Selling a Medical Practice for the Best Price

Establishing a successful medical practice takes years of work. Unlike other business acquisitions and transactions, a medical practice requires much more planning due to the nature of the industry. If you’re looking to sell your Knoxville practice, be sure to start planning well in advance. With these tips from Sunbelt Business Brokers of Knoxville, you’ll be on the best path to selling a medical practice for the best price possible.

Determine What You’re Selling

If you own both the medical practice as well as the practice facility, you’ll potentially need to prepare for two sales. Depending on your preferences of remaining in the Knoxville area, consider retaining ownership, leasing, or outright selling.

If you decide to continue with your ownership of the building, you’ll need to look into adjusting as your role as the landlord for any new buyer(s). Whether you plan to continue with your ownership for the foreseeable future or have an exit strategy in mind, it’s best to make leasing plans sooner rather than later. Both of these options should be discussed with potential buyers, as it’s best to remain as transparent as possible. Once you’ve determined your desired outcome for the practice facility, you can look further into the possibilities of selling the medical practice.

Updating and Planning

Though medical practices are unique in many ways, the general rule of thumb for updating and planning for a sale remains the same. A prospective buyer will pay more for a business that is in good standing, is updated, and has a promising outlook for the future.

In your medical practice, one of the biggest updates buyers will look for is whether you’re utilizing electronic health records (EHR). Sorting through mountains of paper charts and important files is a nightmare, and passing that workload onto prospective buyers will seriously impact any offers you receive. It’s best to put effort into the details of your practice to ensure you receive the rewards you deserve for your hard work over the years.

Consult with a Professional

Once you’ve determined what you’re selling and have put the final touches on your medical practice, contact a professional for help with the valuation process. Receiving a proper appraisal for your business from a professional in the Knoxville area will ensure you leave little to chance during your impending sale. At Sunbelt Business Brokers of Knoxville, we understand that business valuations can make or break transactions. While going the sale alone may sound appealing, our business brokers have the industry and marketplace knowledge to ensure you receive the highest offer from potential buyers and quickly close the deal.

Selling a medical practice can often become complicated, fast. To strike the best deal and reap the rewards of your hard work, consult with the professionals at Sunbelt Business Brokers of Knoxville today!