What are the steps involved in selling a practice?

February 21, 2014 by Nhi Huynh in

There are many steps involved in selling a practice. Here are a few major ones.
– Be determined that you are going to sell your practice.
– Gather office documents: 3 years of business tax returns, last year’s profit and loss statement if last year’s tax return is not available, list of office equipments, lease and related documents, list of loans/liens against the practice, list of current insurance contracts and etc…
– Contact a LCF representative to come up with a plan to sell your practice.
– Allow a LCF representative to show your office to qualified buyers.
– Allow a LCF representative to help you negotiate the offer.
– Allow a LCF representative to help you transfer the lease agreement to the new tenant.
– Allow the buyer to do due diligence at your office (inspect equipments, patient files and etc…)
– Allow a LCF representative to work with escrow to transfer the funds.
– Closing and transfer of keys.

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