Success Story: Associated Family Physicians of Boca Raton
Preserving a 30-Year Legacy with a Seamless Transition and Full-Price Sale
When the four physician-owners of Associated Family Physicians (AFP) in Boca Raton, FL began discussing retirement, they knew their goals extended far beyond a sale price.
With over 9,400 active patients, including 1,800+ Medicare beneficiaries, and a 30-year legacy as one of the most respected primary care groups in the region, the partners wanted:
– A full-value transition of their $2.96M revenue practice
– Above-market employment contracts for the two remaining providers
– A younger successor who would retain their staff and protect patient relationships
– A market-rate long-term lease on their 6,800 SF building—not a forced sale
They chose Strategic Medical Brokers (SMB) to guide the transition.
“We weren’t just looking to sell. We were looking to ensure the practice—and the community we served—would be in good hands.”
— Lynda Altman, AFP Founding Partner
Timeline of Results
- SMB Engagement: August 3, 2023
- Practice Listed: September 23, 2023
- Full-Price Offer Accepted: June 11, 2024
- Closed & Transition Complete: January 2, 2025
SMB’s Tailored Strategy
– Comprehensive Valuation & Buyer Targeting: Positioned the business as a unique opportunity for a multi-provider group or strategic buyer seeking a turnkey clinical presence in South Florida.
– Flexible Deal Structuring: Prioritized employment contracts for two partners while structuring retirement pathways for the others.
– Real Estate Retention: Ensured a market-rate lease was built into the deal terms—preserving ongoing income for the physician real estate entity.
– Buyer Vetting: Pre-qualified and screened multiple buyer profiles, ultimately selecting an investor-led group aligned with AFP’s clinical values.
Outcome
– Full-price sale of the practice: $2,500,000
– Long-term lease agreement on the real estate
– Successful transition of clinical staff and patient relationships
– Employment agreements retained for Dr. Barruw and Dr. Phadke
– Retirement secured for Dr. Altman and Dr. Utamsingh within 6 months of closing
“They understood our unique situation and protected everything we had built. Strategic Medical Brokers was the right partner at the right time.”
— Dr. Radhika Phadke
For Physician Owners Considering Retirement
If you’re a physician nearing retirement and want to transition on your terms—preserving your team, your patient care standards, and the goodwill you’ve built—AFP’s story shows what’s possible.
📞 Schedule a Confidential Exit Planning Call
📥 3-Year Exit Planning Timeline Infographic
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