Is it time to sell your practice? Here are a few questions to think about before you answer:
- Is your practice revenue still growing?
- Is your annual “net new clients” still a positive number?
- How is your activity? Are you seeing as many people as you used to do?
- Are clients starting to ask you about your future retirement plans?
- Do you think your practice will be worth more tomorrow than it is today?
- From a tax point of view, will the after-tax proceeds from your practice be higher or lower in the future? Do you expect taxes to go up, go down or remain the same? Will The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) be extended? (A.K.A. The Bush Tax Cuts.) (Taxes aren’t the only reason to do something, but they are a consideration. Goals and other risk factors need to be considered as well.)
- What do you plan to do after you sell your practice? Have you considered the longevity risk? Yes people are living longer, but what about the quality of life later on? Will you be healthy enough to do all the things you would like to do?
Selling a practice can take years. It may take up to two years to find the right buyer and it may take up to three more to transition out of the practice completely.
Is it time to sell high? Perhaps now is the time to consider your options. There is still time to find a buyer this year.
The first step is to call us and have a chat. We can help you think it through and perhaps provide you with some options. We can develop a valuation of what your practice may be worth to a willing buyer?
Eventually every business changes hands, are you ready? We have qualified buyers.
Contact Ralph Steiner or Ed Howat at firstname.lastname@example.org or call 612.817.1939.
All inquiries will always be held in the strictest confidence.