Selling Your Private Practice
– When is the right time to sell?
– What is my business worth?
– How long does the process take?
These are the most common questions we receive from potential clients. But before we can answer these questions, a seller must consider the following:
- How much longer do you want to work?
- How much longer do you need to work?
- How long would you be willing to remain as part of a transition?
You may not be able to answer these questions on your own. We will gladly work through the nuances of the above questions with you, to help create a definitive timeline for selling your business.
In the past, professionals who had spent years building their businesses were left with few options other than merely turning off the lights and closing the door when it came time to leave the business. Thanks to Justin D. Farmer’s brilliant new service, these practitioners can now expect to receive a payoff for all that hard work and the goodwill they’ve built up throughout their careers. Orchestrating a smooth transition of the business is a big job, and Justin is up to it. From helping insure the professional practice is in tiptop shape to maximize its selling price, to providing on-going support to help the purchaser learn the skills necessary to maintain and build on a solid practice, Justin has thought of everything to make this a win-win situation for both seller and purchaser!
What a relief it was to find Private Practice Transitions after a frustrating search for a broker to help me sell my accounting practice. Justin Farmer was a perfect fit. He was responsive, yet patient with the myriad of questions and concerns I had. He immediately recognized the intrinsic value of my business, location, and client base. Then, he analyzed the financial data and staff structure before developing a marketing strategy to maximize the exposure of my business to potential buyers. Within a short time, he presented multiple offers to me. He interpreted the legalese of the offers and wisely advised me how to best evaluate the various offers and develop an exit strategy. I highly recommend Justin and the team at Private Practice Transitions to sell your business.
At the time I contacted Justin Farmer at Private Practice Transitions, I was about to celebrate my 75th birthday and had been in private practice for over 35 years. We had a 3 attorney law firm and practiced mostly business law, coupled with estate planning, probate and real estate law. Justin was instrumental in facilitating the transition to a prospective buyer. Justin is a pleasure to work with and is very dedicated to doing excellent work. I highly recommend his firm.
Private Practice Transitions helped me assemble the pertinent data about my law practice so that the business could attract a buyer. Though I had spent many years performing good work as an attorney I did not know how to present my firm to the public. Justin was patient in teaching me what my business had to offer. I learned a great deal under his tutelage. The detailed in-depth work that Justin did helped me realize what I had and how I wanted to transform my practice. He helped facilitate my prosperous and joyful “second act” for which I am extremely grateful.
Mary Anne Vance
The Private Practice Transitions team effectively led us through the challenges of selling the physical therapy business we have owned and operated for 15 years. As physical therapists, we face additional nuances to a business sale due to insurance reimbursement and client involvement. The team at Private Practice Transitions helped us wrangle those unique challenges and found us a buyer that we are excited to transition our business to.
Dear Justin and team, thank you so much for all your work over these 18 months in getting my firm sold. You found the buyer, you developed the materials, you helped value the firm, and you were patient through all of the offers and withdrawals and refusals that led up to this final success. I appreciate your professionalism, your skill and your persistence. Without you I never would have even known it was possible to sell the firm, what it was worth, how to structure the sale terms, or how to talk to potential buyers. You offer such a valuable service! And you deliver on your promises. I am so glad that you were my broker.
From our first meeting to the completion of the sale of my law firm, the Private Practice Transitions team was positive, professional, and results driven. I didn’t believe that we could sell my firm after only being in business for ten years, but Justin gave me the confidence that we could and he was right. He strategically marketed my firm and found a buyer who I gelled with in a remarkably short time. The very next day after the first phone call with the buyer, Justin called me with the buyer’s offer he negotiated that was beyond what I could have imagined. Justin is that unique professional that always gives you his full attention and makes you feel like you’re the only person in the room. He’s extremely sharp and masterfully powered through any and all roadblocks that came our way. It was clear throughout the process that everyone on his team was intimately familiar with the details of my business and they all had a sense of urgency to keep moving towards my goal of closing the sale. Even after successfully selling the firm, Justin had a genuine interest in ensuring that the transition to the buyer was smooth. Justin and his team treated me like family. I’m eternally grateful to them for selling my law firm for more than I ever could have dreamed of and changing my life and my family’s life for the better.
Corey Evan Parker
Of course I had hoped that it wouldn’t take too long, but I had no idea that my practice would be sold in just three and half months after contacting you. You guys are amazing!! You knew exactly how to market my CPA practice to find the perfect buyer and in record time. I appreciate your professionalism and your quick responses to my questions throughout the process. I had shopped around for the broker I felt cared about me and my goals and am so happy to have found you. I can’t thank you enough. It’s been one month already and I still can’t believe I’m retired and for the first time in years can truly enjoy the holidays the way I want to. I highly recommend Private Practice Transitions.
Thanks to Private Practice Transitions for their hard work and dedication to help me find a new owner for my company. It had been something that I had been thinking about for a while and then I stumbled upon Private Practice Transitions after some googling. Who knew after submitting a short message on their contact form, that four months later I would be starting a new journey that I’ve been wanting and the company will continue on without me. It was one of the best decisions I’ve made in a long while. The whole process was very smooth and I don’t think it could have gone any better.
This was our first time working with a business broker and we could not have imagined such a good outcome in such a short span of time. Justin, Chandler and Tanya guided us through the process and we felt well informed and confident we had the best team in our corner each step of the way. The team at Private Practice Transitions is knowledgeable, professional, thoughtful and very very effective. Finding the right fit for our clients was incredibly important to us and Private Practice Transitions understood that and proved to be excellent match makers. Their stellar reputation is well earned.
I am a very satisfied client of Private Practice Transitions. The memorandum they developed to present to prospective buyers was extremely detailed and professional. Thanks to their tireless efforts we had multiple offers to select from in a short period of time. Without their assistance I am quite confident the practice would have sold to an inferior buyer at a much lower price. Their communication, experience, and overall professionalism are first rate and I would recommend them to anyone.
Private Practice Transitions was the key reason we were able to implement a very successful three-part strategy for our law firm. After years of building a successful practice with a strong and loyal client based, it was extremely important that we could hand off the trusted relationships to a strong successor, receive optimum value for the financial base we developed, and ensure a smooth transition for both us and our successor.
Justin and his highly professional team of experts searched patiently for the right fit and then guided us in the structuring of a great financial and continuity plan. Private Practice Transitions had the depth of experience, the broad market reach and the right approach to develop an attractive offering memorandum on our firm, assist us in the vetting and selection of candidates, and financial guidance to achieve an extremely satisfying and successful hand off to an excellent successor and launch us in our next set of life experiences after years of enjoyable practice of law. We believe they are the gold standard in practice transitions, and cannot thank them enough for their superb assistance!
Without Justin and his team at Private Practice Transitions, I would not have known how to take my business to market, value the business and transact with virtually no complications.
Justin Farmer of Private Practice Transitions was always several steps ahead and able to answer any questions which arose. Justin was extremely professional and his stellar reputation with prospective lenders was very evident. Justin’s experience, knowledge, and communication skills are second to none. I am thankful for Justin’s wise counsel and capabilities.