Before selling your durable medical equipment company, determine the value of the business so you will receive a fair price for your hard work and dedication. A certified business appraiser can help you sift through business documents and inventory sheets. After determining a selling price, hire a business broker to find a buyer. Business brokers with experience in the medical field will put you in touch with medical professionals and business people interested in purchasing your business.
Things You'll Need
- Selling memorandum
- Inventory lists
- Business financial records
- Payroll records
- Business tax returns
Determine the best time to sell your business. Planning ahead can save you money while increasing the business' overall value.
Hire a business appraiser with experience in the medical field to help you determine the value of your business. Contact an organization such as the American Society of Appraisers to find one who is qualified.
Retrieve all financial records, inventory, sales history, client lists and business tax returns. In addition to reviewing your current inventory, a business appraiser will review company profits and losses over the years.
Hire a business broker specializing in the sale of medical equipment and supply companies to find a buyer for your business.
Create a selling memorandum that outlines why you want to sell your business and for how much. Include information about your business such as the number of years it has been in operation, the number of employees, sales volume, types of durable medical equipment sold, and profits made each year.
Negotiate with buyers until a mutual selling price has been achieved. Sign all legal documentation necessary to hand the business over to the seller. Some legal documents can be downloaded from IRS.gov or SBA.gov.
Tips & Warnings
- Hire certified business appraisers and brokers to ensure that you receive a fair price for your business.
- Do not try to sell the business yourself. When selling to friends, relatives or competitors, you may not receive a fair price.
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