Often, serious buyers are already looking for practices and will be responding to an ad or a mailing we send them or to our listings on our website. These potential buyers get involved quickly and it’s important they have access to your practice. Typically, the best response will come within the first couple of weeks after the practice goes on the market. Sometimes sellers assume that since they get some activity early on that they can “wait and see” or that perhaps they’re asking price is too low. We have found that generally, practices either sell fairly quickly, or it takes a while. So, you have to have realistic expectations. Of course, you shouldn’t expect that you have plenty of buyers at your door right away, but you want to have your door wide open in case there are people who are serious right away.
How else can you make your practice ready?
• Good old housekeeping! What would you like to see in a practice you were visiting and considering buying?
• Prepare your questions. What qualities are important to you for someone that will be taking over the care of your patients and the leadership of your staff?
• Potential buyers will already have the numbers in hand. Be able to discuss the special attributes of your office. What you are really proud of. What are your patients like? Who is on your team? Plus, maybe a history of the practice.
• Keep in mind that often the buyer is not just investing money, they are investing their future. Appraisals are based on the numbers, but purchases are based on factors beyond the numbers. (That is, for Doctors who will actually be assuming your practice vs. a DSO type scenario.)