There will come a day when you start considering selling your practice. Nursing practitioners know when it's time to leave their business to the hands of another capable practitioner. Exiting a business is as hard as starting one. You need to think of whether you are going to sell the practice or choose a partner who will eventually take over the business. If you have children, you may even think of passing it on to them, too.
However you want to exit the business, one thing is for sure- you need to have it ready for the next practitioner and owner. You want the next owner to be happy with the decision of taking over a business. You want the business to have as few complications as possible. Below are a few tips on how to sell you practice and making its next owner happy with that decision.
1. Settle your debts.
Make sure that your business is debt-free. No one wants to take over a business that is drowning with debts. You want your business to look profitable and promising.
Is your practice keeping up with the billing? Make sure that the receivables are under control. Do your accounts have items that can be considered family oriented? If they do, remember to get those settled. Having assets that are used by family members may not be good for prospective buyers so you want to ask your accountant to help you expense them on your books.
2. Check your finances.
Prospective buyers expect you to show them updated books, with profit and loss statements of the business for the last three to five years. It is quite common for small size business owners not to have bookkeepers or accountants. If you are one of them, get an accountant to help you clean up your accounts and prepare the required documents for exiting the business. You need to show documents and proofs that your business is profitable.
However you want to exit the business, one thing is for sure- you need to have it ready for the next practitioner and owner. You want the next owner to be happy with the decision of taking over a business. You want the business to have as few complications as possible. Below are a few tips on how to sell you practice and making its next owner happy with that decision.
1. Settle your debts.
Make sure that your business is debt-free. No one wants to take over a business that is drowning with debts. You want your business to look profitable and promising.
Is your practice keeping up with the billing? Make sure that the receivables are under control. Do your accounts have items that can be considered family oriented? If they do, remember to get those settled. Having assets that are used by family members may not be good for prospective buyers so you want to ask your accountant to help you expense them on your books.
2. Check your finances.
Prospective buyers expect you to show them updated books, with profit and loss statements of the business for the last three to five years. It is quite common for small size business owners not to have bookkeepers or accountants. If you are one of them, get an accountant to help you clean up your accounts and prepare the required documents for exiting the business. You need to show documents and proofs that your business is profitable.
3. Clean your office or facility.
Prospective buyers will want to see your establishment. You want it to look polished, neat and tidy. Invest on some good but affordable furniture and consider repainting dilapidated walls. Keep everything organized, from the documents to supplies and samples.
Perhaps the most important step in being a nursing practitioner is to be to consider the legalities related to your business. See a lawyer and let them know your plans for the business, so they can give you some advice on how to let your business go legally.
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