If you’re contemplating selling your med spa, you are likely spending a lot of time mulling over your options. This is quite possibly the biggest business decision you will make in your life, and it’s only natural to want to ensure you get it right. We applaud your commitment to researching this decision.
While every med spa owner is different, we have found these questions helpful for most who are considering selling their med spa.
If you’re considering selling your med spa, answer these questions below to help determine if selling your spa is the right call. The questions will be in a quiz format, so read on, keep tabs on your score, and then look at your results at the end of the quiz!
Do I Enjoy Practicing?
This should be a no-brainer! If your heart is not into patient care, it’s likely time to leave practicing altogether for greener pastures. Running a med spa is rewarding work, but it takes a lot of effort and upkeep to provide excellent patient care. Many med spa practitioners slowly find themselves not enjoying practicing after some time in the field. If that describes your situation, it might be time to consider selling your med spa.
- I Am Ready To Leave: 10 Points
- I Am Considering Leaving: 5 Points
- I Do Not Have Plans Outside of Practicing: 0 Points
Do I Have Other Plans?
The sale of your practice is an excellent springboard into whatever is next in your life. Maybe it’s a new business venture, a career change, or partial retirement. Regardless of the reason, know that selling your med spa, likely your most valuable asset, is a great way to achieve those goals.
- I Have Plans That Would Benefit From Sale: 10 Points
- I’m Considering Plans That Would Benefit From Sale: 5 Points
- I Do Not Have Plans Outside of Practicing: 0 Points
How Much Time Am I Spending on Administrative Tasks?
This might not be intuitive, but the amount of time you spend on administrative tasks is a leading indicator of whether you’re ready to sell. If you entered the industry to tend to patients, time spent on routine upkeep likely does not fulfill your vocational passions. Obviously, some administrative work is necessary when owning a med spa. However, you might be ready to sell if you spend massive amounts of time just keeping the lights on in your spa.
- I Spend Large Amounts of Time on Administrative Tasks: 10 Points
- I Spend Some Amount of Time on Administrative Tasks: 5 Points
- I Spend the Appropriate Amount of Time on Administrative Tasks: 0 Points
Am I Ready To Retire?
If retirement is on the horizon, leveraging your most valuable asset is an enticing strategy. In our experience, selling to springboard into retirement is a surefire way to end your career on a high note.
- I Am Ready To Retire: 10 Points
- I Might Be Ready To Retire: 5 Points
- I Am Not Ready To Retire: 0 Points
Your Score
Now that the quiz is complete, tally your score and check out your results!
- 30 Points or More: You’re Ready To Sell
- 10 -25 Points: You Could Be Ready To Sell
- 0-5 Points: You Are Not Ready To Sell
However, if you need a second opinion from a trusted industry expert, contact Triumphant Partners. We’ve helped practices sell and transition and are ready to share our industry knowledge with your spa!
Selling and transitioning a med spa is the most important sale of your life. If done right, you can leverage the sale of your most valuable asset to achieve your goals ahead of schedule and walk away after a successful sale. However, this depends on finding and selling to the right partner at the right price and terms. That can be easier said than done.
What’s more, you could be leaving money on the table if you attempt to sell your med spa on your own. Many partnership organizations will try to lowball you to achieve the best possible deal for their ends. The deception doesn’t end there; many of these organizations will also secure the best possible terms for themselves if the doctor they’re buying from is staying on.
The rewards for selling are great, but the risks are also significant. The wrong partner could leave you with a lowball offer, disadvantageous terms, and more headaches than you’d prefer.
That’s why it’s so critical that you call your trusted transition partner for a free consultation today!
We have years of industry experience, experience that makes us unmatched in finding the right partner for our clients. We work to help you understand the true value of your med spa and then move on to helping you qualify prospective buyers and screen letters of intent.
Our team will ensure that you have the right partner and feel fully confident in all elements of the deal and sale. Once you have that confidence, we equip your attorneys with relevant data for negotiation at close so that you can close at your price, timeline, and terms.
But you’ll need a trusted expert to help you reach that goal and navigate the hurdles of selling a med spa to the right partner. If you want to sell your med spa, call the Triumphant Partners team for a courtesy consultation today!
