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HomeBest Practices → Thinking about selling a medical practice? How to prepare your business

Thinking about selling a medical practice? How to prepare your business Print E-mail
Written by Jackie Bain   
Tuesday, 09 April 2019 16:54
 
Thinking about selling a medical practice? Here are 5 steps for preparing your business in advance of a transaction.
  1. Visit your financial planner.
Be sure that you can afford to leave the business, if you are retiring. Most times, buyers will require a comprehensive non-compete and you should be absolutely certain that you are financially prepared to retire or sell before you sign that restrictive covenant.
  1. Visit your accountant.
Get your financial history in order. Review and re-review your tax returns and profit statements for the past three years to ensure that the business is appropriately reflected in those records. Take the time to clean up any "creative" bookkeeping so that the buyer is given a complete and accurate picture of the business they are buying into. You are likely going to have to make a representation that your financial disclosures are true, so take the time to get comfortable with that representation early on.
 
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Last Updated on Monday, 06 May 2019 17:56
 


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