Selling your practice is a big undertaking that involves commitment and lot of work for everyone involved in the transaction. So please make sure you have given it a lot of thought and consideration before deciding to list your practice for sale. Here are some questions you should consider before initiating this sale: Why are you selling the practice? Is it a compulsive or well-thought out decision? Do you need to resolve any problems at the office before selling the practice? Is this the right time for you to sell your practice? What are you going to do after you sell the practice?
The sales process may take several weeks or even several months, depending on the type of transaction. During this time, some sellers can become emotional about leaving their staff members, patients and practices. They lose sight of the reason they chose to list the practice and make it difficult to negotiate final closing terms which often results in the sale falling apart. When a deal falls apart, sellers are later faced with the reality of trying to sell their practice a second time, sometimes at a lower price or with a less qualified buyer. We advise the sellers we represent to remain focused on the reason they wanted to sell their practice so that seller’s remorse doesn’t scuttle the sale.