Our team advises clinical research site owners who are exploring their exit options, and we manage the entire process through to close, getting you top value and reduced risks. In this article, we walk you through what to expect during a sale of your clinical research site, from initial readiness through deal closing and transition, so you can move with confidence and clarity. If you have questions as you’re reviewing, please reach out to Senior M&A Advisor, Clinical Research, Hannah Huke,
hannah@evergreenforfounders.com.
Selling a Clinical Research Site: What to Expect Before, During, and After the Sale
For owners of clinical research sites, the decision to sell is often driven by a
combination of personal goal-setting, market opportunity, and the desire to transition the business to a partner who will uphold its legacy. But while the “why” may be clear, the “how” can feel murky. Understanding the sale process is critical: it allows you to manage expectations, retain control, and protect your staff, patients, sponsors, and ongoing trials.
Here are the three key phases of a sale, plus what to focus on in each to increase
certainty, reduce disruption, and get the best possible outcome.
Phase 1: Preparation & Positioning
Before you ever meet with a buyer, a solid foundation must be in place. This is where
you polish your story, organize your data, and start to build a foundation for a
competitive process.
Key actions include:
- Financial cleaning: Ensure you have trailing-12-month financials, reconciled and
detailed. Be ready to outline your “adjusted EBITDA” (owner compensation, non-
recurring costs, etc.) and revenue trends. Independent site owners are being
valued on multiples of EBITDA, so clarity is key. Our team can compile a full
financial model and valuation à la carte, or as part of our full advisory services.
Get in touch with Hannah Huke, hannah@evergreenforfounders.com, for more
information on this.
- Operational readiness: Buyers will scrutinize your regulatory history (e.g., audit findings, sponsor/CRO inspection results), your SOPs, the strength of your
investigators, and staff continuity.
- Study backlog & pipeline visibility: Good buyers want to see that your site is not stagnant but has upcoming awarded studies, a diversified sponsor base, and
patient recruitment momentum.
- Clear value-story: Articulate what makes your site unique — perhaps it’s therapeutic focus, patient recruitment strength, geographic access, or technology
adoption. This helps differentiate you in a crowded market.
- Defined objectives: What do you want from the deal? Do you intend to roll into the new company, stay on as leadership, retire, or step away entirely? Clarifying this early gives you leverage.
Timeline and expectations:
Transactions in this space often take 4-9 months from process launch to closing,
depending on size, complexity, and buyer type. Starting early allows you to refine your story, build momentum, and choose the best buyer rather than the first buyer. It’s important to have an experienced advisor to manage the process and hold all parties accountable to the deal timeline – the old adage, “time kills all deals,” is certainly true.
Phase 2: Deal Execution (Buyer outreach, LOI, Due Diligence, Closing)
Once you’re ready to go to market, the process shifts into motion. This is where buyers are approached, offers are reviewed, and the contractual details are hammered out.
What to expect:
- Buyer outreach: You’ll receive interest from strategic acquirers (other site
networks, CROs) and financial buyers (private equity platforms). Our team
maintains regular communication with active buyers in the space, and we
understand how to best position your site for maximum value.
- Letter of Intent (LOI): A narrowed-down buyer (or a few) will submit LOIs,
outlining price range, structure (cash vs. rollover vs. earn-out), transition terms
(owner/PI stay, staff retention), and basic representations. Evergreen works to
bring multiple buyers to the negotiating table – granting you leverage and the
ability to obtain maximum value with a favorable deal structure. We’ll ensure you
won’t sign anything that doesn’t have your best interest in mind.
- Deal structure negotiations: It’s not just about the headline price. Structure
matters. How much is upfront cash? How much is based on future performance (earn-out)? Will you remain involved? What happens if key staff (investigators/coordinators) depart after the sale? We ensure you don’t agree to
unreasonable earn-out targets or engage in out of line non-competes.
- Due diligence: Once the LOI is signed, the buyer will dig deeper — financials,
contracts, regulatory history, patient recruitment metrics, infrastructure, key
personnel. For a research site sale, special attention is paid to trial agreements,
data integrity (especially in the event of ownership change), and sponsor/CRO
relationships.
- Closing: Final contracts, purchase agreements, regulatory approvals (if required),
transition plans, change-of-ownership filings, and notice to sponsors/IRBs (if needed) are completed. Once signed, you hand over the business and transition begins. We work to advise you on the buyers that will not only offer a favorable purchase price, but those that have timely closing schedules and a solid integration plan.
Pitfalls to watch:
- Over-focusing on price and neglecting structure, staff retention, funding sources,
and sponsor transition risks.
- Incomplete disclosures or messy financials — these create delays or value
leakage.
- Accepting the first offer without building competition.
- Going at the process alone – an experienced advisor manages the entire process, while an attorney with M&A experience is the best at keeping the deal on track.
- Failing to plan for the post-closing transition, which can disrupt studies and
reputation.
Phase 3: Transition & Post-Closing Integration
The deal is done, but your work may not be over. The transition phase is critical to
protect value, ensure business continuity, and honor the legacy of the site you built.
Key focus areas:
- Staff & investigator retention: If key investigators leave, sponsors may pull out or
enrollment may suffer. Pre-closing, agree on retention incentives, transition roles,
and communication plans.
- Sponsor and CRO relationships: Buyers will prioritize continuity of trial
performance. You’ll want to proactively notify sponsors/CROs once appropriate
and reassure them about continuity. Ownership change notices may need to be
filed.
- Data integrity & regulatory compliance: Ownership changes often trigger higher
scrutiny by sponsors and IRBs; you’ll want to maintain audit readiness, confirm that trials remain in compliance, and avoid disruptions in recruitment or
monitoring.
- Transition of culture and brand: Often overlooked, but your site’s reputation matters. Handing over a healthy, well-run operation helps the buyer and protects
your professional legacy.
- Earn-out / rollover monitoring: If part of your deal includes earn-out or equity in
the new platform, you’ll want to stay informed, monitor performance metrics, and
maintain alignment with the new owner’s incentives.
Summary
Selling a clinical research site is a major decision and a multi-stage process. With
proper preparation, you control much of the narrative, timing, and outcome. Starting
early allows you to refine your operations, organize documentation, and build a
competitive process. During the deal phase, attention to structure, and not just price, is critical. And after closing, the transition matters just as much to ensure continuity,
protect the business you built, and preserve your legacy.
By understanding what to expect before, during, and after the sale, you give yourself the best chance of a successful outcome.
Get in touch
If you’re a clinical research site owner contemplating a sale, or simply want to
understand your options, the team at Evergreen is ready to assist with a confidential
discussion. We can walk you through each stage, help you evaluate prospective buyers, and ensure you’re positioned to achieve your goals. Contact Hannah Huke,
hannah@evergreenforfounders.com or 617.470.3462.