Following my article in the last Best Practice Update on how to maximise your Goodwill value, several practice owners and practice agents have contacted me to agree with my sentiments and/or ask for help on how to make sure that their goodwill has a true sale value when they come to hang up their drills and sell the practice.
So, here are five more tactics I believe you should consider implementing to make your practice sale’able:
- Think about/envisage who is going to buy it
- Put together a document which has all the information a prospective purchaser will need to make a decision on your practice. (Most dentists are compulsive fact finders!)
- Make your practice more middle of the road, think Marks and Spencers, not “Boutique, Spa or Studio”.
- Consider working with and mentoring your buyer for 2-3 years before you are ready to sell it to them.
- Sell it with some headroom for growth and development, not finished and full!
If you would like some help with grooming your practice for sale, call me on 0845 2997209 or email: simon@nowbreathe.co.uk
With all good wishes,
Simon Hocken