Advice on Niche Market Exit Planning
Selling a Thoracic Internal Medicine Practice
You've learned a lot during your tenure as a thoracic internal medicine practice owner. The next step is to position your business for the demands of the business-for-sale marketplace.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your thoracic internal medicine practice on the market.
Preparing for What's Next
The decision to sell your thoracic internal medicine practice can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
Why Confidentiality Matters
In the business-for-sale universe, publicity translates into risk. If you are rigorous about maintaining a confidential sale, there is little risk in putting your thoracic internal medicine practice on the market. Eventually, word will leak out. When that happens, it can damage your standing with customers and vendors. Although it can be difficult, it's important to strike a balance between confidentiality and sale promotion. We recommend consulting a business broker to learn how you can simultaneously identify prospective buyers and maintain a confidential sale environment.
Post-Sale Details
As your thoracic internal medicine practicesale nears completion, there is a lot of work remaining to be done. There are several details that still need to be addressed. What will the ownership transition look like? Are you prepared to deal with the tax consequences of receiving a significant sum of money in exchange for your business? How will you prepare your employees for your inevitable exit from the business? If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Share this article
Additional Resources for Entrepreneurs