Sell a Business for the Best Price
Selling a Pathology Medical Practice
Most businesses are susceptible to economic conditions and pathology medical practices are no exception. But in some cases, a down economy can actually improve saleability. To increase your company's sale price, you'll need to perform adequate preparations, positioning it to the catch the eye of profit-minded buyers.
It's a fact: Successful business sales take time.
If your exit strategy involves selling a pathology medical practice now, sellers need to make a strong case for buyers to purchase at or near the asking price.
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 pathology medical practice negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Sale Preparation Timeframes
There are no effective shortcuts for selling a pathology medical practice. Since buyers prefer to see evidence of future cash flow, you'll want to to strategically lock in cash flows and increase profits before you list the business. Additionally, prospective buyers usually request documentation that allows them to understand the business's daily workflows and operational strategy. At a minimum, plan on spending six months preparing your pathology medical practice for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.
Working with a Professional Accountant
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. Brokers often advise their clients to have an accountant perform an audit of the business prior to sale. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
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