When a doctor decides to retire, or move on to another opportunity, they have the daunting task of finding a buyer. This is no small feat as the medical industry is extremely complex and buyers are often very particular about the details of a potential purchase. So, what do buyers look for when buying a medical practice?
In this blog post, Catheryn discusses some of the key factors that are important to both sellers and buyers in the medical industry.
Buyers Do not Want Surprises
One of the most important things for buyers is that they want to know what they are getting into. No one wants any surprises after closing on a medical practice. That is why it is so important for sellers to be upfront and honest about the condition of their business. This includes being transparent about financials, staff, patients, and any potential problems that may arise. It is also important for sellers to provide buyers with a realistic picture of what the future looks like for the practice. This includes things like projected growth, expected changes in the industry, and anything else that could impact the business down the line. By being upfront about these things, sellers can give buyers the peace of mind they need to make a decision.
Buyers Want a Turn-Key Business
Buyers look for is a business that is “turn-key.” This means that the business is ready to be operated without any major changes or renovations. For medical practices, this often includes things like having up-to-date equipment, a well-trained staff, and a solid patient base.
Buyers Want a Business in Compliance
Buyers want a business that is in compliance with all applicable Australian laws and regulations. This can be a complex issue in the medical industry, so it is important for sellers to have everything in order before putting their practice on the market.
Buyers Want Excellent Value
Buyers want value for their money. This does not necessarily mean that they are looking for the cheapest option, but a business that is priced fairly in relation to its condition, size, and future potential. To determine the value of a medical practice, buyers will often look at things like the financials of the business, the condition of the facilities and equipment, and the potential for growth. By taking all these factors into account, buyers can get a clever idea of what a fair price would be for the business. Sellers should keep these things in mind when preparing to sell their medical practice. By understanding what buyers are looking for, sellers can position their business in the best viable way to attract potential buyers.
Buyers Want Sellers That Collaborate with Brokers
If you are a seller, it is important to collaborate with a broker who understands the medical industry. They will be able to help you navigate the complexities of the sale process and make sure that you are getting the best possible deal.