how to sell  a 13 year practice

[Arm the Homeless]

I want to sell my practice of 13 years. I live in Michigan.Does any one have thoughts or suggestions.  I have thoughts of using a business broker.  I also need to figure out what my practice is worth. Thanks for your help

 

[Man of Action]

how to sell  a 13 year practice

I've never sold a practice. I imagine you will receive lots of helpful tips from those who have...so we will both be informed آ  Personally, I don't think it would be too hard to sell solid equipment in good shape, or lease out what was a terrific location...but I think our field is rather peculiar in respect to clients...how do you know that the person to whom you are selling your practice will please them, since they, over the years have very selectively chosen you? Will you know enough about the buyer to be able to  project a future dollar figure, since success will be based on the buyer's ability to fufill their particular needs and preferences?And I wonder if you would need their permission to transfer records containing personal information... آ 

 

[kLeigh]

how to sell  a 13 year practice

Hi Mariavic.I sold my glass contracting business a few years ago, and can back up what gutehands has said to a degree. Obviously, it is a different type of business, but the issue of clients is similar. Your customers have a relationship with you. If you are no longer there, they have to determine whether to stay on with the new people or not, and it may be just enough of a challenge for them that they won't bother. From the selling point of view, that renders your client list unpredictable, and therefore not a real asset. The hard assets you have, equipment, space, advertising, are what a buyer might look for.My way of dealing with the client issue was to agree to stay on as a manager for 3 years, servicing my old clients and working with new clients the purchaser brought in. The purchaser needed someone to run the shop, so it worked to their advaneforum.xxxe to have me stay, and I had a guaranteed income for 3 years! I used a broker. He was a great guy; helped me get listings in the right places, helped me decide what to say and not say, made sure the legal stuff was in good order. He was recommended through my accountant, so I felt very comfortable using him. I suspect they are not all like that, so it might be worth shopping for someone good. If you don't mind my asking, why are you selling?

 

[Wiings]

how to sell  a 13 year practice

Good questions regarding the transfer of personal knowledge -- Gute!I would think a business broker who has experience in selling other service type businesses would be helpful in valuing the potential client base for a new owner.I look forward to reading additional information about this topic as well.Best of luck to you maria.

 

[SamJenkins]

how to sell  a 13 year practice

ok... this may not be the best of help, but it may at least get you started.

I know about chiropractic, so it is the info I can at least add as a possible help... so sorry I don't know about this in the massage realm, but I have been curious about it for a few years now, so, I hope to learn from what you find out.

http://www.eparagongroup.com/FAQ.htm  --- is a group who can appraise and sell a healthcare practice.... and is used by chiroprators on a fairly regular basis.  You could start by checking out their pages and see what they have to offer, I guess.  But, I have not looked over it much, so, I'll leave that part to you.

I know there are some other places who do the same thing, but, I just don't know their names off hand.  You could contact one of the chiropractic colleges and see if they'll give you a list of people that do that kind of work, and maybe you can track down someone who sells massage practices through that.

If I were going to contact a school for info, I'd think the most helpful one for something like this would be: Life Chiropractic College in Georgia.... just a hunch, as far as what I have seen in publication material from them over the years, that they will be most helpful.

 

[Bending the Skies]

how to sell  a 13 year practice

I also found this:

http://www.mergernetwork.com/index.cfm

when googling:  http://www.google.com/search?q=massage+practice+for+sale&hl=en&lr=

 

[quailie234]

how to sell  a 13 year practice

Hi all THANK YOU for your input, time and energy....I'm  moving to another state,MERLESCUZ

 

[jacovkss2]

how to sell  a 13 year practice

Though I haven't read it, there is a book specified to marketing, building, and eventually selling your practice. It's a pretty popular book, let me see if I can remember the name of it...Oh yeah!Success Beyond WorkAny first-hand reviews, anyone?

 

[Gareth Moore]

how to sell  a 13 year practice

Heck, I just had another thought!   You could advertise it HERE in the Employment forum and see if you can work out something with one of our members.Maybe something where they pay you a down and then over time a perceneforum.xxxe of the office.... and take over the rent?Just a thought.

 

[Save the wolves.]

how to sell  a 13 year practice

Thanks for the thought Texas- gal...keep 'em coming

 

[Ren]

how to sell  a 13 year practice

As a fellow Michigander I would be interested to know where in Michigan your practice is.

 

[Butterfly2Kiss]

how to sell  a 13 year practice

Hi Mariavic, I too am a Michigander and would like to know more info on your business.   Just another suggestion, if you do start referring your clients out, be sure to get their client referrals in writing to pass along to put your people at ease. Just a thought.   chrissy

 

[i see yooh!! :D]

how to sell  a 13 year practice

While I am thinking about it, as a side note, I ran into a therapists' client a while back, who informed me her therapist was moving, so she was out trying to find a new MT.I contacted him and told him I'd be happy to give him a massage, show him how I practiced, make up post cards and even labels (if he wanted me to, though I figured at the time he may not want to share the client info, and now with HIPAA couldn't anyway)... but I still offered to have post cards made and provide poseforum.xxxe -- so that he would have a nice mailer to send to all his clients or keep in his office through the transition, for any who wanted to come see if we could fill his shoes. He actually never took me up on the offer and left town anyway.  The sad thing is it would have been a win-win-win situation for us, him and his clients.  Just another twist on things for all the therapists to think about if you can't make the sale work.I am still curious to know if you have found any more info on selling the practice, too.  

 

[Dewayne]

how to sell  a 13 year practice

I just had a friend that purchased a practice from a woman and what they did was, they worked together for a while.  Slowly, the owner started to hand my friend clients and ws there for the transition, and it went quite smoothly.  I assume in this kind of situation that ther is always going to be a loss, but I think if you stick around for the transition it shows your exsisting clients that you still care and might make it that much easier.  It is more time consuming but I think more worth it in the end! Also you have the opportunity to know that your baby of 13 years is going into the right hands!! (hehe nopun intended! )