At some point in time, you may need to know the value of your practice. The reasons may be due to; planning for a potential sale, adding an associate or partner, or just planning for retirement.
An appraisal can more accurately determine the true value of your practice. The historical collections and financials are important but there are a number of other factors that are considered when determining a current value such as, the quality of the client base, the facility, equipment, the continuing management team, personal benefits to the owner and market data are all important.
There are times when we are asked to sell a practice due to a sudden illness, disability and/or untimely death. This is often an emotional and difficult time not only the owner’s family but also a concerning time for the staff as well. We will give our immediate attention to the situation to arrive at a solution to first stabilize the practice and maintain its value, and then focus on the sale. Our priority then turns to the appraisal and then getting it sold. When such an event surfaces, time is of the essence. Prudent planning should include a full appraisal and then annual updates. This will speed the process when time precious in maintaining practice value.
We will assist in the sale of your practice by working closely with each owner to determine an accurate value. We will then search our pre-registered purchasers seeking a practice and also by advertising in professional journals, newsletters, web-based marketing, our website listing and by direct mail.
Each potential purchaser is required to have met the following conditions before we will provide any information on any listing we are representing:
1) An executed a Non-disclosure Agreement
2) Lender Pre-qualified for financing
3) Interviewed by Beacon Advisor – usually in person
We normally work around your schedule to show the practice as to not interrupt your work schedule and to also ensure the sale is confidential
Once we have a signed purchase offer from a qualified purchaser accepted by the seller, we then work closely with both parties and their advisors as well as the lender to provide a smooth transition of the practice.
In addition to brokerage services, Beacon Practice Sales can offer assistance in structuring your practice for a sale, associate buy-in, practice mergers, an incremental sales structure, equity out for practice improvements that will add to the value of your practice.
Many times, an owner is not yet ready to sell or retire but would like to have a plan in place. We will work with you to find the purchaser who is the right fit to continue your practice that also works with your time frame and exit strategy. We provide this service only for owners that wish to structure a share-holder sale, buy-in or buy-out of their practice. We do NOT provide doctor or employee placement services.
When a buyer has located a practice not listed with our firm, we do offer buyer representation services and help them obtain a preferred financing offer. We also work with the purchaser from the initial offer all the way through to the closing. These services are always fee-based, not tied to a commission structure.