Profitable Niche Market Exit Plans
Selling an Occupational and Industrial Medicine Practice
Maybe you're counting on your occupational and industrial medicine practice to be a stepping stone to your next big business venture. Maybe it's your retirement fund. Either way, you need to maximize the price it gets in the business-for-sale marketplace.
The occupational and industrial medicine practice-for-sale marketplace is a nuanced environment, full of pitfalls for sellers who aren't prepared for its demands.
There is no simple way to sell a business. But the most prepared occupational and industrial medicine practice sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Family Business Sale Tips
There is no easy way to sell an occupational and industrial medicine practice, not even to a family member. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Leveraging External Resources
Rarely, if ever, do owners sell an occupational and industrial medicine practice without outside assistance. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. We also suggest hiring an attorney, an appraiser, and an accountant early in the process. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your occupational and industrial medicine practice, you can avoid painful tax and legal complications both before and after closing.
Timing the Market
Worried about timing? Believe it or not, this could be an advantageous time to put an occupational and industrial medicine practice up for sale. Although the economy is generally struggling, low interest rates make occupational and industrial medicine practices more attractive to entrepreneurs who want to get in the game. As the interest rates rise, it will be more difficult for buyers to make the numbers work in their favor. So we see market timing as a concern that can be easily mitigated by applying fundamental sales strategies and adequately preparing your company for buyers.
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