Selling A Practice
- Introduction
- When is the right time to sell my practice?
- How can I find a buyer for my practice?
- What will it cost me to sell my practice?
- What do Myers La Roche do to earn their fee?
- How can I be sure that my buyer is genuine?
- Does Myers La Roche maintain a waiting list?
- What information will I need to collate to sell my practice?
When is the right time to sell my practice?
In an ideal world, you should prepare for the sale of your firm about five years before want to quit. You will need talk to your accountant about the implications of selling and take steps to minimise your tax bill.
An attractive looking practice with well-serviced equipment of a modern standard is always more attractive to buyers than one that is run down. It is worth considering a facelift or refurbishment but your outlay can only be justified if you complete this well before selling your practice.
If the premises are leasehold, you will need to ensure that there is a good length of time left on the lease or have a written agreement from the landlord (Letter of Intent) that they will grant a new lease when the old one expires. As a rule, most purchasers require a long lease. This will give them the confidence to invest in their new business and, perhaps more significantly, their lender will only spread repayment of their loan over the life of the lease.
Most importantly, the value of your practice will depend in part on the financial performance of the firm over the three years immediately leading up to the sale. It is important to ensure that patient volumes, sales turnover and profits show a recent pattern of growth. Practices where the trend is one of decline are unattractive to potential buyers and their advisors.
Consultants from Myers La Roche carry out regular Pre-Sale Audits. These 160 point checklists identify the areas for change prior to offering the practice for sale. A Pre-Sale Audits helps to minimise potential objections from purchasers, streamline the selling process and enhance the price achieved. The fee is £600 (€900) which is discounted for members of the AOP and AOI. You receive a full refund when you sell your practice through Myers La Roche.