Exit Planning Advice By Market
Selling an Acupuncture Practice
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet acupuncture practices continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Business sellers are notorious for second-guessing themselves about the right time to put their companies up for sale.
Armed with a deliberate selling strategy, sellers of acupuncture practices are finding qualified buyers, even in today's tough market.
Selecting a Broker
Good business brokers inevitably produce better business sales. During the selection process, look for brokers with a proven track record of successful acupuncture practice sales. Take our word for it -- acupuncture practices are unique businesses and you need a broker who understands how to properly market your acupuncture practice to prospective buyers. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling acupuncture practices.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based acupuncture practice sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Before You Sell
There is a lot of work that needs to be done before you're ready to sell your acupuncture practice. Perhaps the most important pre-sale consideration is to right-size your expectations to the realities of the market. After you have consulted with a business broker to right size your expectations, you'll need to add several items to your checklist, including financial statement preparation, pre-sale appraisals, financial planning, market positioning and other tasks designed to communicate value to prospective buyers.
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