As selling a practice is something that is generally done only once in a lifetime, it is not surprising that we receive a great many telephone calls from practitioners who are contemplating the sale of their practice and who need help to make an informed decision. Questions we are asked can be specific to a particular practice, but most apply generally across the board to just about any size or type of practice, e.g.:
- How much is my practice worth?
- Over what period should I expect payment of consideration?
- Is there much interest for practices - with this amount of turnover / with average fees of this size / in this area, etc?
- Will I be required to work for a period of consultancy?
- What is the normal period for clawback? How does it protect me?
- What happens to my capital account?
- What happens about my work-in-progress and debtors?
- How can I improve the value of my goodwill?
- How long does the process of sale take?
- I have a couple of long serving members of staff and would like to see that they are looked after. Is this possible?
- Can you find someone to take over my premises?
Often the answers provide the reassurance needed to enable the practitioner / firm to make the decision to sell. But, sometimes, the answers are used to help make a decision about the best time to retire, which may be several years from now. Whatever you decide to do, we can help make the process of selling your business as easy as possible, whenever you decide to sell.
Clearly, these questions are also those most frequently asked by potential acquirers and merger parties, although generally in reverse. Whether you wish to sell, merge or buy, please call us for a confidential discussion during which we will be happy to answer any general queries you may have.