Welcome to this week's Market Update.
Now is the time of year when we start to see an increase in enquiries from practice owners looking to sell with their goal to have a sale wrapped up by Christmas. Selling your practice is a big decision and engaging the right expert to support you will increase your likelihood of a successful sale.
To help practice owners, we have identified five key questions that you should ask your business broker before you engage them. We regularly get asked these questions and we feel it is always better to have an open and transparent conversation with prospective clients before we are engaged so that there are no surprises or regrets down the track. They are:
- Do You Only Represent Sellers?
- How Do You Find Buyers?
- How Do You Value My Practice?
- What Is Included In Your Service?
- What about your Fees and Terms?
There are some important considerations for practice owners depending on the response you get and we have detailed these in our latest Blog post which can be found on our website: Five Key Questions to Ask Your Business Broker
If you are thinking of selling and don't understand the difference between an Introducer, a Passive Broker and a Trusted Business Advisor, this is a valuable read. Getting your broker to answer these five key questions will help ensure you receive the right level of service and support, value for money and advice that is truly independent and free from any conflicts of interest.
Meanwhile, May continues to be an excellent month of progress for our clients:
As a reminder we released some new Market Data last week detailing the profile of Practice Owners who are selling. Details are here: Who is Selling Their Practice
Thank you to all those who sent through their feedback on why there are such a small number of female buyers with just one in twenty (5%) revealed from the data. We are giving away a $250 wine or spa voucher for the most insightful response that we receive by 30 May. If you have a view, send us your thoughts to email@example.com (* Refer Terms and Conditions below.)
See you out there!
Mark and Daniel
* Terms and Conditions for $250 Wine/Spa Voucher giveaway. One voucher (winner to choose) will be given to the person who provides the most insightful response at out sole discretion. Submissions must be received by 5pm on 30 May 2023 and emailed to firstname.lastname@example.org to qualify. By sending a response you provide consent to your submission being published or otherwise utlised by DMY (on a de-identified basis) without constraint. Winner will be notified by 1 June 2023.