5 TIPS during a practice sale
1. Don't ever ruin the good will. Years after the transition you should still be respectful of who you purchased your business from. Without them, you wouldn't be in the position you are in.
2. Listen to your advisors. If your broker, CPA, and attorney are giving you advice, take it. If you don't take your advisors advice, why did you hire them?
3. Slow Down. After you buy a practice, don't start changing everything the first day. This freaks staff and patients out and can be harmful in the long run even if the changes are positive. Change things gradually and over time.
4. Leave the negotiations to the experts. This is what we are here for. Do not negotiate directly with the buyer (if you are selling) or the seller (if you are buying). Leave the negotiating to your consultant. Sometimes a buyer or seller will make promises that they regret later or will agree to things they want to take back. This can be prevented.
5. Be honest. IF you mislead a buyer or seller, it will usually come back to haunt you later.