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Results for "Tip of the Month"
Broker Tip of The Month – January 2021
Show Your Profit! Every dollar you disclose as income on the business tax return is worth four to five dollars in practice value. Show your profit! If the lines are blurry between personal and business expenses, make them transparent. Declare… Read More
Broker Tip of the Month – December 2020
Slow down and do not sign a Letter of Intent with a corporate buyer/consolidator until you engage a consultant like TPSG that deals with the consolidators/buyers frequently. Many times, we can better your price and terms by 20-30%. Tip by Dr.… Read More
Broker Tip of the Month – November 2020
The market is always favorable for practices that have continual growth in value. Maintaining detailed financial records with reports of all income, expenses, and revenues will maximize the value of your practice. Focused care for equipment, office supplies, and patient… Read More
Broker Tip of the Month – October 2020
Practice owners wanting to quit work must plan ahead for their practice transition and/or practice sale a minimum of 3 years before quitting time. Buyers, especially corporate buyers, want sellers to work 2 to 3 years after the sale. If… Read More
Broker Tip of the Month – September 2020
Owners anticipating a practice sale within three years need to have simple and clear tax returns, so the buyer does not see taxable income low from non-operating expenses. If low income is because the doctor included the farm, ranch, or… Read More
Broker Tip of the Month – August 2020
Owners should obtain regular valuations. Having a professional valuation done at least every three years lets you know your practice’s current value and what could be done to enhance it. Three years is also a good length of time to… Read More
Broker Tip of the Month – July 2020
It is unfortunate that so many businesses have been negatively impacted by COVID-19 nationwide. However, we have realized how resilient our veterinary profession has been in most parts of the country. This resiliency reinforces TPSG’s position that buying the right… Read More
Broker Tip of the Month – June 2020
Buying A Practice With Real Estate: Once the letter of intent is signed, the buyer is required to have a building inspection, a real estate appraisal, and based on the bank’s requirements, a Phase One Environmental Study. These inspections must… Read More
Broker Tip of the Month – May 2020
Who Gets What at Closing: At closing, the buyer will receive all practice equipment and a specified amount of inventory. The seller will keep the balances of all personal and business bank accounts. Accounts receivable handling is determined by the… Read More
Broker Tip of the Month – April 2020
Total Practice Solutions Group (TPSG) cash flows practices so buyers only have to work 40-42 hours per week and no more. Working crazy long work weeks should not be a concern to inhibit buyers from purchasing a practice. Tip by… Read More