Wednesday, 26 April 2017

Tips On Selling A Medical Practice: Mistake To Avoid

Selling your small business, including selling a medical practice presents a number of challenge to owners and many will certainly make some mistakes as a result. It can be very bad to reap lower benefits from your business than expected, after spending a lot of time and money on it.

Here are a few tips on mistakes to avoid if you have a medical practice for sale or are selling a medical practice:

1. Not planning ahead: Selling a medical practice and any other small business could take you about two to four years. You need to prepare well by updating records, keeping business history and sales portfolio, doing sales promotion and adding in stock. Many business people make a mistake of doing nothing as they wait for a customer, yet it could take a long period to find a serious buyer. You do not know when a customer comes in but if he or she does not come, you should be prepared to go on.

2. Not finding the right person to represent your business: A good broker can assist when you have a medical practice for sale or when selling a medical practice. However, do not go with the first person who offers to promote or list your business first. Take time and find the right person, otherwise, it might cost you time and money.

3. Thinking that promoting your business is not necessary: While doing it yourself can be daunting and take time, do not assume that it isn't necessary. Of course, you should take the advantage of promoting it now to make the most out of it, instead of loosening up because you are quitting it. If you feel less motivated to promote the business, just find a third party or broker to do it for you.

4. Asking too little or too much: Valuing your business should be a great priority if you are unsure of how much to ask for. Do not rush into the temptation of asking for too little to get instant cash or because you want to quit fast: you would rather find some other source of capital to help start another business but get the most out of your previous investment.

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