Exit Planning Tips
Selling a Hand Surgery Practice
We hear it all the time: 'This economy is a hostile environment for a business sale.' However, hand surgery practices haven't been deterred. In fact, we think this economy is a ripe environment for a hand surgery practice sale.
Cutting corners never pays off, especially in the sale of a hand surgery practice.
Many business owners don't know that hand surgery practices are still a hot commodity, to the extent that sellers have properly prepared them for the marketplace.
Average Timeframes
It's rarely possible to sell a hand surgery practice in a month or two. The amount of time your business will be on the market depends on how aggressively it is priced and marketed. Before you can list your hand surgery practice, you'll need to invest as much as a year in preparing it for prospective buyers. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
The Best Person to Sell Your Hand Surgery Practice
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your hand surgery practice in the business-for-sale marketplace. The problem is that your passion for your business can also sabotage your sale. Business owners are subjective and biased about their company's true worth. At a minimum, conduct an independent appraisal of the hand surgery practice to gain an objective sense of fair market value.
Buyer Identification
It's difficult to predict where the buyer of your hand surgery practice will come from. To cover all your bases, you'll need to conduct a broad buyer search process. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Networking is another useful tool in locating buyers. It might surprise you to learn how many hand surgery practice buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
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