From both a business and emotional perspective, the decision to sell your Medical Aesthetic practice is monumental. You may be exiting for any number of reasons: retirement, relocation, career change, illness or divorce, among others. But regardless of why, the most successful sellers focus on how: How to vet and evaluate prospective buyers. How to create a cohesive transition plan. How to develop a timeline. And maybe most important of all, how to know when it’s time to call on an experienced consultant to help optimize the process.With over 20 years of collective experience in the Medical Aesthetic space, JobSnob has the knowledge and expertise to be your right hand every step of the way. We like to think of ourselves as matchmakers: You have a need—we find you the right partner. Here are a few tips for streamlining a seamless transition.1. CONNECTIONS ARE KEYWhy utilize the services of a consultant? Several advantages include:Vetting potential buyersWho’s interested—and who’s qualified to purchase your practice. We’re well-versed at making introductions to the right people. Plus, no one industrywide has a more extensive, all-inclusive network to draw from.Initiating and expediting the processAs the first point of contact, we’re able to evaluate buyer interest and purchase specifications, which means you only connect with viable candidates. But our role doesn’t end there. Once a potential match is identified, we facilitate subsequent communications and information exchange to determine fit and compatibility—especially important if buyer and seller will be working together for a period of time following the acquisition.Industry expertiseWe draw on our connections to refer a targeted team of trusted advisors as needed. Our roster includes accomplished specialists in three key areas: financial, legal, and real estate. From valuations to health care transition law, we can connect you with the top experts to help get the job done.2. THE EARLIER YOU START THE PROCESS, THE BETTERWhether you’ve already made the decision to transition your business—or are strongly headed in that direction—start creating a timeline to maximize the value of your practice. Give yourself as much time as possible to: Get your financials and books in orderProspective buyers will generally ask for up to five years of financial statements. Distinguishing operating revenue from total revenue is important, because it provides valuable information about the productivity and profitability of a company's primary business operations. It’s also important to categorize revenues—for example, surgical procedures, office consultations, lasers/devices, injectables, and skin care products.Strategically reduce operational expendituresThink administrative costs, marketing expenditures, inventory—all are potential areas where even small cuts can dramatically affect profitability. Make sure to be thoughtful about any cost-reducing measures so that you don't negatively impact growth.Add to your overall valuation.

• Focus on customer service and retention. Cast a wide net, encompassing everything from proactively booking follow-up appointments to maximizing your loyalty programs. Increasing the number of active clients in your database will increase its value.
• Make generating new patient leads a priority. If you don’t already have one, add a “Book A Consultation Now” button to your website. An added bonus: You can re-market to interested consumers via ongoing email communication.
• Amp up sales and marketing efforts. A more structured program will give you tangible metrics to prove added value.

3. RELY ON THE DATABenchmarking your practice against objective market data not only gives business owners a tool to measure their success—it provides prospective buyers with a thorough, up-to-date financial snapshot against the industry. All sellers hope for the highest valuation possible, but those who don’t base that value on real data could be in for a difficult time. JobSnob’s MedAesthetic Pulse data platform provides unbiased analytics which allows you to benchmark your practice versus others across the nation and in your region. The data is objective, real-time, and invoiced-based, and can add another layer of intelligence to support both buyers and sellers.4. DEVELOP A TRANSITION STRATEGYOnce a buyer and seller connect, there’s still work to be done. While paperwork is being finalized, a comprehensive transition plan has both internal and external ramifications. Internally, it’s important to map out how new leadership will affect existing staff, both short- and long-term. And because existing client buy-in and support directly impacts conversion rate, it’s essential to assess how to best position the transition. Again, it can pay off—literally—to enlist experienced consultants like JobSnob for guidance and support.Thinking about selling or buying? Find out how JobSnob, the quintessential Medical Aesthetic matchmaker, can help connect you with the ideal partners. Register your company details or your desired purchase location and we'll take it from there.