When selling your practice, the premises you operate from can play a crucial role in attracting buyers and influencing the overall deal. Whether you own or lease your premises, knowing how to approach this aspect of the sale can help ensure a seamless transition.
1. Keep an Open Mind
Buyers have different needs when it comes to premises. Some may want to continue operating from your location, while others may prefer to relocate. It’s essential to remain flexible and consider various possibilities:
- Local Buyers: May already have a workspace and not require your premises.
- Expansion Buyers: Might be looking for an office in your area and prefer to keep your premises.
- Limited Space: Some buyers may need additional space, making your premises valuable.
2. Consider Lease Agreements
If your premises are leased, you should carefully evaluate any lease obligations before selling. Signing a long-term lease shortly before selling could result in unwanted financial commitments.
3. Selling vs. Leasing Your Owned Premises
If you own your premises, you must decide whether to sell them along with your practice or retain ownership and lease them to the buyer. Each option has pros and cons:
| Option | Pros | Cons |
|---|---|---|
| Sell with Practice | Simplifies the sale process, attracts buyers who want stability. | May limit buyer options if they already have premises. |
| Lease to Buyer | Provides long-term passive income, keeps ownership control. | Risk of vacancies if the buyer relocates later. |
4. The Retention Period & Relocation
Keeping your practice in its current location for at least 12 months post-sale can ease the transition. However, relocating to the buyer’s premises may offer advantages such as better team integration.
Frequently Asked Questions
Ready to Sell Your Practice?
Get an accurate valuation and expert advice on selling your practice premises. Click below to request your valuation now.
Request a Firm Valuation