Defining Your Why Ahead Of Selling Your Practice

You’ve put a lot of time and effort into building your practice. So, when the time comes to sell, it’s essential to approach the process with a clear understanding of your motivations and goals.

Before putting your business up for sale, it’s important to define the “why” behind your decision. What are your reasons for selling? What do you hope to achieve by selling your business? It’s crucial to take the time to think through these questions and write down your answers.

Defining your “why” can provide the motivation and clarity needed to move forward. It can also help you communicate your motivations to prospective buyers who will want to know why you are selling before committing to the buying and selling process.

  • Where do I see myself in 5-10 years?
  • Looking back what would make me say that was a successful transaction.
  • Have a plan in place (or in the works) for proceeds – think how you would advise a client on the sale of their business.
  • Ask yourself if your assumptions on value are based on facts/data (a certified practice valuation is the right tool for providing clarity here).

It’s important to note that defining your “why” is not a one-time task. Continuously reassessing your reasons for selling can help ensure that you stay focused and aligned with your long-term goals.

Whether you are considering a sale or looking to grow your practice for the future, a certified practice valuation helps you navigate whatever lays ahead by providing you with a solid understanding of where your business is at right now – your strengths, gaps, and opportunities.

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