How would you like your practice to grow? Before kicking off the sales process, it's important to envision your practice's future. Identify areas of your business that could offer greater profitability, and pinpoint the ways in which you'd like to support your team's development and career goals.
Why are you considering selling your practice? Define the things that matter most to you as a practice owner, and identify how these align with your practice's culture and values. This will allow your legacy to continue even after the selling process has concluded.
What is your practice worth? Hiring an independent appraiser before you begin the selling process helps you understand the value of your practice so that you can leverage it when selling. An independent appraiser can also help you evaluate your practice's market position, financials, and more so that you can address any issues or concerns before selling.
It's important to be prepared when you jump into the selling process. Make sure you have current, accurate financial reports at the ready. Having these documents ensures there is clear data to communicate your practice's story. Even after your practice is sold, this information can be vital to the continued success of your business.