In the process of preparing to sell a medical practice, the most important variable, and most valuable asset, is time.
The more time you have to prepare your practice for sale, the more attractive it will appear to a buyer, and the more options you will have for correct marketing to find the perfect buyer.
In preparing to sell a practice, your most important asset is time.
If you have ever bought something big, like a house or a car, you know how important it is that you check out every possible thing that could go wrong, to be sure you aren’t missing something that could come back to bite you later.
With the complexity of the purchase and sale of a medical practice, the same is true.
So let’s get specific:
If you are preparing to sell your medical practice, what are some of the specific issues you need to address?
First, if you haven’t already, I highly recommend you read our post on “3 things to consider before selling your practice."
Next, let’s consider what buyers want to see.
Consider the following list-- a “To-Do List” of things you need to address to make your practice as attractive as it can be for a buyer. If you're not sure why any one of these items is important, let me assure you that each one has led to the end of a potential sale, or at least a very big bump in the road.
For each item, decide whether or not it pertains to you, and if it does…ACT!
Note the boring, puke-y colors I used to outline these items. Most people don't consider this stuff very fun. But for many people who are looking to sell their medical practices, this is the hardest part. Once you've addressed the items above, you'll have created the necessary momentum to get your practice sold.
Great question! There is a heck of a lot to keep track of when preparing to sell your medical practice.
Our secret weapon? Project management software.
For those of you who are not familiar with project management software, its intention is to help teams of any size stay organized and on task. A good project management software package will be shared among several people, and will usually have one person who is more or less in charge of assigning tasks and checking them off as completed over time. When used correctly, most of the tasks remaining in your transition will be organized from within the software, down to texts, emails, and related documents that can all be shared. Think of it as an ongoing conversation between one another related to specific tasks.
We have a whole post on this subject. So, if you're interested in learning more about how to stay organized with project management software, click here.
There are undoubtedly more items that you could add to this list. However, these are the things that we most often see overlooked before a practice goes up for sale. Having most or all of the items above dealt with before you even look for a buyer will go a long way to not only finding a buyer, but easing your mind about what comes next.
If you’ve already got all your ducks in a row and are ready to look for a buyer, click here to learn how to do it.
And if you need any help with any of this, contact us (below). We're always happy to help!
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