Clear and concise communication is key.
It starts with clear marketing of what you have for sale. Use www.practice4sale.com.au to get the message out there in a confidential and managed way.
Also, clear and good communication with stakeholders is very important. Make sure you communicate with both staff and customers. The transferability of business, and by implication the goodwill included in any business sale, is founded on these two stakeholders continuing to support the business and treat with the new owners once you've sold the business and are into the next phase of your career.
A good broker will help you manage this process and transition. However, as the vendor, you need to take responsibility to help your staff (team) and customers (clients) through the transition. Your objective is to ensure the good ones stay with the business.
This week's blog deals with a few key steps to helping your good customers or clients stay with the business when you have sold.
This is important for two reasons:(1) it ensures that the value of the business you are selling is supported by ongoing business with customers; and(2) it helps customers.Here are 4 key steps to communicating to customers and retaining the value of your practice (business)
1. Timing - Plan
Develop a considered and timely program for your communications.
Obviously, don't start any communications until the Contract or Sale is unconditional and/or a certainty. Once you know that it will sell, then work towards relevant and personal communication with clients.
You may want to consider a range of communication tools and advise key clients personally. Also schedule the communications to dovetail with the buyer's plans and consider confidentiality.
You do not want to spoil the value of the business for your buyer or limit the buyer's ability to market the benefits of the 'new ownership'.Work together to develop an agreed joint communication plan with the buyer and your broker.
2. Prioritise
Work with major clients first and then communicate to other clients in a logical order of priority. Recognise each client's contribution to the practice (business) and communicate accordingly.
It is also important that any communication reassure existing clients of the ongoing viability of the practice (business) and their respective importance to the business. Where possible, and appropriate, encourage them to stay with the practice and the plans/strengths of the new owners.
3. Details and information rich communications
Clients will generally want to know the details on what will occur and how the sale of the practice will affect them.
This may require you cover issues like:
- key dates and expected timetable
- specialty skills and expertise of the new owners
- how the practice (business) might change with your departure as the owner (if at all)
- if appropriate, provide contact details for new owner(s) and key staff
4. It a new chapter in the life of the business
The practice (business) will hopefully survive beyond you. Hopefully it will survive many sellers and remain relevant to its market.
While, in some instances, it may be a sad occasion for you as the seller, it should be conveyed in a positive light for clients. There are many reasons for people to sell. On some occasions you may not have had the choice you would have liked or the timing may not have been ideal for you. Nevertheless, your communications with clients should be upbeat and positive.
Focus on the survival and value of the practice.
Use the same marketing message and flavour of communication that made your practice successful and built your relationship with your clients.
Are you in the pharmacy industry? We'd like you to join us at out Pharmacy Industry and Bankers Dinner in Brisbane and help raise money for the Guild Members' Disaster Appeal 2013.
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