Nicola Lomas explains how good preparation for a practice sale can speed up the whole process.
Selling your practice can be an extremely stressful and, often, painstaking process. As well as dealing with the ins and outs of your day-to-day business, there’s the added pressure of engaging with prospective buyers, all with varying degrees of interest.
As with anything in life, preparation is essential if you are to achieve the best outcome from the process. With that in mind, my first key tip for any would-be-seller is to educate yourself about what lies ahead.
The fact that you’re reading this article is a great first step and indicates a level of preparedness that will help you speed up the sale of your practice.
More often than not, the quickest and most cost-effective sales come down to good planning. If you plan your time effectively then it’s possible to avoid hold ups that will inevitably put a strain on you personally and, in the worst-case scenario, put off potential suitors.
Sellers can generally prepare most of the documents that will be requested from a buyer’s solicitor long before they are requested and your agent or legal adviser will be able to provide a rough guide on the due diligence points to be raised. For example, knowing in advance that you will need to get consent from a landlord to transfer a lease will allow you to take the appropriate steps at the right time and avoid any hiccups that can stall proceedings.
Having supported practice owners for more than 10 years, I would always recommend developing an in-depth understanding of the full process as early as possible. To that end, Brabners provides a full guide to the buying and selling process, which is available free of charge and with no obligation when you contact us for a consultation.
In the next article in this series, I’ll look at navigating the paperwork involved in any sale and explain how you can minimise its impact on the running of your practice.