Buyer FAQ
Buying or selling a practice can be a complex process. Although some practices are sold without the help of accountants and attorneys, we strongly recommend that both the buyer and seller engage professionals.
Yes! As an entrepreneur, you may have a dream of being your own boss. However, starting from scratch can be challenging. Buying an existing practice offers numerous advantages.
The seller typically pays Strategic Medical Brokers’ fee, not the buyer. However, other costs, such as legal and accounting fees, may be required. In addition, there may be additional startup costs.
Depending on the complexity of the practice, the former owner will offer varying levels of training. In most small practices, the owner will provide two to four weeks of training at no cost to the new owner.
During the acquisition process, due diligence is required. The seller must present documents to verify their profit numbers.
100% of the purchase price is seldom required. Sellers frequently provide owner financing to some extent. Additionally, a bank can loan up to 85% of the purchase price through a loan sponsored by the Small Practice Administration. We also work with lenders who provide 100% financing to qualified physicians and dentists.
The price of practices varies greatly. However, it is unlikely that one could buy a practice with a down payment of much less than $75,000.
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Please do not hesitate to contact Strategic Medical Brokers if you have any additional frequently asked questions about buying a company or practice brokers.
