Success Story: Phoenix West Internal Medicine, LLC

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From DIY Disappointment to a Full-Value Strategic Exit—With Zero Regrets

For Dr. Fernando De Castro, the journey to selling his internal medicine practice wasn’t a straight line. After building Phoenix West Internal Medicine from the ground up in 2006, he began receiving unsolicited interest from an area hospital system and a local multispecialty group. Curious about what his life’s work might be worth, he hired Strategic Medical Brokers (SMB) for a formal valuation.

But rather than engage a broker, he initially decided to pursue a sale on his own, with legal support.

What followed was a frustrating year marked by endless meetings, changing deal terms, and buyers who either underbid or simply walked away. Despite strong patient loyalty, a prime location, and steady financials, the offers failed to reflect the true value of the practice—or the goodwill he had built since 2006.

By September 21, 2021, Dr. De Castro and his wife, Eileen, had seen enough. They officially engaged SMB to exclusively represent the sale.

A Clear Vision for Life After Practice

Dr. De Castro, originally from the Philippines, was ready for a new chapter. He wanted to spend part of the year abroad with family, retain flexibility to work as a hospitalist or locum tenens in the U.S., and preserve ownership of his real estate by offering a lease, not a sale.

He wasn’t looking to exit medicine entirely, but he was done running a business.

Engagement Timeline

• Initial Valuation: 2021
• Engaged SMB: September 21, 2021
• Listing Posted: October 10, 2021
• Offer #1 (Strategic Buyer): October 15, 2021
• Offer #2 (Individual NP): March 17, 2022
• Offer #3 (Strategic Buyer): July 14, 2022
• Closed: October 5, 2022

The SMB Difference: From Scattershot to Strategic

SMB immediately created a professional valuation-backed pitch deck, conducted a 3D video tour, and launched a targeted marketing campaign to strategic, institutional, and individual buyers—including out-of-state groups.

Because the seller wanted to lease the 4,543 SF building (not sell it), we filtered all leads through that requirement and shared full financials only with pre-qualified, NDA-signed buyers. Our detailed vetting saved the De Castros from wasting time and set the stage for productive conversations.

Offers and Outcomes

• Offer #1: A strategic buyer offered 22% below the asking price and insisted on buying the real estate, along with a 6-month employment commitment.
  – ❌ Deal stalled due to unrealistic demands.

  • Offer #2: An individual NP buyer offered full price with a 10-year lease agreement—but failed to secure financing.
  – ❌ Deal fell through despite promising terms.

  • Offer #3: A well-capitalized, out-of-state strategic buyer entered the picture. They offered full asking price, honored the lease-only preference for the real estate, and requested only a 12-month post-sale transition.
  – ✅ The offer was accepted and closed on October 5, 2022.

The Result: Financial Freedom and Flexibility

✅ Full-price sale of the practice
✅ 1-year post-sale work plan on the seller’s terms
✅ 5-year lease signed for the seller-owned building
✅ Real estate retained for long-term income and control
✅ Flexibility for part-time clinical work—or not
✅ Bi-continental lifestyle made possible

Words from Dr. De Castro

“We especially liked that [Shaun] had a wide network of potential buyers, reaching out of state to connect us with the ‘right’ one finally… Shaun created a more streamlined and stress-free experience… Thank you for a job well done!”
— Fernando De Castro, MD, Internal Medicine

Over dinner after the closing, he shared what so many physicians realize too late:
“I wish I had engaged your firm much sooner.”

If You’re on the Fence

If you’re a physician trying to manage the sale yourself—or responding to unsolicited interest—PWIM’s story is proof that expert guidance, thoughtful marketing, and buyer screening can dramatically change your outcome.

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