Category: Practice Broking

The Importance of Keeping the Vendor as an Advocate

The success or failure of any practice transaction significantly hinges on the ability to transfer client relationships from the vendor to the purchaser. After all, this is essentially what is being transferred, the right to revenue generated from the continued servicing of a group of clients.

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Buying & Operating Secondary Offices has Some Challenges

As more and more practices seek to achieve growth through acquisition, an increasing number seem to be considering the purchase of secondary offices located, at times, in significantly different geographic areas that vary from their original location. This can be in a completely different area or even State. This concept is not necessarily new for some who have operated multiple offices in various locations for several years. However, for others it is a relatively new initiative.

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Securing a Successful Transaction is so much more than Simply Finding a Buyer

With most practice transactions taking place off market and without the services of a practice broker, we are bound to find some parties who felt the transaction was a success, whilst others will no doubt have wished the outcome was better. The sale process is long, detailed, complex, and at times, trying.

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What’s your Back Up Plan if you Die at your Desk?

Firstly, let’s acknowledge that this is a terrible subject to discuss or consider, however it's because of this awkwardness that so many people, including professionals, fail to plan for such scenarios. As our baby boomer generation continue to work longer, we need to be realistic about the likelihood of more practitioners passing away whilst still being practice owners.

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Is it Necessary to Use a Broker to Sell your Practice?

An easy question to answer…..absolutely not! In fact, my gut feel is that the majority of professionals do not utilise a broker when it comes to selling their firms. Why? Probably for a couple of reasons; one being the associated cost, and two being the perceived lack of professionalism, service and reputation.

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