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3 Must-Ask Questions When Selling Your Business

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Don’t shut down your practice — sell it! Selling your business is a significant life decision, and asking the right questions is crucial. Here we can learn more about your motivations for selling, explore your ideal buyer profile, and guide you in understanding the financial implications of this major step. Kevin Rausch has done this scores of times — let him help you with the prep and process so you can capture your biggest returns. Book a free consultation, not only for sales questions as it relates to your practice — but anything else you are struggling with from marketing to billing. BOOK HERE.

Learn more about Perform Practice Solutions Sales Consulting HERE.

Sell Your Business? 3 Must-Ask Questions To Avoid Regret!

Did you know that the moment you decide to sell your business could be the moment you secure your financial future or set yourself up for regret? Let’s ensure it’s the former.

Consider Sarah, who turned a small café into a local favorite. After years of hard work, she decided to sell but received low offers. In the years prior, she hadn’t pondered the critical questions about what her business was worth and when would be a good time to sell.

Whether you’re aiming to create your next masterpiece, gain financial or time freedom, or retire peacefully, Sarah’s exit experience emphasizes the need for preparation. Many owners either postpone thinking about their exit or skip thinking about it altogether, leading to rushed decisions or seller’s remorse (yes, that’s a thing!).

So, let’s make sure you’re well-prepared to make the most important decision of your life as a small business owner.

Question 1: What is my business worth right now?

Determining your business’s true worth is key to a successful exit. Since M&A experts focus on larger enterprises, you’ll likely need to manage the initial valuation yourself. Use a free, reliable online tool (like this one, from bizval founder Graham Stephen) to compare your business against recently acquired similar ones in your industry. A valuation is not just empowering but crucial for strategically planning your next steps.

A business in the professional education space I worked with was turning over just above $1 million a year. Initially, they underestimated their recurring revenue streams and customer loyalty. After a thorough valuation, their business’s worth increased by 25%. This valuation attracted more serious buyers and set a new benchmark for their selling price.

Question 2: How much do I want when I sell?

This question is the important one for sellers. Especially if they haven’t been saving much or paying themselves a steady salary. When answering the question on how much you want to sell for, consider calculating two different numbers:

  • Walk Away Number’: the amount of money you receive from the sale, after you’ve paid taxes and expenses. If you’re feeling the urge to start your next entrepreneurial masterpiece, selling for your Walk Away Number might mean you’re doing so at your prime, filled with energy and ideas.
  • ‘That Number’: the amount of money you need to secure your lifestyle for the rest of your life, along with other specific financial goals. If you want to free up cash to pay off debts (like your mortgage), start a new project, reinvest it in other assets, or enjoy life unburdened by any financial obligations, you want to sell for that number.

Question 3: How much gas do I have left in the tank?

After answering the first 2 questions, 93% of small business owners come to the conclusion there is a gap between what their business is worth and what they want to sell it for. So the question arises as to how much energy do you have left to close the gap? Apart from the numbers, your personal feelings and energy level are important to navigate towards a life-changing exit. Read about the 7 signs it is time to sell your business.

If life’s curveballs are coming at you fast (health issues, a divorce, or a move) you might not have the time or the energy to close the gap between your valuation and that number. When that happens, selling is not just an inevitable choice, but a necessity for your well-being.

If retirement is on the horizon, you probably have a bit of energy left to push the gas for a little longer, multiplying the value of your business as much as you can, only to enjoy the leisure time, new hobbies, and your comfortable and fulfilling retirement you have longed for.

If your business is no longer bringing you joy, that might be a sign to step out too. Like Maya, a successful entrepreneur earning around $1.2M a year. She felt unfulfilled despite her financial success. She had enough energy left to make 3 crucial changes, multiplying the value of her business as a result. When she sold a mere 2 years later, she got That Number (and then some more), and could honor the desire to create her next masterpiece.

Conclusion:

Selling your business is a significant decision. This article highlighted 3 key questions to consider when pondering selling. Remember, it’s crucial to start asking these questions early, enabling you to sell on your terms and plan for what’s next.

Are you considering selling your physical therapy practice? Don’t navigate the sale of your business blindfolded! Let us craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [ https://www.forbes.com/sites/liendepau/2024/03/18/sell-your-business-3-must-ask-questions-to-avoid-regret/?sh=27433d16440c ]

9 Tips For Growing A Successful Practice

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Whether it’s a PT clinic, chiropractic service, therapy practice, or any other endeavor, every successful business begins with a dream – a vision for a product, a service, or a way to make a difference in the world. But nurturing that dream from a fragile seedling into a towering redwood takes more than just passion. It requires knowledge, strategy, and a willingness to adapt and grow. We can teach you how — and give you the tools to succeed.

Don’t just survive, thrive! Let our Perform Practice Solutions experts analyze your unique needs and craft a personalized plan to reach your goals. Book your meeting to speak with our CEO at no charge on the best course of action for your needs: https://calendly.com/KevinRausch and visit our IG @performpracticesolutions for more tips and info.

Reference: [ https://www.investopedia.com/articles/pf/08/make-money-in-business.asp ]

How Purpose Drives Business Success

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A powerful new movement is placing purpose at the center of successful businesses. Defining your company’s bigger mission unlocks a treasure trove of benefits beyond the bottom line. Here are 5 ways a rock-solid purpose can supercharge your business for the long haul!

In the ever-evolving landscape of business, success is often measured in terms of profits and market share. However, there is a growing recognition that profit is just one piece of the puzzle. In recent years, a new paradigm has emerged, one that puts purpose at the heart of a company’s mission.

In my own experience, identifying and articulating your company’s bigger mission can bring about numerous benefits that extend far beyond the bottom line. Here are five ways that having a well-defined purpose can strengthen your business for the long haul.

1. Giving Meaning To Work

In my experience, when a business defines its core mission, that mission becomes a guide for all the company’s actions and decisions, aligning the organization toward a common goal. For example, our company harnesses the power of an impact tracker to ensure our strides toward sustainability and organic achievements remain steadfast. I have found that this focus helps cultivate a purpose-driven work culture, motivating employees at every level to support our shared vision. This type of method can help ensure that work is meaningful and can contribute directly to achieving a company’s broader goals.

2. Driving Innovation

A unified mission can help foster an environment where innovation thrives. Employees motivated by a shared purpose are more inclined to develop innovative solutions that can further the company’s goals, potentially leading to sustained growth and competitiveness.

3. Clearer Decision-Making

Purpose can serve as a guiding light in the decision-making process. When an organization has a well-defined mission, it becomes easier to discern which actions align with its values and objectives. This clarity can extend across all facets of the business, from product development to marketing strategies and even in day-to-day operations.

4. Strength And Fortitude In Challenging Times

In the face of adversity, a clearly articulated purpose can provide a source of strength and resilience. It can act as a rallying point for employees, reminding them of the larger mission they’re working toward. I have found that this sense of purpose can empower individuals and teams to weather storms, adapt to change and overcome obstacles.

5. Enhanced Customer Retention

Companies that effectively articulate their purpose tend to enjoy higher levels of customer retention. When customers identify with a brand’s mission and values, they form a deeper connection and are more likely to remain loyal. A commitment to organic practices, for example, can resonate with conscious consumers who prioritize sustainable choices. This can not only help your business secure customer loyalty but also attract like-minded individuals who want to be a part of the positive change your company represents.

Implementing A Purpose-Driven Strategy For Sustainable Success

To harness the transformative power of purpose in your business, consider a strategic approach that begins with defining and openly communicating your core mission. Engaging your team in this process can help create shared understanding and alignment with your company’s goals, beyond mere profit.

Next, weave this mission into every facet of your organization, from product development and marketing to daily operational decisions, ensuring that every action taken is a reflection of your defined purpose. You can employ tools such as impact trackers to quantify and showcase the environmental, social or economic effects of your initiatives, providing tangible evidence of your commitment and progress to stakeholders, customers and your team.

Building a culture that breathes your purpose involves creating an environment where employees find meaning in their work and understand how their contributions further the company’s mission. Training programs, workshops and recognition systems can reinforce this culture, elevating employee engagement and satisfaction. Furthermore, engaging customers and partners in your purpose can not only strengthen loyalty but also open avenues for collaboration with entities that share your values, amplifying your impact.

As your business evolves, so, too, should your purpose, adapting to new challenges and opportunities in the market and society at large. This dynamic approach can help ensure that your mission remains relevant and impactful. Encourage continuous feedback from all stakeholders to refine your purpose-driven strategies, fostering a culture of innovation and continuous improvement. By embedding purpose at the core of your business, you not only set the stage for sustained success but also contribute to a larger movement toward a more sustainable and equitable global economy.

Don’t just survive, thrive! Let our Perform Practice Solutions experts analyze your unique needs and craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://www.forbes.com/sites/forbesbusinesscouncil/2024/03/15/why-businesses-should-embrace-the-power-of-purpose/?sh=69c6fdf27b4d]

PT Marketing 101

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Feeling overwhelmed by the marketing world? Unsure how to translate those textbook strategies into real, paying clients? PT Marketing 101 is here to deliver the essential marketing knowledge you need, presented in a clear, concise way that resonates with busy physiotherapists like you. And if you want to truly kick it up a notch, we have outstanding packages with no contracts — that is how confident we are about your success. Call us!

Branding, services, promotions, products, pricing, prints, blogs, advertising, research and social media — all of this is marketing. With all the marketing options out there, it can be difficult for small businesses to know what to do. Marketing is a concentrated effort to do push your brand across a variety of platforms and hope that enough makes it through to your customer. Customers need to hear your message several times, so brand, brand, brand! Here are some simple steps to help you market your small business:

1. Get organized. Getting an organized plan is the first step in any marketing effort. Make one. Start with brainstorming, create themes and transfer action items to a calendar or to-do list. Start small, and try to get a good ROI for everything you do. Create an elevator pitch: What can you tell people about your business, products and services in 30 seconds or less that keeps them interested and wanting more? Get customer input early — if you are opening a storefront or restaurant, try hosting a soft opening or invitation-only event to get your kinks worked out and your mishaps and mistakes out of the way. Whatever you do, make a good first impression.

2. Get a website. In today’s technology-based world, the first thing a potential customer or employee does is Google your business. You need a website to show you’re real and to offer information about your business to potential customers. Make sure your website is mobile-friendly and be sure to ask for search engine optimization. Use Google Analytics to track the traffic to your website, but be leery of people who promise you top positions on search engines. While there are lots of things that can be done to increase your ranking on various search engines, unless the developer works for Google, I would be leery of a promise to get you to the top. Remember that you get what you pay for. There are a ton of do it yourself website services, but depending on the features you need on your site, some things are better left to the experts.

3. Leverage social media. Let’s face it, everyone is on social media these days, and the majority of traffic still occurs on Facebook. If you are not using Facebook for your business, create a page today. You are leaving an opportunity on the table if you don’t. There has been a shift the past few years with more and more retirees joining the social media world. I guess they realize that if they want to keep up with their kids, grandkids, friends and neighbors, they better get with the program. In fact, retirees are often my best brand ambassadors and help promote our events.

4. Set up and claim your business online. Whether you get on board or not, information about your business is and will be on the internet. Wouldn’t you rather proactively control what people read or see about your business when they Google it? Do a search on different browsers to see what information you see about your company and then claim or create a listing for your business.

5. Use Google AdWords. Try utilizing Google AdWords to specifically target the types of products or services you offer. Remember to focus on the quality of a few keywords instead of choosing too many. AdWords are great for targeting specific geographic locations and give you the ability to control your budget with flexible pricing options.

6. Create local awareness and establish a network. Join chambers, business associations, community groups, etc. Find ways to get involved. Networking is a great way to capture business leads as long as you don’t come on too strong. It allows you to meet new contacts and create more brand awareness and new referrals. Sponsor sporting events, nonprofit events or anything that is for a good cause. Get your name out there while also being a good community steward. Give away SWAG (promotional items with your business name, logo and contact info on them). T-shirts are a great example of free walking advertisements for your business.

7. Offer coupons or free products/services. Create loyalty early on. A happy customer will come back and will tell their friends about you. Create a buzz with brand ambassadors. These can be family and friends who help promote your products or services.

8. Advertise. If you build it, they still may not come. You must get out there and tell people who you are, why your product or service is different from the competition and how to find you. Advertising is not a one-size fits all solution. Find what works for you, but whatever you do, you must advertise.

More than anything, focus on consistent, repetitive branding. Many marketing professionals believe in the “rule of seven,” which means people need to hear or see your message at least seven times before taking any action. In today’s world of constant connectivity, you must make sure you’re seen and heard. The most common reason that people do not buy your product is that they do not know about it yet.

Don’t just learn, get results! Let our PT marketing experts analyze your unique needs and craft a personalized plan to reach your goals. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2018/01/23/small-business-marketing-101/?sh=1b1b6df245ff]

How to Fuel Your Business Through Tough Times

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During a volatile economic landscape, even the most adept businesses can find themselves facing unexpected turbulence. Market fluctuations, shifting consumer behaviors, and unforeseen challenges can threaten established operations and cast a shadow of uncertainty on future trajectories. Here, you will find practical strategies to equip you to preserve momentum during economic downturns.

Simple Ways to Keep Your Business Going in Hard Times

These general tips apply to all

Keeping a small business afloat in difficult economic times is challenging. Unfortunately, there is no set playbook to follow to ride out the storm and right the ship. Every small business is different, and each carries its own risks and rewards.

These differences make copying another company’s turnaround strategy to the letter unrealistic. Still, there are some general strategies business owners can follow to help them stop taking on water and start bailing themselves out.

Look at the Big Picture

People have a tendency to attack the most obvious immediate problems with vigor and without hesitation. That’s understandable and might make good business sense in some situations. However, it is also advisable to step back and look at the big picture to see what is still working and what might need changing. It’s an opportunity to better comprehend the size and scope of existing problems and further understand your company’s business model—determining how its strengths and weaknesses come into play.

For example, suppose a small business owner discovers that two employees are consistently making mistakes with inventory that cause certain supplies to be overstocked or understocked. While an initial reaction might be to fire those employees, it could be wiser to examine whether the manager who hired and supervises them has properly trained them.

If the manager is to blame, that person could be fired, but this might not be the best approach. If the manager’s relationships with existing clientele have a history of bringing in repeat business and substantial revenue, they are likely someone you’d want to keep. Retraining might be a better alternative than termination.

By thoroughly scrutinizing the strengths and weaknesses of the employees, the owner is looking at the issue from a top-down perspective, reducing or eliminating the chance that the problems will recur while avoiding a change that could adversely impact future sales.

Fix a similar kind of lens on analyzing how your product or service fits into the marketplace now, how the economic crisis has affected your customers and suppliers, and all the other key aspects of your business. You need to know how well your business model fits the current environment and forecast what various alternative scenarios of the future might mean for it.

Inventory Your Staff

Payroll is often one of the top costs a small business owner has, so seeing to it that the money is well spent makes sense. This may involve a thorough review of the staff—both when a problem arises and during the normal course of business—to make sure the right people are on board and doing their jobs effectively.

Both small business owners and large corporations tend to be penny wise and pound foolish when they hire the least expensive workers. Sometimes the productivity of those workers may be suspect. Hiring one worker who costs 20% more than the average worker but works 40% more effectively makes sense, particularly during periods of crisis. By constantly seeking resumes and interviews with new people, business owners can make changes to staff when needed to increase efficiency.

Ensure Access to Cash

Small business owners should take steps to ensure that the company has access to cash, particularly in periods of crisis. Visiting a bank loan officer and understanding what’s required to obtain a loan is a good first step, as is opening a line of credit in advance to fund possible short-term cash-flow problems. Establishing a good relationship with a banker is always useful for a small business.

Small business owners should have other potential sources of capital lined up as well. This might include tapping into savings, liquidating stock holdings, or borrowing from family members. A small business owner must have access to capital or have a creative way to obtain funds to make it through lean times.

Start Sweating the Small Stuff

Although it is important to keep an eye on the big picture, a small business owner should not overlook smaller things that may have an adverse impact on the business. A large tree obstructing the public’s view of the business or the company’s signage, inadequate parking, lack of road/traffic access, and ineffective advertising are examples of small problems that can put a big dent in a business’ bottom line.

Considering and analyzing the numerous factors that bring customers in the door can help to identify some problems. Going through your quarterly expenses line by line may also help. Owners should not be checking for one-time expenses here, as those items were most likely necessary charges. Instead, they should look for small items that seem innocent but are actually draining the accounts.

For example, the cost of office supplies can quickly get out of hand if they are ordered improperly. Similarly, if your supplier increases product prices, you should consider looking around for a cheaper supplier.

Don’t Sacrifice Quality

Keeping a handle on costs is crucial in tough times. Owners need to stay on the offensive and get employees on board with changes that are being made. However, be cognizant of not sacrificing quality when making these product changes.

Business owners seeking to improve profit margins should be wary of making dramatic changes to key components. For example, if a pizzeria is going through a dry spell, the owner could seek to expand margins per pie by purchasing cheaper cheese or sauce ingredients. Note that the strategy could backfire if customers become dissatisfied with the taste of the pizza and sales decrease. The key is to make cost and other cuts that don’t compromise the quality of the finished product. Perhaps there is a way to cut the price of takeout boxes or paper napkins instead.

How Does a Bad Economy Affect Business?

A bad economy can hurt a business in a number of ways. Adjustments to interest rates could affect a business’s ability to borrow necessary funds. People saving their money during a period of economic uncertainty could mean they are spending less and therefore the business has fewer customers. Some sectors may come to a relative standstill if the market falls enough.

Can a Small Business Thrive in a Bad Economy?

A small business can absolutely thrive in a bad economy but it depends on the business and how they are structured, which line of business they are in, and if that business has the ability to make necessary adjustments in order to retain profit or simply stay open.

How Do You Survive Hard Times in Business?

Companies can cut costs, which is a common thing to do when facing hard times. This can mean laying off non-essential staff or executives taking a temporary pay cut. Companies making a physical product can change their suppliers, while others may opt to use less expensive materials. Businesses can also issue equity or take on additional debt, although those can be quite risky depending on how they are implemented and the long-term effect on the company.

The Bottom Line

When times become difficult for your small business, it is important at that point, more than ever, to retain a cool head. Sometimes, there is a simple solution that may help you keep the business running that you wouldn’t have noticed if you were too stressed or bogged down in tiny details. Being aware of the big picture and making sure you as the number one employee are performing well are the number one priorities during a period of hardship.

Let our PT marketing experts analyze your unique needs and craft a personalized plan to reach your goals. We’re here to help you with proven techniques and ongoing support to navigate any marketing challenge. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

Reference: [https://www.investopedia.com/articles/pf/09/keep-small-business-afloat.asp]

Essential Steps for Selling Your Practice

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Selling your PT business is a significant decision that requires careful planning and strategic execution. Here, we explain this intricate process, offering valuable insights and practical tips for entrepreneurs navigating this critical juncture in their business journey. We’ve done this more than just a few times, so if you would like guidance and support, Perform Practice Solutions is here. You can book a consultation with Kevin Rausch at any time do discuss your challenges and brainstorm! 

7 Steps to Selling Your Small Business

Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker, accountant, and/or an attorney as you proceed. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business’s operation, and its structure.

The business sale will also require much of your time and, once the business is sold, you’ll need to determine some smart ways to handle the profit. Reviewing these seven considerations can help you build a solid plan and make negotiations a success.

KEY TAKEAWAYS

  • Identify why you want to sell your business and make sure it’s ready to be sold.
  • Take the time you need to prepare your business for sale, determine the value of your business, and consider hiring a business appraiser.
  • Decide whether you want to hire a broker or negotiate the deal yourself.
  • Once you find a good buyer, there are a series of financial screenings and other steps that need to be taken to keep the process moving.
  • Take the time to work with a financial professional and determine how you want to invest or otherwise use the money you make from the sale of your business.

1. Identifying the Reasons for the Sale

You’ve decided to sell your business. Why? That’s one of the first questions a potential buyer will ask.

Owners commonly sell their businesses for any of the following reasons:

  • Retirement
  • Partnership disputes
  • Illness or death
  • Becoming overworked
  • Boredom

    Some owners consider selling the business when it is not profitable, but this can make it harder to attract buyers. Consider the business’s ability to sell, its readiness, and your timing.

    There are many attributes that can make your business appear more attractive, including:

    • Increasing profits
    • Consistent income figures
    • A strong customer base
    • A major contract that spans several years

    2. Deciding the Timing of the Sale

    Timing is everything. And that includes the time it takes to get everything ready to sell off your business.

    Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure, and customer base to make the business more profitable.

    These improvements will also ease the transition for the buyer and keep the business running smoothly.

    Selling a business involves negotiations, discussions, and a lot of leg work. If it’s not possible for all this to occur in person, then certainly using services like Zoom or Skype to hold business meetings with potential buyers digitally is possible.

    3. Getting a Business Valuation

    Determine the value of your business to make sure you don’t price it too high or too low. You can do this by finding and hiring a business appraiser to get a valuation.

    Once you hire an appraiser, they will draw up a detailed explanation of the business’s worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.

    You can also determine the overall value of your business using some key metrics. Consider evaluating your company by determining the market capitalization, looking at earnings multipliers, book value, or other metrics.1

    4. Hiring a Broker

    Selling the business yourself allows you to save money and avoid paying a broker’s commission. It’s also the best route when the sale is to a trusted family member or current employee.

    In other circumstances, a broker can help free up time for you to keep the business up and running, or keep the sale quiet and get the highest price. That’s because the broker will want to maximize their commission. Discuss expectations and advertisements with the broker and maintain constant communication.2

    Even if you decide to sell your business to a close family member or employee, rushing through the sales process is not advised. However, if a relatively quick turnaround is needed, hire a business broker to speed up the proceedings.

    5. Preparing Documents

    Gather your financial statements and tax returns dating back three to four years and review them with an accountant. In addition, develop a list of equipment that’s being sold with the business. Create a list of contacts related to sales transactions and supplies, and dig up any relevant paperwork such as your current lease. Make copies of these documents to distribute to financially qualified potential buyers.

    Your information packet should also provide a summary describing how the business is conducted and/or an up-to-date operating manual. You’ll also want to make sure the business is presentable. Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale.

    6. Finding a Buyer

    A business sale may take anywhere from a few months to years. This includes the time you take to prepare all the way to the end of the sale, according to SCORE, a nonprofit association for entrepreneurs and partners of the Small Business Administration (SBA).3

    Finding the right buyer can be a challenge. Try not to limit your advertising, and you’ll attract more potential buyers. Once you have prospective buyers, here’s how to keep the process moving along:

    • Get two to three potential buyers just in case the initial deal falters.
    • Stay in contact with potential buyers.
    • Find out whether the potential buyer pre-qualifies for financing before giving out information about your business.
    • If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.
    • Allow some room to negotiate, but stand firm on a price that is reasonable and considers the company’s future worth.
    • Put any agreements in writing. The potential buyers should sign a nondisclosure/confidentiality agreement to protect your information.
    • Try to get the signed purchase agreement into escrow.

      You may encounter the following documents after the sale:

      • The bill of sale, which transfers the business assets to the buyer
      • An assignment of a lease
      • A security agreement, which has a seller retain a lien on the business

        In addition, the buyer may have you sign a non-compete agreement, in which you would agree to not start a new, competing business and woo away customers.4

        A business broker often charges an average of 10% for businesses under $1 million; while that may seem steep, the broker may also be able to negotiate a deal that is better for you than the one you would have arranged by yourself.

        7. Handling the Profits

        Now that you’ve sold off your business, it’s time to figure out what to do with the profit that you’ve made. The first instinct may be to go on a spending spree, but that probably isn’t the most wise decision.

        Here are a few things you may want to consider:

        • Take some time—at least a few months—before spending the profits from the sale.
        • Create a plan outlining your financial goals, and learn about any tax consequences associated with the sudden wealth.
        • Speak with a financial professional to determine how you want to invest the money and focus on long-term benefits, such as getting out of debt and saving for retirement.

          How Do You Sell a Franchise Business?

          You’ll need to work in conjunction with your franchiser, as they will need to determine if the new buyer is appropriate. Plus, that new buyer will need to sign a franchise agreement with the franchiser.5

          There are a variety of fees and rules associated with owning or selling a franchise that can be found in the FTC’s compliance guide.6

          How Do You Sell a Business Idea?

          It’s possible to approach a company with a business idea, but first, you need to do your research, prepare a presentation, and research and approach potential targets. While some business plans are best protected with a patent, others can be secured by getting a potential company you want to work with to agree to a non-disclosure agreement.

          How Do You Sell a Small Business Without a Broker?

          While many people would like to avoid the 10% a business broker may charge, the risks of selling on your own may outweigh the loss of money. But if you’re going to go it alone, prioritize selling to a buyer you know, make use of the advice of experienced, retired owners and executives, and use all the internet resources available, such as the Small Business Administration, or the National Federation of Independent Business (NFIB).

          How Do You Sell Your Share of a Business?

          Selling your share of a business to your partner(s) is a common ownership transfer method, particularly for small businesses. Having an agreement in place with your partners ahead of the sale will help smooth the transition, increasing the likelihood that both the staying and exiting partners benefit.7

          How Much Does It Cost to Sell a Business?

          If you go through a business broker and your business is under $1 million, the broker’s commission is likely 10% to 12%. Other fees that can crop up include attorney fees, marketing fees, and the costs of making any cosmetic or more substantial upgrades to your business so as to make it more sellable. There are also fees that may come up if you are transferring a lease to the new owner of your business.1

          The Bottom Line

          Selling a business is time-consuming and for many people, it’s an emotional venture. A good reason to sell or the existence of a hot market can ease the burden, as can the help of professionals.

          It may also be possible to receive free counseling from organizations such as SCORE, and your local chamber of commerce may offer relevant seminars and workshops. When all is said and done, the large sum of money in your bank account and your newfound free time will make the grueling process seem worthwhile.

          Are you ready to sell your physical therapy practice? Or perhaps just thinking about getting ready to sell? We’re here to help you get ready and navigate you through all the steps to get it done right. Contact us at (833) 764-0178 and visit our IG @performpracticesolutions.

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          Empowering Primary Care Providers

          Empowering Primary Care Providers

          Primary care providers play a pivotal role in delivering essential healthcare services to communities. By empowering these frontline healthcare professionals, we can improve ….

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          physical therapy marketing solutions

          Perform Practice Solutions helps clinic owners nationwide adjust to the changing and challenging reality of practice ownership. With its innovative coaching platform, transparent billing platforms, and marketing services, Perform Practice Solutions provides frustrated and hard-working owners with an alternative way forward. It's not easy, but it is possible.

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