Committing to sell an occupational therapy practice is a big step. Whether you’re winding down toward retirement, shifting careers, or simply trying something new, whatever the reason, there’s a lot more to it than just handing over the keys and calling it a day. A smooth sale takes preparation, good timing, and finding the right buyer.
This guide will walk you through everything from prep and paperwork to buyer selection and transition tips.
So, if you’ve been wondering how to sell an occupational therapy practice, you’re in the right place. Let’s get started.
Understanding the Selling Process for an Occupational Therapy Practice
Selling a business isn’t something most of us do often. Let alone an occupational therapy business, that comes with its own unique set of considerations. The good news? With the right steps and a bit of forward planning, it can all be surprisingly manageable.
Key Questions to Ask Before Selling
Start by getting clear on the “why”. Why do you want to sell your occupational therapy clinic? Are you looking to retire? Free up time for family? Maybe you want to fund another venture?
You’ll also want to think about;
- How quickly you’d like to sell
- Whether you’ll stay on during the transition
- What kind of legacy you want your practice to have
Your “why” and all the questions that come with it will shape everything that happens next. From your timeline to the type of buyer you’re after.
The Ideal Timing for Selling Your OT Practice
There’s no one-size-fits-all answer here, but there are some timings that will be better than others. If your practice is performing well, patient numbers are steady, and your team is strong, you’re already in a great position.
Market trends and industry demand can also play a role. Buyers tend to feel more confident when things look stable.
Setting Realistic Expectations
Valuation is a big one. Every seller wants top dollar, but the market decides what your practice is worth. Be prepared for some negotiation and factor in that the process could take several months from start to settlement.
Preparing Your Occupational Therapy Practice for Sale
Prepare your practice well to fetch a better price. That means pulling together numbers, getting legal ducks in a row, and making sure everything is in good operational shape.
Strengthening Your OT Practice’s Appeal
Think of it like staging a house sale. Small changes can make a big impact.
- Make sure your website and branding are fresh and modern
- Streamline your systems and processes
- Find ways to reduce patient churn and cancellation rates
- Upgrade any outdated equipment
It’s not about overhauling everything, but it is about implementing small changes that give a buyer the confidence that they’re stepping into a well-run, future-ready business.
Organising Contracts and Agreements
You’ll need to check over things in your occupational therapy business like the lease, staff contracts, service agreements, and supplier relationships. Are they transferable? Are there any clauses that could cause trouble?
Now’s the time to iron those out.
How to Find and Attract the Right Buyer
To sell an occupational therapy practice can be complex, which is why working with Occupational Therapy Business Brokers (like us) makes all the difference. We know how to market your practice, screen buyers, handle negotiations, and help you avoid common mistakes.
Listing Your OT Practice on the Right Platforms
You don’t need to splash your sale all over the web. Discretion is often key. However, it’s important your practice gets seen by serious buyers.
We list practices on leading business-for-sale platforms, healthcare networks, and professional associations.
Conducting Due Diligence on Potential Buyers
A good buyer will want to do due diligence on your practice. You should do the same on them. Look at qualifications, financials, and plans for the business. Are they buying to run it, flip it, or fold it into a larger group. Their intentions matter.
Navigating Legal and Compliance Considerations
No surprise here, selling a healthcare business in Australia comes with some red tape. From licensing to privacy laws and patient record management, it’s worth having a legal advisor who understands the sector.
Getting ahead of these issues means fewer delays (and less stress) during the sale.
Transitioning to a New Owner Smoothly
Once the contract’s signed, your job is not quite done yet. A thoughtful transition plan will help maintain continuity for your patients, staff, and the new owner.
Communicating with Patients and Staff
Timing is everything. Too early, and you risk unsettling your team. Too late, and it’ll feel like a shock. Be honest, be positive, and focus on the continuity of care.
Creating a Transition Plan
A transition plan might look like;
- You staying on temporarily as an advisor
- Offering to provide staff training
- A gradual handover of the key responsibilities
A transition plan adds real value to the buyer. It also helps protect the reputation of your occupational therapy business. Something you would have worked hard to build.
Handling Post-Sale Responsibilities
Depending on your agreement, you might have a non-compete clause or a short-term support role. Make sure you understand what’s expected. And what is not.
Pitfalls to Avoid When Selling an Occupational Therapy Practice
Here are a few traps we often see (and help clients avoid);
- Undervaluing the business due to rushed or DIY appraisals
- Disorganised financials which scare buyers off
- Missing legal or licensing requirements
- Going public too early, unsettling staff and patients
- Jumping at the first offer rather than considering all the options
What Motivates Occupational Therapy Practice Owners to Sell?
Some owners want to step back after decades in the industry. For others, it could be to pivot careers or because of relocation. In some cases, shifting occupational therapy practice framework requirements or admin fatigue can be the reason to sell. No matter what the reason, choosing to sell an occupational therapy practice should feel exciting. Not overwhelming.
Ready to Sell Your Occupational Therapy Practice?
Selling your practice is a big deal. Emotionally, financially, and professionally. But with the right preparation and expert support, it doesn’t have to be stressful.
If you’re searching for guidance on how to sell an occupational therapy practice, we’re here to help. Our team specialises in supporting OT business owners across Australia through every step of the sale, from valuation and listing, to negotiations and settlement. Find out more about selling your occupational therapy practice here.