Exit Planning Tips
Selling a Health Information and Referral Services Business
We hear it all the time: 'This economy is a hostile environment for a business sale.' However, health information and referral services businesses haven't heard the news and are reporting steady action on the business-for-sale market.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a health information and referral services business sale works.
Too often health information and referral services business owners fail to receive fair market value for their businesses. Smart sellers know the value of their companies are prepared to identify buyers who are willing to pay top dollar.
Realistic Expectations
For most owners, the hardest part of selling a health information and referral services business is remaining objective. You have invested yourself in making your health information and referral services business the success it is today, but in the eyes of prospective buyers, your operation is only worth fair market value. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. Consider recruiting a team of objective professionals to help manage your expectations as you prepare and negotiate the sale of your business.
The Best Person to Sell Your Health Information & Referral Services Business
As the owner, you are both the best and worst person to sell your health information and referral services business. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your health information and referral services business in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Nearly all sellers have an inflated sense of their company's value. At a minimum, conduct an independent appraisal of the health information and referral services business to gain an objective sense of fair market value.
Finding Health Information & Referral Services Business Buyers
Buyers of health information and referral services businesses run the gamut. Some are seasoned health information and referral services business veterans interested in expanding their operation or adding a new location. Others are first-time entrepreneurs with a taste for the small business lifestyle. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Sellers should also recognize the value of promoting their sale in trusted business networks, carefully balancing the need for confidentiality with the promotional potential of their contact base.
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