Business Exits By Industry
Selling a Cosmetic and Reconstructive Surgery Practice
Don't believe anyone who tells you it's easy to sell a cosmetic and reconstructive surgery practice. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
If your exit strategy involves selling a cosmetic and reconstructive surgery practice now, business sellers may need to apply a combination of incentives and techniques.
Working with Accountants
Professional accountants lend credibility to the financial preparation of a cosmetic and reconstructive surgery practice sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Before You Sell
The upfront time you investment in the sale of your cosmetic and reconstructive surgery practice will pay big dividends at closing. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
Negotiation 101
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a cosmetic and reconstructive surgery practice negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Share this article
Additional Resources for Entrepreneurs