If you are thinking about buying or starting a practice, it’s critical to remember that this is one of the biggest financial transactions you will ever engage in and it needs to be a good one. Not all practices for sale are ones you might want to buy; likewise, starting a practice is not always a guaranteed smart move.
If you currently own a practice, remember that you need to start thinking about selling it from the day you buy it. The operational decisions you make throughout the time you own the practice will determine what it is worth when it’s time to sell and whether your practice will be attractive to buyers.
Dr. Felsted and the team at PantheraT can help guide you through your potential practice purchase, sale, or startup by:
- Analyzing the anticipated cash flow left to you as the owner of a new practice once the expenses of the practice, taxes, and loan payments have been made
- Performing a demographic analysis of the area the practice or potential practice will be located
- Working with your attorney to ensure the financial and other clauses of your purchase documents, sales contract, buy-sell agreement, and other documents are fair and reasonable
- Facilitating an associate buy-in
- Negotiating a purchase price that is fair to both buyer and seller
- Performing a practice appraisal (valuation) of the practice you are considering buying or selling or reviewing an appraisal that has already been done
- Preparing cash flow projections for your proposed startup
If you are planning to start a practice, purchase an existing practice, bring in a partner or getting ready to sell your practice, contact us to assist you in navigating this important event in your career.