Seller 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 selling your 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.  

I'm thinking about selling my practice. What is the first steps I shoud take?

The first step is to complete the consultation form here or just simply give us a call at (800) 815-0590. One of our transition advisors will discuss your options with you and discuss the expectations you have for the sale.

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

We understand that selling a practice can be a daunting task. We make sure you are fully informed of the process of selling your practice and will handle every step. Once you decide you are ready to sell, we will pair you with a transition advisors who specialized in your field of practice. Your advisor will immediately review our current buyer list and see if you there are any matches. If not, we will reach out to industry contacts such as other practice brokers, vendors, accountants, lenders, etc. to discuss any prospective buyers they may be currently working with. We will also begin a localized advertising campaign online in the geographic area you located in.

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 transition advisor 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 buyer and how 1st Med develops and provides the information presented to buyers, as well as to answer any and all of your questions.

how much does it cost to receive a value for my practice?

The great thing about working with 1st Med Transitions, is that we offer a no cost, no obligation quick valuation. From our experience with over $100 Million in closed practice transactions, we understand how to determine a realistic valuation of your specific practice. Our vast knowledg of the financing optons available in the marketplace helps us determine the maximim amount of financing availabe for your practice. This is invaluable knowledge as most practice transactions are completed with 100% financing.

What are the steps involved?

1. Complete our Free Consultation Form Here 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 buyer?

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.

How long will it take to sell my practice

Obviosly every situation is different, but it is a seller's market. We have a backlog of pre-qualified buyers in your field of practice who are ready to jump at a change of owning a successful practice. We will set up interviews for you to meet with each qualified buyer and make sure they are a good fit for your practice. Once you have selected the right buyer, the sale will take 30 - 45 days to complete.

How much do you cost and how are you paid?

Do to our technology-based Practice Brokerage business model, we are able to pass the savings on to our clients and typically charge half of what a traditional practice brokerage will. We are typically paid through the loan proceeds or sometimes, if agreed upon, from the buyers financing.

 

 

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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