So, you want to sail off into the sunset, retire, do something different?
A professional practice can have challenges that other businesses do not, when it comes to selling.
Often a professional practice has more success embedded in the individual practitioner than, for instance, the owner of a retail store. For this reason, buyers can be afraid. Yes, afraid. A wise buyer is one who pushes and pokes for the problems that might rise with the purchase of a business. Their fear is that the clientele will disappear with them as the new practitioner. After all, one of the hallmarks of a strong professional practice is the relationship with the clientele.
There are some things you can do to help to ensure your practice is more appealing.
1) Have more than just you – have tools, websites, inventory, colleagues, support staff, an address outside your home, a revenue stream beyond the fees for your services.
2) Have a flow of new clientele into the practice, ones who are not already invested in you and are referred by people or systems beyond your clientele.
3) Be able to demonstrate where your clientele comes from, how often they turn over, how long they stay.
Be prepared to sell and list well in advance of needing to sell and be ready to work to introduce, encourage, participate with the buyer once they are owner. This could mean staying well engaged far beyond close, unlike a retail store where a typical turn over can be well completed in just a couple of weeks.
