Mastering Niche Market Exit Planning
Selling a Neurology Practice
The sale of a neurology practice can be a difficult and trying process. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
It's a fact: Successful business sales take time.
Too often neurology practice owners sell for a price that is well below market value. With the right strategy, your sale doesn't have to end that way.
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 neurology practice negotiation. However, the first step in good negotiating is to develop a sense of what you need to get out of the deal. A thorough understanding of sale price, possible concessions and other bottom line requirements gives you the ability to negotiate with confidence. Consult with a broker, advisor, or negotiation team to clarify your expectations and devise a negotiation strategy.
Timing the Market
Worried about timing? Believe it or not, this could be an advantageous time to put a neurology practice up for sale. A depressed economy means lower interest rates; lower interest rates increase the number of investors willing to take a chance on neurology practices. Sooner or later, rates will rise, increasing the risk for prospective buyers of neurology practices. At Gaebler, we recognize the value of timing the sale of your neurology practice. But we think it's more important to properly position your business for current market conditions -- whatever they may be.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. In many instances, your accountant will be invaluable in evaluating prospective buyers' financial position and buying capacity.
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