Optimizing Business Exits
Selling a Rhinology Practice
A lot can go wrong during the sale of a rhinology medical practice these days. More than ever before, it's important for sellers to know the tactics and techniques that are being used to maximize sales price and achieve desired sale outcomes.
A business exit is always a trying experience. But when you need to sell your rhinology medical practice in a depressed economy, the challenges can seem insurmountable.
Too often rhinology medical practice sellers fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.
Advertising Your Sale
Profitable rhinology medical practice sales incorporate comprehensive advertising plans. But if you think advertising your rhinology medical practice will be the same as running a product promotion, think again. Multiple factors complicate business-for-sale advertising, not the least of which is the fact that you don't want your competition to know that your company is on the market. The knowledge that your business is being sold almost always converts into negative PR with your customers and vendors. There are multiple ways to promote a rhinology medical practice sale, many of which require the assistance of a professional business broker.
Negotiating Your Sale
It's critical to negotiate from a position of strength. In a rhinology medical practice sale, knowledge is power -- the more you know about your business and prospective buyers, the easier it is to sway negotiations in your favor. But great negotiation begins with knowing yourself. What is the realistic price range for your rhinology medical practice? What is the minimum amount you're willing to settle on? Are you willing to offer seller financing or other concessions to close the deal? If you can't answer these questions, you're simply not ready to sit down at the negotiation table yet. If you aren't sure what you need, put negotiations on hold until you gain a clearer understanding of your own deal parameters.
Leveraging Industry Connections
Today's rhinology medical practice buyers can be found in a variety of locations. Online business-for-sale databases have value, although they appeal to an exceptionally wide base of prospects. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
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