellers have exited their companies under less-than-ideal circumstances. Yet it's still possible to achieve personal and professional goals when selling an otology medical practice in the current economic environment.
The otology medical practice-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
But they're also savvy enough to know a good deal when they see it. So for otology medical practice sellers, today's market is all about convincing buyers that the numbers make their companies worth the asking price.
Preparing Family Members
Many sellers embarked on their otology medical practice 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. The sale of the business will likely result in new family dynamics. The decision to sell an otology medical practice should allow opportunities for all family members to share their feelings and offer input about the sale process.
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. Although this scenario frequently plays out around seller financed deals, it's possible to push for a higher sales price or other form of compensation if you agree to mentor the buyer for a specified period of time. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
Advantages of Hiring a Broker
Brokers give otology medical practice sellers distinct advantages in the marketplace. First, business brokers are in tune with the realities of the market and are skilled at helping owners make their businesses attractive to premium buyers. More importantly, brokers have the ability to identify serious buyers and maintain confidentiality throughout the sale process. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
Share this article
Additional Resources for Entrepreneurs