Selling your medical practice is an emotional matter and it needs to be. You have invested a great deal of time and energy into building up your practice and putting it up for sale can be an emotional decision. If you or your staff are planning to stay in the practice after the sale, emotions run high because chances are that you will have to work with the new owners in the future.
Australian GP practices are hot property at the moment. In spite of the challenges to the industry, the number of potential buyers is far greater than the number of vendors. As a result, practice owners can become overwhelmed when they make the decision to consider selling their practice. The price tag for the practice is often the key focus as practices are put on the market. Often there are multiple owners (principals) and it can be difficult to focus on factors beyond the big lump sum that might provide a pathway to retirement or financial independence.
When selling your practice make sure you:
- Talk to an agent/business broker who not only provides advice on how to maximise the value of your clinic but who also understands the way you work
- Remember that selling your practice isn’t just a business transaction, it’s important to sell to somebody you can trust
- Know that most buyers will look for practice principals or owners to remain involved in the practice for 1 to 5 years to support a successful transition. This means that it is essential to have a strong relationship with the new owners
- Ensure there is a cultural match for between yourself and the buyer. If you sell your practice to a corporate or non-corporate buyer who understands your internal culture and the way your work, the transition period is much more likely to be a pleasure rather than a pain
Many business brokers spend their day on the phone calling every potential practice owner and purchaser to try to make a sale. We consider that it is more important to make the right match. If you have any questions or need guidance in selling a practice, you can contact our consulting team at firstname.lastname@example.org.
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