What should You Look For Before Selling Your Practice
Planning makes everything better, and selling your practice is no different. Even if you do not plan on selling your practice for another 5 or even 10 years, taking the time to formulate a plan of action is highly recommended. Assess ways that you can maximize your sale price and make your practice more appealing to potential buyers.
While it may seem like a small detail, having a practice named after the doctor means the new doctor will have to build the brand awareness again. However, be careful when changing names as small name changes can affect your website and online performance.
Contact us to learn more about changing your practice name.
Younger buyers will be put off by poor reviews. Because recent graduates represent a large portion of the buyer pool, it is important to project a virtual presence that matches your physical presence. While website, google reviews, Facebook presence, are things a new doctor can do themselves, having them in place increases the value of your practice.
Many practices miss out on the gold-mine of opportunity that sits within their patient database. By becoming more effective at scheduling existing patients, you will achieve a higher valuation when the time comes to sell your practice.
Location Location Location
Making sure that you have favorable long-term lease arrangements is essential for selling your practice.
Focus on the Brand
Just like when buying a house, the potential buyer walks in and tries to see how their life/family can fit into this space. So to your practice needs to have a clear message that will speak to the buyer. If you have set yourself up as a specialist, don't try and sell as a general practice, find a buyer that is looking to build a specialty practice. If you have an optical focused practice, embrace that and find a buyer that is passionate about that.