Buying a Practice
So you are in a position to buy a practice and live the American dream. The best part is that if you are able to buy a practice financially and mentally you have lots of choices. We advise that you stay in a field that you are familiar with or a practice that you will enjoy waking up and going to.
To help you find the right practice based on your available funds, personal skills and creditworthiness it is critical that we know all about you. This is achieved initially by you filling out the Buyer's Profile section of the NDA (Non Disclosure Agreement). Even if we don't have the right practice for you today we may have one tomorrow or next month. Many of our listings are sold to clients we already know and they never even get posted on the internet websites.
Contingencies
We will help you evaluate the practice for sale with the information provided by the seller. Apply for financing, negotiate the lease (if any), inventory (if any) and we will put all of these as contingencies in the offer, as well as training period, Non-Compete clause and any other necessary conditions.
Due Diligence
Once your offer is accepted you and your advisors, attorney and/or accountant will use this time to verify the information provided to you by the seller. Once you are satisfied and all the contingencies are removed we have a binding contract. If the Due Diligence is not satisfactory you can change your offer, or simply walk away and your deposit will be refunded to you.
Financing
We will help you with your loan application. We have relationships with several business lenders and we provide invaluable and experienced guidance.
Escrow
Escrow holds your deposit and prorates payables from date of close of escrow. They also do a lien search and publication of a note to creditors to come forward and make a claim.
Your Practice
Finally we congratulate you and the seller by celebrating a happy transfer of the practice.
Send a message
Have any questions or concerns? Send an email using the form below.