Pitfalls in Selling Your Practice
My experience as a consultant representing buyers and sellers of retirement and wealth management firms has shown me a couple of weaknesses and vulnerabilities to plan for in selling or buying. these include:Problem: Buyers Do Not Honor Payment Terms – Occasionally buyers will either slow pay or not pay or honor the terms of the agreements. This leaves the seller with the dilemma and expense of suing or little recourse.
Solution: Make contingency plans, for example an escrow fund.
Problem: Conversion of New Clients to Buyer – The needed on-going work to transition the purchased clients is not done or falls “thru the cracks.”
Solution: Plan with existing staff and the seller for the on-going, daily work of contacting the new clients and following thru. It is much like bill collecting.
Let me help you plan and execute a transition and selling your practice or buying some. You can reach me at firstname.lastname@example.org.