EP 26: Maximising the Value of your Practice – With Simon Palmer
Episode Summary:
Whether you’re looking to sell your practice or not, it’s always beneficial to maximise the value of your business while you’re still invested in it.
In this episode of Practice Growth HQ, I speak with licensed business broker Simon Palmer. Simon is the Founder and Managing Director of Practice Sale Search, Australia’s leading dental practice brokerage.
During our conversation, Simon shares his extensive knowledge on how to facilitate a smooth transaction when it’s time to sell your practice, the key factors that dictate the price of your practice, and what you can do right now to start increasing the value of your business.
Even if you have no plans to sell anytime soon, you’ll want to start taking the steps outlined in this episode now!
What you’ll learn:
- (09:20) Mixing business with family: Does it ever work? Simon shares his personal experience
- (11:00) Just how many practices get bought and sold each year? Simon takes us through the stats of his business
- (17:07) Putting yourself in the shoes of a prospective buyer: Simon outlines the factors that make it difficult to sell
- (19:59) Multiple businesses under the same ABN? Find out why this is a no-no and what you can do about it
- (24:25) Just how long does it take to sell a practice anyway? Discover what influences selling timeframes
- (28:55) Restraint of trade: What is it and why does it matter when selling your practice?
- (34:08) What dictates the price of your business? Simon shares his best tips for increasing the value of your practice
- (42:56) The practical steps you can take right now to increase the value of your practice today (even if you don’t want to sell for another 10 years)
- (45:50) The biggest problem practice owners come up against when it’s time to sell (and what you can do to prevent this happening to you)
- Plus loads more!
