Negotiating a healthcare business transaction is a complex process that takes time and effort, so if you’re thinking about buying or selling, it’s always important to be prepared to enter the market.
Be sure to have your financial records in good order, from operating statements to payroll information to tax documents. Prepare reports that can accurately show the status of your business, such as accounts receivable, admissions and discharges, referral sources, marketing efforts, etc. Make sure you have a strong management team in place. All of these steps will make the due diligence process run more smoothly if a purchase offer is accepted. And be prepared that there will be bumps along the way – staying the course when inevitable challenges arise is key.