Issue link: http://cp.revolio.com/i/142672
buy a business One simple and logical solution to the challenges of building a new practice is to buy an established practice from another practitioner. Some of the tangible advantages of purchasing an existing practice include having an established location, having access to a base of customers, and having a preexisting inventory of equipment and supplies. Buying an existing practice also offers such intangible advantages as buying into an established name and reputation. But there are plenty of potential disadvantages as well. The reality is the fit of any business built by someone else will almost always be more (or less) than your own goals as a practitioner. Too much (or not enough) equipment. Too run down (or too ritzy) a location. Too many (or too few, or the wrong kind) of customers. Keep these criteria in mind, too, when it comes time for you to sell your business. Launch Your Investigation As a prospective buyer, you need to assess carefully whether or not the existing practice offers itself as a launching pad for your career. This involves careful investigation and analysis of the business. Much information can be gained by talking with the current owner. Tell him or her you want the information so you can give the fairest and highest offer possible. As a potential buyer, be sure to ask, "Why does the owner want to sell?" It could be a sound personal reason ("My spouse has been transferred") or a more ominous reason (knowledge of a new competitor entering the market). Other issues will likely come up as you learn more about the business. The process of raising such issues, investigating them, and forming conclusions is called due diligence. Personal Criteria The place to start, though, is not with the prospective business, but with a look at your own desires. Where do you want to practice bodywork? In what town or area? In what physical setting? Are you more comfortable in an office setting or visiting clients in their homes? What kind of bodywork do you want to do? How many clients do you want to see each week? Don't become too inflexible and only consider purchasing a practice if it is a perfect fit. You can save a lot of time and headaches if you do this sorting first and have a clear idea up front about what you are seeking. Then, when you do come across a candidate business to acquire, you will have a sense of whether or not it feels right. Massage is an intensely personal service. Clients typically try several therapists before settling on someone they like and trust. A therapist's clients are in no way obliged to become your clients. The owner may have netted $40,000 last year, but if your techniques, personality,