LOOKING TO SELL? Contact us about Selling Your Practice
We are one of the largest business brokerages specializing in medical practice sales and valuations. Unlike most business brokers that are generalists who sell any and all types of businesses, we have specialized in medical practice sales since 1997. Our normal brokerage fee is 10% of the final sales price. Our brokerage service includes all marketing and advertising, preparation of a comprehensive buyer’s information package, screening buyers, negotiation, standard documents preparation, communications, advice, coordination with attorneys/accountants and lenders, and closing.
The first step in selling your practice is for us to perform a Confidential Practice Review (CPR) so we can assess the most probable sales price for the practice. This valuation report documents analysis and opinion of practice value. It also documents how your practice compares to other recently sold practices, the type of buyers that will most likely be interested in your practice, and expected time to sell. We charge an upfront fee for the cost of the CPR, of which we will credit the full cost of the CPR to the brokerage fee at time of closing.
Only after we have performed the CPR will we accept a listing engagement. The CPR is vital to setting a proper price and identifying any issues that might prevent a successful transaction. It is important that both seller and broker agree to the anticipated sale price, terms and conditions that will apply to the transaction, anticipated time to sell, preparing for marketing the practice, etc. Once seller and broker both agree to the price and scope of the services to be provided, we will jointly enter into a listing agreement.
Should I use a practice broker, or sell it myself?
Few sellers or buyers have the knowledge and expertise required to negotiate a practice sale. Like any complex activity, it takes specialized training and knowledge in a diverse number of areas: valuation, marketing, real estate, negotiation, advertising, etc. Teaming with a professional broker to act as intermediary and guide is one of the best ways to avoid potentially expensive missteps. Selling or buying a practice may be the biggest financial decision in your life. You need qualified professionals assisting you in your transaction.
Here are just of few of the reasons to team with a MPB member broker:
Maintaining CONFIDENTIALITY through use of an intermediary broker. We have tried and true techniques and non-disclosure agreements to protect your privacy.
An established network of advertising and marketing materials. Some professional journals have as much as a 2 month lead time just to place an ad.
Proprietary database of active buyers.
Our member brokers screen the numerous calls and inquiries, and sort the qualified from the unqualified. This leaves you with time to do what you do best--keep the practice revenue flowing to maximize practice value and marketability.
How long with it take to sell a practice?
The average solo practice in an urban/suburban setting typically takes 9-12 months to sell. Specialty practices or practices located in rural areas may take 1, 2 or even 3 years to sell. Some may never sell unless correctly priced for today's buyer, and today's financial market.
How much will my practice sell for?
Our comprehensive experience in working with sellers, buyers, and lenders gives us the base knowledge to understand a practice's value in today's marketplace, and to assess practice strengths and weaknesses. We combine this experience with industry standard quantitative techniques to determine practice value.
MPB brokers use a wide array of marketing and advertising approaches to give your practice the highest visibility to prospective buyers. Direct mail, national advertising in professional journals, high-tech Internet advertising, and direct contact with our proprietary database of active buyers as just some of the techniques used. But, advertising is just the start. Our experience and knowledge enables to know what to say and when to say it. We can tailor advertising and marketing to meet your special needs.
Respect for your confidentiality is a hallmark of the MPB. We know that most buyers and sellers are concerned about protecting their privacy. We use a discreet approach of advertising, screening prospective buyers, and showings that protect you and your staff from unnecessary and potentially embarrassing interruptions.
MPB member brokers are seasoned professionals. We can advise buyers and sellers in owner carry, numerous lenders specializing in all types of medical practice sales and acquisition, or working with a buyer's own source of funding. MPB member brokers have established relationships with lenders specializing in medical practice (and associated real estate) financing. We specialize in structuring no-money-down deals for buyers, while simultaneously letting the seller cash out!
MPB service fees are balanced and competitive. Contact the member broker in your area for details.
Paperwork, and More Paperwork
Nowadays, any complex transaction entails navigating a bewildering maze of paperwork. MPB member brokers guide you through the entire process. Contracts, non disclosure agreements, letters of intent, business plans, loan applications, IRS and State-required disclosures and forms, listing agreements, valuation reports all can be a frustrating and expensive tangle to negotiate. Let one of our member brokers simplify the process for you.