What are you going to do to differently sell my practice?
“What are you going to do to differently sell my practice?” This was the question posed to us when we began working with a client who had been trying, without success, to sell his practice for nearly two years. Nearly two years earlier, he had entered into a contract with a large national transition consultant. At the time, his choice to partner with that particular consultant, was largely a function of their massive presence in the practice transitions market. Seems like a reasonable decision. Wouldn’t simply displaying his practice for the huge volume of potential buyers regularly perusing the practice listings on their website be the best way to identify a buyer for his practice? Good question. Why then, after two years of no offers and almost no communication from his “partner” (his report… not our opinion), is his practice still just another listing tucked away somewhere in the 120+ pages of practice listings? Better question!
How did our client arrive at the bottom of that list?
If you visit the websites of the biggest players in the game, you will inevitably encounter a statement that sounds something like this… “When you list your practice with (insert name of large national firm here), we use the strength of our extensive network of buyers to identify the right buyer for your practice.”. What they want you to believe is that there are so many potential buyers coming to them, that they can sell your practice more quickly than the other guys.”. While it is certainly possible that the stars may align in that way, more commonly the deal is made in the trenches. This is why, like our new client, practitioners can sometimes find themselves languishing at the bottom of a very long list of practice listings indefinitely.
What marketing qualifications should I look for?
At a minimum you should expect exposure to your practice listing through a firm’s website. In fact, it would be silly not utilize that method of exposure. But beyond that, what additional efforts to expose your practice to potential buyers are being made? More importantly, does your partner possess the skill necessary to utilize those additional efforts effectively? These are important questions. You should expect that your partner will be an expert of the marketing language of the day, and that they understand the difference between content and conversion. After all, without conversion, content is really just free publication!
What should you expect?
You should expect a modern, comprehensive, streamlined marketing strategy that optimizes both exposure and conversion… one that harnesses the full power of today’s digital marketing environment. The strategy should include an optimized presence in search engine results. It should utilize today’s popular social media platforms in a way that targets an audience that most closely resembles your specific practice characteristics. It should also include the flexibility necessary to reach an audience across the many different mobile platforms.
In short, the ability of your partner to effectively market your practice is partly a function of their firms national market presence, but it is much more a function of their willingness to get in the trenches and work to get you good market exposure. Don’t commit yourself to two years at the end of a long list of practice listings. Instead, give us 120 days to demonstrate the power of a focused, state-of-of-the-art approach to practice marketing. With a 120 day marketing agreement, you can rest easy, knowing that you are not trapped in a long term contract. However, we are confident that that short period of time will be more than enough for us to earn your trust. What do you have to lose? For more information visit our website at www.drtransitions.com. We look forward to earning your business!