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Tag Archives: selling your practice

Owning a Marketable Practice

  In this article, we are highlighting the most critical factors that make a practice stand out from all the rest.  Undoubtedly, the number one factor that drives the sale of your practice is the location.  A practice sale, like any real estate sale, is primarily driven by location.  Will a buyer want to work and raise a family in the area?  A buyer’s number one factor is the location.  They want low crime, excellent schools, recreational opportunities, local entertainment, and shopping. 

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Selling Your Practice

By Dr. John Bryk Total Practice Solutions Group® (TPSG) are practice owners who understand the demands of veterinary medicine. We are part of a nationwide team providing not only brokerage services for sellers but also valuations and assistance with loans for buyers. Our network of attorneys, accountants, lenders, and insurance agents will help sellers and buyers in the transition process.

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Broker Tips of the Month

For the Seller: Obtaining a market valuation or appraisal assures that sellers receive a fair value and buyers aren’t overpaying.  Unrealistic expectations from a seller can lead to a practice lingering on the market for a long time.  The best deal is where both sides feel that the other side got a better deal. Using a broker or intermediary helps separate the emotion and insures a successful sale. Being greeted by a well dressed, neat and polite staff leaves a memorable first impression. For the Buyer:  Get prequalified first and understand your personal expenses before looking. Treat your visit to the clinic as if it were your first date: dress neatly, be respectful, avoid speaking to the staff, be discrete and take notes. Total Practice Solutions Group offers numerous financing options.

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What happens when there is a buyer for my business?

When a buyer is sufficiently interested in your business, he or she will, or should, submit an offer in writing. This offer or proposal may have one or more contingencies. Usually, the contingencies concern a detailed review of your financial records and may also include a review of your lease arrangements, franchise agreement (if there is one), or other pertinent details of the business. You may accept the terms of the offer or you may make a counter-proposal. You should understand, however, that if you do not accept the buyer’s proposal, the buyer can withdraw it at any time. At first review, you may not be pleased with a particular offer; however, it is important to look at it carefully. It may be lacking in some areas, but it might also have some pluses to seriously consider. There is an old adage that says, “The first offer is generally the best one the seller will receive.” This does not mean …

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What can I do to help sell my business?

A buyer will want up-to-date financial information. If you use accountants, you can work with them on making current information available. If you are using an attorney, make sure they are familiar with the business closing process and the laws of your particular state. You might also ask if their schedule will allow them to participate in the closing on very short notice. If you and the buyer want to close the sale quickly, usually within a few weeks, unless there is an alcohol or other license involved that might delay things, you don’t want to wait until the attorney can make the time to prepare the documents or attend the closing. Time is of the essence in any business sale transaction. The failure to close on schedule permits the buyer to reconsider or make changes in the original proposal.

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