Business Exit Planning
Selling a Mental Health Clinics Business
You've learned a lot during your tenure as a mental health clinics business owner. The next step is to position your business for the demands of the business-for-sale marketplace.
The buzz in the marketplace is that now isn't the right time to sell a mental health clinics business. Consequently, sellers are holding their businesses off the market until they are sure the market will sustain their asking prices.
Nothing lasts forever and you will ultimately be faced with the task of selling your company. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your mental health clinics business.
Realistic Expectations
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Pros & Cons of a Sale to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. Since the worker already knows the ins and outs of the business, due diligence should be a breeze, not to mention the fact that you won't have to wait months or years for the right buyer to emerge on the open marketplace. Yet most employees lack the means to buy their employer's business at or near the asking price. A seller-financed deal may be necessary unless the employee has significant assets or investor backing.
Advantages of Hiring a Broker
A good broker can offer several benefits to business sellers. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Even more, the best brokers have a track of record of discreetly identifying likely buyers and contacting them on your behalf. Typical brokerage rates (a.k.a. success fees) run 10% of the final price - an expense that is usually recouped through a higher sales price and less time on the market.
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