Sell your practice quicker – part three: getting your ducks in a row
Nicola Lomas details some of the various external parties you’ll have to involve when selling your practice.
In the last edition of this series, I discussed the amount of resource business owners need to allocate to the process to ensure the sale of their practice occurs as swiftly as possible. Yet, regardless of the time you set aside, there will always be external parties and factors at play that have the potential to throw an acquisition off course.
The key is to ensure that the various moving parts are aligned, even if they aren’t interacting with one another.
For example, any potential buyer needs to be CQC-registered with a valid DBS check in place. The application process for a DBS certificate can take between eight and 12 weeks, so it pays to have this in place as early as possible.
Similarly, if you have an NHS contract to transfer you will need to give your local area team at least 28 days’ notice. The NHS often insists on completion taking place on the first or last day of the calendar month, which you will need to account for.
If a lease is being assigned then you may also need to secure the landlord’s consent in time to tie in with completion.
Don’t forget your staff
While these contractual formalities will likely become your main focus, it’s important not to forget the human element of the business involved. Ideally employees should be consulted at an early stage to encourage a smooth handover. However, it’s common for this to be left until the deal becomes binding to avoid unnecessary uncertainty amongst staff.
Clearly there are many plates to be kept in motion if you are to avoid periods of stasis, so planning is crucial. Mapping out a timeline with the various tasks and deadlines ahead can make a huge difference as to how quickly your transaction goes through.
If you’d like further insight regarding the issues that slow down practice sales, Brabners provides a full guide to the buying and selling process which is available free of charge and with no obligation when you contact us for a consultation.