Yes, we work with several banks and financial institutions that have experience with providing professional loan and business loan. The buyer will need to qualify based on credit history, experience, gross receipts and other factors.
You'll need to sign a confidentiality agreement and follow our guidelines before a meeting can take place. This all can happen as soon as both sides have decided there might be a good fit for a purchase.
There are a lot of factors to be considered in order to find a business or practice where you will be successful. We have various resources to help you in the process of finding the right business or practice. Here are materials that may be especially helpful:
Initial due diligence is usually the most important to be performed at a high level. Detailed due diligence is performed once the agreement has been successfully completed buyers will get the opportunity to verify the information already received is accurate and complete.
To learn more, read Due Diligence Phases in sale of business or practice.
Presenting the Letter of intent is at the sole discretion of the buyer of practice and for buyer of business. We are usually not in favor of the use of letters of intent. It found that this can be an unnecessary step that can be delay in sale of business or practice.
To learn more, read Should you present a LOI?.
We recommend a relatively short transition. You cannot handoff a relationship. The buyer will need to develop their own relationships with the clients.
To learn more, read 5 Important Concepts for Successful transition.
We understand that seller of practice or seller of business may have this concern very well and our process includes many steps to protect your confidentiality. Every potential buyer of practice and buyer of business signs a confidentiality agreement and no introduction of buyer and seller are made until you are ready to meet with the buyer.
The industry rule-of-thumb for professional practice is one times annual gross revenue. There is a lot of variation in actual transactions when it comes to ascertaining value of business.
Majority of the practices sell for a fixed price and many sell for 100% cash at closing. In the end it all depends upon the negotiation with the buyer and the transition period fixed. When you sell your business, it depends majorly on negotiation and less on the transition period.
Getting the timing right is very important. The seller needs to analyze how life after retirement will be. The employee relations and client relations will be handled by the buyer of business / practice.
We focus on maximizing the value of your business / practice and making the process as simple as possible while we help the buyer succeed.
BizProf Exchange is the premier professional business and practice intermediary firm in the industry. Our company is known for our simple process as well as our efficient and diligent approach to facilitating the buy and sell of business / practice.
Not only do we bring you buyers, but our consultative process helps you select candidates who are most likely to succeed in your business or practice. Our team of experts has a deep knowledge of the professional business and practice industry. Ready to get started? Register here.
Why do your clients hire a professional when they might be able to do? Similarly having your business or practice firm professionally marketed – while you focus on your business or profession – is both easier and more profitable. Our process simplifies the sale and brings the most money to the closing table.
Our fee is paid in a staggered manner. We charge 5% of the deal value as our consultation fee. 1% fee is paid at the time of meeting the buyer for initial negotiation and balance 4% when your firm sells for price and terms as agreed between the buyer and seller.
We recommend a short transition. You cannot handoff a relationship. The buyer will need to develop their own relationships with clients and employees. To learn more, read – Important Concepts for Successful Transitions.
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