Question:
Jennifer,
I’m ready to purchase a practice but Seller isn’t in a rush or very responsive. What do you think? When do you know it’s time to move on?
Thanks,
Dr. M
Answer:
There are an infinite number of reasons why a seller may not be responsive, but only one relevant explanation, which is that they are not willing, able or ready to sell to you, now, or potentially, ever. All you can do in this situation is convey to seller your timeline, and indicate if the timeline is not met, you will not be purchasing, and move on. Many buyers prefer a broker deal for this reason. An independent third-party, familiar with deal pacing can often facilitate a successful transaction where, potentially, without their involvement there would not be a successful transaction. The highest rate of deals dying that I see are actually those between mentor and mentee. Too often the mentor can’t give up control and the reins on the timeline the mentee is requesting.
Best advice - I recommend you set, firm deadlines and hold to them. Can’t be waiting for Godot...Counsel can help. Tag us in.
I’m ready to purchase a practice but Seller isn’t in a rush or very responsive. What do you think? When do you know it’s time to move on?
Thanks,
Dr. M
Answer:
There are an infinite number of reasons why a seller may not be responsive, but only one relevant explanation, which is that they are not willing, able or ready to sell to you, now, or potentially, ever. All you can do in this situation is convey to seller your timeline, and indicate if the timeline is not met, you will not be purchasing, and move on. Many buyers prefer a broker deal for this reason. An independent third-party, familiar with deal pacing can often facilitate a successful transaction where, potentially, without their involvement there would not be a successful transaction. The highest rate of deals dying that I see are actually those between mentor and mentee. Too often the mentor can’t give up control and the reins on the timeline the mentee is requesting.
Best advice - I recommend you set, firm deadlines and hold to them. Can’t be waiting for Godot...Counsel can help. Tag us in.
