RIGHT TIME TO SELL?
Every day doctors reach a point in which they decide to sell their practice. Sometimes planned and sometimes not, there are various reasons for this to occur; such as,
Since we never know the right time to sell our business, we always want to be ready. A well-planned exit strategy will come in handy when the time comes.
The selling process is straightforward and is structured as follows:
1. You make the decision to sell.
2. Decide to engage the service of ProMed Financial for professional assistance in marketing, determining the value, procuring the “Right Buyer” who appreciates your practice opportunity, determining after an extensive analyst the Fair Market Value of your practice.
3. Buyers who are interested will be required to execute a Confidentiality Agreement in order to have pertinent information released on your practice.
4. Upon their review and continued expressed interest, we will make arrangements for an initial introduction through a conference call, personal meeting and/or zoom.
5. If the Buyer wants to move forward we will initiate a Letter of Intent followed with Due Diligence Period, arrange for Financing and continue with an Asset Purchase Agreement. Guidance will be provided along the way.
6. Arrangements are made for closing the sale and transferring the practice and provide any necessary training and introductions to referring sources.
“HOW LONG DOES IT TAKE TO SELL MY PRACTICE?”
There is no exact answer to this as we have sold practices in one day, one week/month, etc. If we have not received an offer within 3 months then we will revisit and examine possible reasons; such as, possibly overpriced, unfavorable location, little transition, key personnel leaving. Whatever the reason and whatever your motivation may be could require some adjustment. Price is a majoring determining factor.