What are the steps involved in selling a practice?

February 21, 2014 by Nhi Huynh in

What are the steps involved in selling a practice?

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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From Our Clients

  • "Working with Loc was a pleasant experience as he helped me sell my practice which enabled me to move into the next phase of my life with my family.  Loc is intelligent, knowledgeable and detail oriented.   He helped me see so many different angles and perspectives of this complex process which gave me the […]"

    Dr. Gomez

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