Buying a practice may not be as simple as you think. It requires not only looking at the big picture, but also remembering the small details that can derail a transaction. As a Buyer’s Rep client, we can explain the buying process to you and help you analyze a target practice.
It’s hard to know what you don’t know. Our team comes with 70+ years of combined experience, so we know all the questions you should be asking and how to get you the answers. Make informed decisions for your practice acquisition and get professional help all along the way.
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.
After marketing to and identifying a clinic to purchase, Practice Brokers, Inc. (PBI) will discuss the following items with the Seller:
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.
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).
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.
The last steps in a transaction include obtaining financing and signing legal documents at the closing table. Our co-founder, Kathy Gergen-Mandel, Attorney at Law, will guide you through every nuance of the financial procurement and legal documentation. She has nearly 30 years of experience helping chiropractors understand these areas of a transaction. Her instruction and support has proven critical to our clients’ success.
We make dreams come true.
There is no cost or obligation during the initial consultation. We do not believe in having to open your wallet when trying to find the right broker. Once all parties agree to begin working together, that is when fees will occur. We have separate fees for business appraisals, brokering, and financial procurements which are all discussed BEFORE any party moves forward. Appraisals are paid for upfront and based on set fees, while brokering and financial provisions are paid at closing and based on a percentage. We only earn a commission when we successfully close a deal!
Discovery
Learn the process of buying and selling a practice.
FAQs
Addressing any potential questions or concerns.
Next Steps
If we are a good match, setting the plan for what is next.
If you have been wondering how much your practice is worth, how to sell your practice, or how to buy a practice, we can answer any questions you may have. We have experience with various types of practices and experience levels. Please explore our site to learn more about our services. We welcome you to contact our office and ask about business appraisals, selling your practice, buying a practice, or our listings.