We help buyers find a practice to purchase through our Expanded Buyer’s Rep service. We utilize traditional and digital marketing methods to locate possible clinics for sale. The Clinic Search & Engagement Fee is $2, 500 (non-refundable) and covers the clinic search process as well as interacting with prospective chiropractic clinics on your behalf (aka brokering). The first steps include 1) Signing the Expanded Buyer’s Representation Agreement and 2) Identifying a location where you may want to purchase a clinic.
Interactions with Seller
After marketing to and identifying a clinic to purchase, Practice Brokers, Inc. (PBI) will discuss the following items with the Seller:
- Buyer Requirements for Purchase – location, techniques, type of practice (family, functional medicine, sports, etc.)
- PBI services and fees
- Necessary information for us to complete our due diligence
- Snapshot Valuation – rough estimation of the value of the clinic
Practice Purchasing Consultations
After gathering information about a potentially salable practice, PBI will discuss his findings with you, our client. If you want to pursue this/these option(s), then our team will schedule a showing of the clinic.
Clinic Showing + Shadowing
During this showing, you will meet the potential Seller. If all goes well and you decide to pursue this clinic option further, then our team will schedule a Shadow Visit for you to observe the Seller and clinic during normal office hours. After this visit, you and our broker will discuss the opportunity and decide if it is a good fit for you and the seller.
After you visit the practice during off and normal hours, meet with the Seller, and see the numbers on paper, our team will start the official appraisal process. The practice appraisal allows us to identify the price of the practice, negotiate the price on your behalf, and obtain financing through our partners at multiple banks (if necessary). The cost of the appraisal is usually $3, 500 (Buyer portion applied at closing table).
Letter of Intent
Once the appraisal is complete, our broker will discuss the information with you and the Seller separately, and then allow you time to decide if you want to commit through a Letter of Intent (LOI). This letter is a legal document telling PBI and the Seller that you want to purchase the named practice. Usually Earnest Money is required upon signing an LOI.