Unlike the buying/selling of the family home, where there is a next purchase of a more suitable house or a superior location, selling your pharmacy may be the event that triggers retirement from business ownership. Further to the sale, if you're not buying back into the same market, the proceeds from the sale will need to be sufficient to fund retirement or the next stage in your life. To ensure the best outcome, when you make the decision to sell there needs to be time allowed to prepare the business for sale.
PricewaterhouseCoopers research suggests that "80% of business sales fail to deliver maximum value for either the buyer or the seller".
You need to prepare for the process and the next stage of your professional and personal career.
This is a once in a lifetime exercise for many business owners. As such, it is vital that you are ready and prepared to sell. Whilst the process and essential steps may be managed for you by your professional advisers and/or business broker, your attitude, outlook and willingness to negotiate with potential suitors is often critical. The transaction will be more likely to result in a positive outcome if you are committed to and ready to sell the business.
Thinking of Selling Your Professional Practice?
Practice4Sale provides a specialist service for the listing of professional practices for sale and professional partnerships on offer. We work hard to ensure that the listings on our site are industry specific and targeted to professional users. Listing a business on Practice4Sale is now even easier thanks to our new wizard that guides you through the creation of a listing.
If you are considering selling your professional practice, contact Practice4Sale to discuss some of the solutions we can provide you (or your broker) to advertise your professional practice to our wide base of professional practitioners. For further information, please call us on 03 9853 7542.
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