Should I always choose the highest offer for my practice?

July 9, 2014 by Nhi Huynh in

Although the offering price is an important factor in the selling the practice, it should not be the most important one. We know that most sellers instinctively want the highest sale price. And buyers, due to the excitement of owning a practice, may give their highest offer. But as escrow progresses and due diligence is performed, the buyer’s excitement subsides and buyer’s remorse sets in. Sometimes this leads to cancellation of escrow, a costly process for both buyers and sellers.

The goal of the seller should be to sell at the best price, in the shortest amount of time, and with a reasonable buyer who can help the transition go smoothly. The highest sale price sometimes attracts the less qualified buyers, causes multiple escrows failures, and sometimes a poor buyer/seller match.

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