Why Buy a Private Practice
Whether you’re looking to expand your business by acquiring a synergistic private practice or enter the market with an existing company, there are many benefits to purchasing a private practice rather than starting a new one. By acquiring an existing business, owners can skip the growing pains and difficulties of starting from scratch.
According to the US Bureau of Labor Statistics, one in five US businesses fail within the first year of operation. So, buying a private practice that’s already existed for a few years and has an established organization and revenue stream is a much safer bet. Those looking to expand can significantly increase their local market share, client list, and resources with a small business acquisition in months instead of through gradual growth that takes years of operation.
What You Need to Know as a Buyer
If you want to buy a private practice, there are a few things you should know. As a buyer, there are three key elements you should understand about acquiring a business:
- Know your buying power.
- Know what questions to ask regarding the business (due diligence).
- Know when and how to make an offer.
If you’re unsure of the answer to any or all of these questions, don’t worry; we can help. Our team of experts will work with you to determine your acquisition’s parameters and set reasonable goals. And we’ll do so quickly because, in today’s market, businesses move quickly. If you see a business that you are interested in, you should assume that there are others interested in the business as well.
How Private Practice Transitions Makes Acquisitions Easy
First, you’ll meet with our buy-side representation team, and we’ll discuss what you’re looking for, what your buying power is, and set attainable goals. With your targets in hand, we’ll help you secure financing and provide some potential sellers that fit your needs.
If we find a target that fits your ideal acquisition, we’ll start the process by negotiating with the seller. Our business brokers have helped finalize hundreds of acquisitions, so you can be sure that you’ll have a team of experts by your side to help achieve an amicable deal for both sides.
Once the deal has been closed, we’ll coordinate the logistics and due diligence with you and the seller and help develop a seamless business transition plan so that the handover is smooth for everyone.
If you’re interested in buying a private practice, we invite you to look through our current listings, which you can filter by industry and location. If you see a business that interests you, contact us today.
We also offer Buy-Side Representation — Learn more.
At any one time, there are 15 prospective buyers on the market for every one business listed for sale."
~ Source: Business Buyer Resource Center
I was fortunate to have been referred to Justin and Private Practice Transitions by a trusted colleague. I consider myself to be a pretty smart and savvy attorney, but when it came to the big decision on whether to buy into an established firm, I knew that I was too close to the situation to be entirely objective, and I knew I wanted an experienced set of eyes to advise me. Justin and his team were terrific to work with. He was extremely proactive at every step of the journey, and he provided me with a wealth of knowledge to help me navigate the twists and turns that came up. In the end, the process confirmed what I had suspected – this is a unique and specialized intersection of business and law, full of gray areas. An attorney should bring in help on cases that need expertise, and having Justin on board does the same for practice transitions.
S. A.
Our time working with Private Practice was a great experience. Justin and his team were professional, friendly and very patient. Vince and I have gone thru acquisitions before and this was way smoother than any of the others. We appreciated Justin’s ability to be helpful and patient as Vince and I tended to color outside the lines. We would recommend Private Practice Transitions to anyone needing the services they offer!
Shannon and Vince Preece
I want to thank everyone at PPT for all your hard work! I realize that this was a complicated transaction with lots of moving parts, (including a real estate component, which added another layer of complexity).
I have been extremely impressed with your work on this deal over the past several months. I realize that business opportunity transactions are inherently difficult, but you managed the deal cycle carefully and effectively, and as a result, I feel like I’m well-positioned to move forward and continue delivering excellent legal services to our clients.
Justin, from the outset, your sensible and pragmatic approach to navigating any potential pitfalls that are a part of any deal, removed any doubts related to the outcome of the sale. Your willingness to set ego aside for the sake of the transaction has certainly earned you the moniker, Justin “The Fixer” Farmer.
Bruce P.
Just wanted to drop you a quick message and thank you guys for the amazing quality of your Business CIMs. They are, bar none, the best quality CIMs in the entire brokerage industry. No guessing or detective work, all the information needed to really assess a deal is already there. Really makes the entire LOI stage so much simpler! Thanks for all that y’all do, I hope to be able to do multiple deals with you guys!