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Just so you know, we sometimes get barraged with contact requests, many with the same questions, so we have added an "FAQ" section below for that reason. Know that, when you send us a request, we may take up to 24 hours to get back to you. We are constantly on e-mail and have also added Facebook Chat so that we can respond as quickly as possible. Contact us now!
Frequently Asked Questions
I'm a bit overwhelmed. Where do I start with selling or buying a practice?
Whether you're looking to figure out buying or selling a medical practice, you've come to the right place. To get started, we recommend you check out our Getting Started page and go from there.
If you still have further questions, definitely reach out to us via one of the contact options below.
What services do you offer?
Aside from the free information we have here on this site for DIY'ers, we provide custom coaching and mentoring services, as well as the abilitiy to do it all for you if you wish. Do what, you ask? Aside from helping with your specific concerns, we specialize in the following:
- Preparing For A Sale: You need to get organized before you can sell your medical practice. Learn what you need to do through our pre-sale checklist, and have the right questions answered before you put your practice on the market.
- Practice Valuation: The true value of a practice isn't a simple formula; rather, it's what a buyer is willing to pay. We know about practice valuation and how to set the right price. Tell us more about your practice and we'll be happy to help you set the right price. Buying a practice? We'd love to assist in figuring out a fair purchase price.
- Finding a Buyer: Simply listing your practice for sale on a website doesn't get you a buyer. We use unique methods to find that needle in the haystack, the perfect person to take over. Reach out to us to find out more.
- Making Contracts: Your purchase contract needs to reflect the uniqueness of your practice. It's a straightforward process when done right. Let us help you create a contract that's right for you.
- Sealing the Deal: Transitioning a buyer into a practice is a delicate process for you, your patients, and employees. We know proven strategies that work to reduce attrition and ensure a smooth hand-off.
Contact us now via one of the methods below if you're ready to talk about any of the subjects above, or have other questions about buying or selling or preparing a practice for sale. We're here to help, and that first call is free.
Do you offer coaching, mentoring, or other services with regard to the buying or selling process?
Absolutely! That's what we're all about. We want you to offer you all the support you need to buy or sell your medical practice. If you prefer to do it all yourself, you can find most of the tools to get started here on our website. However, our most successful clients are those who reach out and ask us to mentor or coach them, and/or actually do some of the work for them.
What are the typical steps when you start to work with someone?
Good question! We usually start with a free call wherein we get a sense of your needs and give you some suggestions on some steps you can take now to achieve your goals. We will also let you know what we can do to help, if you need any help at all.
Prior to the first call, we will send you a non-disclosure so you can be assured that we won't be sharing any of your information with anyone else. After the first call, if you'd like to work a bit more with us, we'll send you our consultant agreement so you know how we operate. That agreement basically says that we charge by the hour and that we will only do the work you ask us to, and bill the hours you've approved.
Once we have those elements in place, we can help you wherever you're at buying or selling a medical practice!
I've been told you won't work with me. Why is that?
It's true, we're not for everybody, and everybody is not for us. We are a boutique firm. We never work with more than 3 sellers and 3 buyers at the same time. We have this policy so that we can focus on doing our absolute best and overdelivering for our clients. So if we said no to you, it may simply be that we are already working on our maximum number of transactions.
Another reason we may say no is if we feel our background and expertise doesn't meet with the kind of practice or situation you are dealing with. We have helped people buy and sell many different types of practices, and every sale is unique. Each has its ups and downs, its challenges and rewards. We love what we do and feel happiest when we best serve our clients. If we don't feel we are the best people for the job, we'd prefer to send you to someone else who is.
How do you make money? What are your fees?
Here's how it works. We provide a bunch of free info on how to buy or sell a medical practice. If you'd like to do it all yourself or just need a few tips here and there, then check out the free info here on this site.
If you'd like to have us help you figure out how this info relates to your specific situation, reach out to us via one of the contact methods on this page. Your first call is free, and we charge an hourly fee of $145 thereafter for work you pre-approve. We can do anything from helping you evaluate where to start in the process, to helping find a buyer or seller; from drafting contracts, to helping you transition into or out of a practice. We can do small parts of the work for you, or all of it. It's up to you. Reach out to us via one of the contact options below and we'd be happy to get on a free call with you (or just email or instant message) to help you reach your goals.
And while we want you to get what you want, because we're not brokers and are paid by the project, we have no vested interest in pushing you to buy or sell so that we get paid. We just want you to lighten your load and give you the information and tools you need to succeed. See more about how we differ from a broker and what makes us unique below.
How do you differ from a broker?
Yay! One of our favorite questions. We're quite different. Basically, we charge by the hour for results rather than taking a piece of your gross sale. We also differ in a bunch of other ways. See the chart below and the case study that follows it.
A Unique New Model
- Transparent, We charge by the hour for proven results with milestones agreed to in advance.
- Pro-active. Multi-prong, demographically-targeted to find your ideal buyer.
- Contracts process is streamlined, vetted by an attorney, customized, created to satisfy you, your lawyer, and your accountant.
- We are medical practitioners who have been through the process of buying and selling our own practices.
The Old Model
- Mandatory, non-refundable retainers to start, with no guarantee of results, and 10-20% of your gross sale taken when a sales contract is signed.
- Passive. Put your biz on their site and wait for someone to see it along with their other competing listings; send an email out to their limited, generic lists of hopeful buyers.
- One-size-fits-all, fill-in-the-blank boilerplate contracts. The less work they do, the more they make from you.
- Brokers are like real estate agents who have found medical practitioners to provide a stable flow of income.
A Case Study, Us vs. A Broker
One simple way to understand the difference between the way we help buyers and sellers and the way a broker works is to analyze the potential cost difference between a clinic selling for, say, $100k. Let's say you use a broker who asks for a relatively low retainer of $1,000 and a bargain-basement fee of 8-10% of your final gross sales price, payable upon signing a sales agreement with a buyer.
Let's also assume that you have a successful sale at $100,000. The broker may have put up to 20 total hours into your deal (putting your practice in the template listing on their website; using a sales agreement template for the contract; and talking you through some speed bumps).
In the end, the retainer is wrapped into the final fee you pay the broker. They get $10,000 (10% of your gross sale price) for 20 hours of work. (That works out to roughly $500/hour for them.)
One simple way to understand the difference between the way we help buyers and sellers and the way a broker works is to analyze the potential cost difference between a clinic selling for, say, $100k. Let's say you use a broker who asks for a relatively low retainer of $1,000 and a bargain-basement fee of 10% of your final gross sales price, payable upon signing a sales agreement with a buyer.
Let's also assume that you have a successful sale at $100,000. The broker may have put up to 15 total hours into your deal (putting your practice in the template listing on their website; using a sales agreement template for the contract; and talking you through some speed bumps).
In the end, the retainer is wrapped into the final fee you pay the broker. They get $10,000 (10% of your gross sale price) for 15 hours of work. That works out to roughly $666 per hour for them. Given that many brokers take much more than 10% (sometimes up to 30%), and many practices sell for much more than $100k, the hourly breakdown could go much higher.
Contrasting that same deal with the way we work:
If we're doing the whole deal, start-to-finish, from organizing a practice for sale to finding a buyer; from creating the sales contract to helping in the transition out of the practice, the average total cost in our experience comes to about $3,000. Dividing by our rate of $145/hour, that means we bill for a total of 20 hours of work. So in the example above, using us, you'd pay 70% less and get an additional 30+% of time and energy from us as well.
A lot more bang for a lot fewer bucks.
In fact, that's less than one-third the price for 30+% more hours spent on your deal.
Keep in mind that those numbers assume you're having us do a deal from start to finish. Many of our transactions involve having us do only a small portion of a deal, such as helping find a buyer, or create a sales contract. Note that a broker will only get involved if they get to participate in the entirety of the sales process.
If you're ready to find out what we can do for you, simply get in touch with us via one of the methods below. We promise to get right back to you to listen and help create a plan that works for you.
What about confidentiality?
Being a participant in a buying or selling transaction necessitates the utmost of discretion for the sake of patients, employees, associates, and the smooth transition of the practice. We're well aware of these concerns, which is why we take care to be sure your information is safe and sound. Some of our methods include:
- Having both you and us sign a non-disclosure agreement (NDA) before we even get to talking.
- Having you sign a Consultant Agreement that makes totally transparent our fees and the way we work.
- When involved with real or potential buyers, creating and having signed strong Mutual Non-disclosures with separate signature pages to protect both parties before any information is revealed.
- Our sales contracts also include strong provisions for reparations in case one party violates any part of the agreement.
- Use of encrypted websites (including this one) as well as strong password-protected, cloud-based servers to protect your information.
If you have further questions about how we go about keeping your information secure, please reach out via one of the contact options below.
Republishing, linking, & sharing posts
Guest Posts: Unless you are an expert in the area of buying, selling, and/or valuing a medical practice, please do not bother sending us your ideas for a guest post. We won't pay attention to them.
Sharing, Linking To, and/or Republishing Posts: If you'd like to link to one of our posts, or paraphrase it, that's fine, so long as you provide a link to our original article, and proper attribution to ... us. If you decide to take one of our posts and republish it without proper attribution and a link back to us, expect a Cease and Desist letter followed shortly by legal action. The stuff on this site is our hard-won intellectual property, and we're quite serious about protecting it.
If you're in doubt about any of the info above, please contact us via one of the methods below and we'll get right back to you.
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Lamorinda Healing Arts, Inc.
6114 La Salle Ave. #230
Oakland, CA 94611