Following is an outline of the steps involved during the process:
The first step in buying a Healthcare practice is having an initial consultation with a qualified transition intermediary. This is primarily so that we can obtain some background about you and your needs and goals. We will discuss your personal and professional experience, as well as your ambitions, objectives and target dates you have in mind for the transition process.
Practice Preferences & Financing Potential
The next step in buying a Healthcare practice is listing what preferences you would like to find in a Healthcare practice. We will discuss important variables like opportunity, location, compensation, communities, etc. Once we have a list of criteria that you want met, we'll need to discover how much financing you can be approved for.
Healthcare Practice Search
We conduct in depth searches of Healthcare practices for sale utilizing multiple databases to which we subscribe. We then narrow down those practices to the ones which fit the criteria you set. Our goal is to find the practice that is right for you.
Healthcare Practice Visits
Once we have narrowed down your search to a few Healthcare practices which fit your criteria, typically we will contact the owners and arrange a visit to the Healthcare office so that you can meet the current owner and get a feel for the atmosphere within the office. Because a practice transition inherently involves both Buyer and Seller parties, the Seller may ask some questions to ensure that you would make a good fit for the practice as well. If you like what you see, we can put in an offer to purchase the Healthcare practice.
Design Transition Plan
If the Seller wants to move forward with the offer, we will then need to source and secure financing for the purchase, and discuss Buyer and Seller responsibilities during the transition process. We will also coordinate any necessary consultations with your attorney and accountant to facilitate the purchase transaction.
Drafting the Agreements
The next step in buying your Healthcare practice is creating the contracts for the practice transition and having your attorney review them. The idea behind drafting a successful transition contract, is to establish a win/win situation for both you and the Seller so that you will both be pleased with the ensuing transition. If any needs or concerns are brought up by either party, we will address them to assist in resolving them to the satisfaction of all parties to the agreements.
Call us at (877) 261-1792 for a Complimentary Consultation.