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Place
A Reasonable Price On Your Practice
An inflated figure either turns off or slows down
potential buyers, rely on your practice broker to arrive
at the best "win-win" price. An
"unrealistic price" discourages many buyers from
even looking at a practice.
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Carry
On "Business As Usual"
Don't become so obsessed with the transaction that your
attention wonders from day-to-day demands, affecting
sales, costs, and profits.
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Engage
An Expert Practice Broker
A breach of confidentiality surrounding the sale of a
practice can change the course of the transaction and
damage a practice in the future.
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Prepare
For The Sale Well In Advance
A good practice broker will prepare an offering portfolio
for the practice to have ready for qualified buyers.
The practice owners can help in the process by
"housecleaning" - as well as a literal sprucing
up of the facilities.
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Anticipate
Information The Buyers And Their Financing Sources May
Require
In order to obtain financing, the buyer will need
appraisals on assets. Lenders will require at least
three years of tax returns and the most recent financial
statement.
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Achieve
Leverage Through Buyer Competition
A good practice priced properly many times will create
interest from several buyers and create a competitive
situation.
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Be
Flexible
Don't be the kind of seller who wants all-cash at the
closing, or who won't accept any contingent payments or an
asset transaction. Depend on the advice of your
practice broker - their knowledge of financing and tax
implications.
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Negotiate;
Don't Dominate
You are used to being your own boss, but be prepared to
learn that the buyer may be used to having his way, too.
With your practice broker's help, decide ahead of time
"when to hold and when to fold."
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Keep
Time From Dragging Down The Deal
To keep the momentum up, work with your practice broker to
be sure that potential buyers stay on a time schedule and
that offers and counter-offers move in a timely fashion.
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Be
Willing To Stay Involved
Even if you are feeling burned-out, realize that the buyer
may want you to stay within arm's reach for a while.
Consult with practice brokers to determine how you can
best effect a smooth transition.
