As medical practice brokers we’re frequently asked how practice transition works. Through our times of experience we’ve plant the trade of a practice goes easily if one follows a logical process and doesn’t essay to “speed up” the events by skipping way. Successful deals do through each of the following phases. Medical practices for sale
- Setting practice – we give a comprehensive appraisal which establishes the fair request value. Crucial information that we look at include call content, hours worked, above, term of staff, gross income, competition, sanitarium admits, advisability of area chance Medicare cases, and established lines of referrals.
- Relating requirements – an analysis of the requirements in the community and the patient base may identify a sub-specialty which would enhance the practice. This increases the marketability of the practice and helps target the pool of croakers which should be communicated.
- Marketing the practice – we use a hunt of our croaker lines, direct correspondence, announcements in specialty journals, connections with occupancy programs, cold calls to new leads and other styles to detect the right croaker to take over the practice.
- Cataloging interviews – we arrange for interested croakers to visit the practice. We advise both parties of crucial questions they should ask, particulars to review, and what to anticipate.
- Writing the Earnest Money Contract – we work with the prospective buyer to develop an original offer to buy the practice. All proffers are presented in writing in an humorless money contract, This contract outlines all aspects of the sale from duty allocations to preface period.
- Negotiating the details – negotiating the price and terms of the sale into a palm- palm situation for both parties is the key to a successful trade. We use our times of moxie to develop a script which benefits both the dealer and buyer.
- Removing contingencies – offers frequently are made contingent upon the circumstance of certain events similar as having a CPA reviewing the financials, entering temporary sanitarium boons, or the arrangement of acceptable backing. We work nearly with all the parties to remove each contingency.
- Preparing closing documents – we give “sample” closing documents which reflect the terms agreed to by both parties. This reduces attorneys’ freights and assures all parties begin from the same reference point.
- Ending – we follow each step of the sale, working with the CPAs and attorneys involved, to assure a smooth and successful ending.