If you are going to buy a practice, you need to formulate a search plan which is targeted to finding your desired practice. A search plan will allow you to:
- Focus your attention;
- Frame a criteria for ‘what type of practice’ you want and best suits you; and
- Quickly assess any practices that are made available to you.
Elements of a practice search plan
Your search plan will cover:
- Identifying your key criteria for any practice that you would like to buy; and
- Your needs and skills.
The elements of the plan will vary depending your preferences but could include:
- Understanding your skills and experience
- This will drive the type of practice that best suits you.
- Practice focus or specialty
- Location (i.e. metro/rural, proximity to home, etc.)
- Type of practice – single or multi practitioner
- Size (however measured)
- Intended personal commitment (hours or input to the practice from you)
- Timeframes for research and search
- Appetite for risk (risk tolerance or aversion)
These are examples only. Your search plan should be tailored to suit your requirements and reflect your commitment to the process.
Accessing the market
Use www.practice4sale.com.au to gain access to the market.
Success will require a careful and well implemented structured search plan. It will also require a persistent and pro-active approach.
Aside from your search on www.practice4sale.com.au, you should also consider:
- Approaching business brokers which specialise in the practices you are seeking;
- Also contact:
- Accountants
- Bankers
- Lawyers, and
- Other advisers which specialise in the profession
Next week we will consider some tips on using advisers.
Consider the options available for you and use www.practice4sale.com.au to buy or sell a practice.
Pharmacy Business Network – September 20-22, 2013 - Canberra
The Pharmacy Business Network, being held in Canberra from the 20-22 September 2013, may also assist you in your search as well as provide you an opportunity to hear from industry leaders in the areas of business planning, IT, marketing, purchasing, stock and people management.
http://www.pharmacybusinessnetwork.com/event/the-pharmacy-business-network/
Join us at the conference.
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