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    5 tips to prepare for practice purchase

    So you want to be a practice owner. Do these things first

     

    3. Decide if you should you hire an agent to help you

    Do you have spare time to search for potential practices for sale? Are you comfortable knowing if the terms of the sale are fair and reasonable? If you answered “no” to either of those questions, then you should seek out the help of a practice broker.

    In case you missed it: 13 holiday dos and don'ts for ODs

    A practice broker can be a huge help with buying a practice. Some of their services include:

    • Determine the type of practice that is suitable for the buyer

    • Confidentially search for the practice, freeing up the buyer to continue working full time

    • Perform a fair market valuation of the practice

    • Negotiate the terms of the transaction and assist the buyer through closing

    • Help the buyer obtain financing for the purchase

    “You make your money when you purchase” is a longstanding phrase used by real estate investors and accountants. It is crucial not to overpay for your new practice, and a practice broker can help you avoid making that mistake.

    Get your finances in order

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.

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