Whether you are ready to sell your practice tomorrow or are planning for the future, this book will guide you through the myriad of steps you’ll want to consider. The book is written in a user-friendly question-and-answer format.
This book answers all of the following questions:
Most Common Questions
What is my practice worth?
What are the various terms of a sale?
One times gross – isn’t that the law?
Who bears the risk of client retention?
What are the risks of buying a practice?
How long will it take to sell my practice?
What is the best way to transition clients?
What is the law regarding the transfer of client files?
Can I sell my practice and retain a number of clients?
Will I be required to sign a non-compete?
Should I sell and transition over a number of years?
What will the buyer request to see in due diligence?
What should be provided to the buyer prior to the first meeting?
What topics should be avoided in buyer meetings?
What other pitfalls should I avoid when selling?
What happens if I can’t sell my practice?
What does the future hold for practice sales?
Contract Questions
Should I accept a Letter of Intent?
Who drafts the final Purchase Agreement?
What items are contingent in the Purchase Agreement?
Should I involve my attorney?
Does the sale go through an escrow or closing attorney?
Finance Questions
What options are available in financing a practice?
What is included in the sales price of a practice?
How is the purchase price allocated?
Market Questions
Who are the buyers?
How does one effectively find a buyer?
How are buyers pre-qualified?
Should the buyer work in the practice prior to close?
Planning Questions
What questions will a seller be asked?
What should be included in letters to clients?
How does my existing real estate lease affect the sale?
I own the building; can I sell or lease it?
What happens if I die at my desk?
When should I tell my staff about the sale?
Broker Questions
Why should I hire a broker?
What is the broker’s commission?
Should I employ a broker if I already have the buyer?
Do brokers give referrals?
Questions Buyers Ask
Why would I pay all cash at close for a practice?
What type of an offer should I make and when?
Will the seller take less than the asking price?
Why should I buy a practice rather than build one?
Why is there no detailed due diligence prior to my offer?
What services can a broker offer to buyers?
