You’ve put a lot of time, patience, and passion into your medical practice. So when it comes time to sell it, you want to ensure you get your money’s worth. Putting it up for sale can be daunting, but if you follow these steps to selling a medical practice, you’ll be truly happy about the outcome.
Determine your practice’s value
To sell your practice, you first need to determine what it’s worth. One way to determine the value of your practice is to total your assets’ value. By adding up the value of everything in your medical practice, you’ll end up with a concrete number to go off of. Assets are anything that adds value to your company. This includes intellectual property, physical assets, employees, and much more. There are two basic categories: tangible and intangible assets. The first includes things such as property and cash, while the second involves aspects such as reputation and goodwill.
Cut down on expenses
Once you’ve had a strong understanding of your practice’s value, you may notice some room for improvement. There’s no better time to cut down on expenses than right before a sale, so take action and eliminate any unnecessary expenses. Whether you’ve been meaning to go paperless or want to start buying supplies in bulk, simple changes like these can cut down on costs exponentially. This is one step to selling your medical practice that will make a huge difference.
Make a great first impression
In many ways, selling a medical practice is a lot like selling a home. It’s important that when potential buyers stop by, they’re greeted with a polished, clean interior. Consider investing in a quick facelift for your office. This may include features such as fresh paint, modern furniture, or other decorative touches. In this digital era, however, you won’t just be making a physical impression—you’ll be making a digital one, too. Ensure that your online presence is up to snuff by creating social media profiles and updating your website with high-quality information and graphics.
Look past the financials
Selling your practice is about much more than the financials or assets. Intangible factors such as location, reputation, and talent may not have a concrete, monetary value, but they add worth to your practice nonetheless. It’s important to take these into account, as these factors are what makes your business unique and can ultimately give you a competitive edge during a sale. When potential buyers see your stellar company culture or they hear about how loyal your customers are, it’ll make your practice that much more desirable.