Exit Planning Techniques By Market
Selling a Forensic Psychiatry Practice
Your forensic psychiatry practice is a tangible reminder of the passion and dedication you've invested in your entrepreneurial career. But the hard work isn't done yet. Before you can make a graceful exit, you will have to invest yourself in your business sale.
Market timing is a perennial problem for business sellers.
You'll always have an excuse for not putting your business on the market. Selling a forensic psychiatry practice isn't easy, but we believe sellers can achieve their goals in any economic environment.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your forensic psychiatry practice now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the forensic psychiatry practice industry, experience is a must-have characteristic for qualified brokerage. The chemistry you have with your broker is a consideration. If you don't connect with a specific broker, move on to someone else - even if the first broker looks great on paper.
Turning the Tables: Buyer Concessions
In a tight economy, seller concessions are the name of the game. But that doesn't mean you can't push for buyer concessions to achieve a more favorable outcome in the sale of your forensic psychiatry practice. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
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