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Prepping your Medspa for sale

Preparing your Medspa for a sale starts well before you receive any interest or desire to do so. If you’ve reached the point where you’re thinking about your exit strategy, its imperative that you address some of following items to ensure a smooth process and maximize your opportunity:

  1. Conduct a compliance audit
    1. Do you have appropriate facility licenses?
    2. When was the last time you reviewed and updated your policies and procedures?
    3. Do you have patient documents signed by each patient?
    4. Do you have appropriate employment policies and procedures in place?
  2. Gather Corporate Governance Documents
  3. Gather a list of key assets, contracts, vendors, and licenses
  4. Review your lease
    1. Can you assign it?
    2. What is the process for requesting assignment?
  5. Work with your accountant to prepare financial disclosures and determine a fair value for the sale price
  6. Work with a consultant or broker to market your Medspa for sale
  7. Discuss the process with your attorney
    1. Identify any potential legal issues outstanding within the company
    2. Discuss your goals in the sale to better evaluate potential sellers
    3. Understand the importance of negotiating the initial terms of the deal through the letter of intent phase
    4. Organize and prepare a data room for due diligence disclosures

Selling a business can be a long and arduous process but with a well-planned framework, it’s a processing that can be very rewarding. Preparing weeks, if not months, in advance of even seeking interest for the sale of your MedSpa.