Buyer Frequently Asked Questions


Why use 1st Med Transitions?

Finding a Practice Broker you can trust should be at the forefront of your process when considering buying a practice.  Many states require that Business Brokers be licensed in an effort to help protect the public from fraudulent practices.  Even if the state doesn't require licensing, we require all of our practice brokers to have a real estate license. It is important that the practice broker you choose has the education, background and experience necessary to help you complete a legal and positive transaction.  

What services Do 1st Med Transitions offer the buyer?

We will assisit in the search, selection, valuation, negotiation, financing, closing and transtion of your selected practice.

What are some of the benefits of working with 1st Med transitions?

We understand that buying a practice can be a daunting task. We make sure you are fully informed of the process of acquirig a practice and will walk you through every step. Once you are pre-appoved as a qualified buyer, we will pair you with a transition advisors who specialized in your field of practice. Your advisor will immediately review our current listings and see if you are a match. If not, we will reach out to industry contacts such as other practice brokers, vendors, accountants, lenders, etc. to discuss any opportunities thay may have avaiable. We will also begin a localized search in the geographic area you are focusing on and contact each practicing doctor to gauge their interest in selling.

do I physically need to visit the 1st med transitions office?

No, it is not necessary to visit our office locations.  1st Med Transitions is unique in that we are a technology-based practice brokerage and can complete the entire transaction without a face to face meeting.  We do however recommend a video conference with your assigned practice broker to develop the personal relationship side of the process. It also allows the tranistion advisor to spend one-on-one time with you to go over what to look for in a practice and how 1st Med develops and provides the information presented to buyers, as well as to answer any and all of your questions.

Are there any extra costs with 1st Med Transitions?

No, If you would like to use our services to buy a practice, there is absolutely no cost or obligation to discuss with us, call us with questions, or secure our services to act as your practice broker on your transaction.

What are the steps involved?

1. Complete our Buyers List App at the top right of this page and one of our transition advisors will contact you within 24 hours...
2. Our transition advisors will listen to and discuss your specific processoinal and practice goals. After our detailed conslution, we will discuss the custom-tailored solutions and steps needed to meet your goals.
3. If we decide now is the right time to proceed with your transition, our advisors will work closely with you to expedite the successful purchase or sale of your practice!

How fast can I close once we find a practice?

Although no scenario is exactly the same, a typical practice only transaction can easily close in as little as 30 days. When real estate is involved in the transaction and an appraisal required, the transaction can typically take 45 - 60 days.

I want to purchase an existing practice, but don't want to use all of my savings?

No Problem! 1st Med Transitions specialized in 100% Practice Acquisition financing. Depending on strength of practice and buyer creditworthiness, we can typically secure 100% financing plus working capital to help with the transition period.

I'm not sure if I should buy an existing practice or start-up a new one?

We hear this question often and can assist with both transaction types. An existing practice is less risky for the bank as well as the practitioner due to the established patient base and built-up goodwill already in the practice. That being said, we can offer start-up financing for qualified scenarios through both Conventional & SBA programs.

 

 

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1st Med Advantages


  Direct Industry Knowledge
  Our Sellers Save 40% - 50%
  Flexible Listing Agreements
  Free Practice Valuations
  Nationwide Buyer's List
 

Client Testimonial

Selling a dental practice is no easy task, and this was the second time I was doing it within the last three years. I have to tell you that whole experience this time was a hundred times better than last time.

You were truly there all along, every step of the way, and really went above and beyond what could be expected from you to make this transition as smooth and timely as possible

I really appreciate all the hard work you put in and all the hand holding you did when I needed it. If ever any of my peers or colleagues need to buy or sell a practice, you will come highly recommended from me for the wonderful job you have done.

Dr. Namrita Singh, DMD