FAQ

There are four primary reasons to engage representation as a practice buyer:

1. A practice purchase is a uniquely complex and consequential event.

It's likely one of the most significant purchases you'll make in your lifetime, it's something you'll only do once or twice in your career, and a practice as a financial engine it enables everything else you do and love. Leveraging experience (in our case thousands of transitions) is simply a smart move to optimize your upside and minimize your risk in this monumental move.  

2. Counterbalance seller's expert guidance.

Sellers almost always have expert advisors on their team in the form of practice brokers or "transition consultants." These individuals are not neutral parties and are paid (usually ~10% of the sale price) by the seller. A representative who holistically looks out for your interests is essential to ensure there isn't a power imbalance that leads to sub-optimal outcomes for you as a buyer.

3. Efficiently explore the ENTIRE market.

Practice brokers and sellers want to sell you their practice listings but as a buyer, you want to see the widest range of possible options - including practices that may not be publicly listed for sale. Independent buyer representation makes this possible and we save you countless hours in the search process.

We run the search process for you, filtering through hundreds of listed practices by brokers nationwide on a daily basis. Additionally, we can facilitate targeted outreach to practice owners who may be interested in a private unlisted sale.

4. Guaranteed savings.

We are in position to routinely save our clients tens and sometimes hundreds of thousands of dollars across the acquisition transaction. We help with bank negotiations, seller negotiations, landlord negotiations, and more. We promise that our service pays for itself and stand behind that promise with a money back guarantee.

We exclusively focus on buyer representation in acquisitions for a few reasons:

1. Availability.

There are thousands of established practices for sale today in the United States. While startups have their place, the reality is that there are practices in nearly every geography imaginable that have already gone through the process of establishing a loyal patient base, well-known market presence, tight-knit staff, and in some cases, valuable case referral relationships and are just waiting for a new doctor to bring them through the next few decades.

2. Reliability.

Most practices for sale today are seasoned, time tested, stable businesses that are the life's work of another dedicated doctor. That doctor might be retiring, relocating, selling due to injury or illness, or just looking to downsize but with few exceptions, these practices are categorically well-performing small businesses with reliable cash flows. Banks that understand healthcare love practice loans because they perform uncommonly well in their portfolio. Landlords that understand healthcare love clinical tenants because they are uncommonly stable business partners. With proper diligence (we'll help with that), you can be the beneficiary of this unique dynamic within the small business transition space.

3. Efficiency

The combination of available reliable practices and our expertise in private practice transitions offers an opportunity to follow a highly efficient and proven process to increased earnings and savings, improved clinical experience, and successful practice ownership. In an acquisition, you aren't starting from scratch - you are building and improving upon a historically sound cash flow and patient base. You have unlimited opportunity to make the practice your own but on day one of ownership, you'll have patients walking through the door as they always have.

Practices are frequently sold with the commercial properties that house them - if you are interested in purchasing real estate in addition to a practice, we can help with that and will focus your acquisition search accordingly. While we will find available properties, evaluate the upsides/downsides of real estate ownership, find and compare financing options, conduct diligence, and facilitate closing, we are not real estate agents and do not earn commission on real estate sales.

At Practice Concierge, we value focus and the expertise that comes from doing one thing exceptionally well.

We exclusively represent buyers in acquisitions and we make the path to practice ownership simple.

Today, it is still less common for buyers to pursue practice transitions with their own representation than it is for sellers and we believe this will (and should) change. While there are great brokers in the market facilitating transitions, it's the practice seller who signs a contract with the broker and it's the practice seller who pays the broker. So it's not that brokers aren't helpful to buyers - many are enormously helpful. It's just that they are not purely representing a buyer's interests in two key ways - first, they primarily have a responsibility to the listing doctor to move their practice and do it at a premium and second, they are limited in their offerings to you to their own inventory. They simply cannot offer a comprehensive overview of market options.

There is a reason you likely wouldn't purchase a home or a stand alone commercial property without a real estate agent specifically representing you so why would you purchase an asset (a healthcare business!) with an order of magnitude more complexity and impact without guidance? Especially while the seller has expert guidance and especially when the asset being sold is one that will become the economic engine of your career as a doctor.

In our opinion, it's 100% worth getting your practice search, purchase, and transition right if you're going to be an owner and that means engaging excellent independent representation.

"Consulting" can be a vague and nebulous term but it doesn't have to be that way. Unless you simply want a business partner on call, you should enter a consulting engagement with some specific goals.

Conversely, your consultant should also come into the engagement with a clear plan that they can communicate to you and a series of quantifiable opportunities for value creation.

Engagements should be outcome based with compensation tied to measurable real world results.

At Practice Concierge, our engagement plan is simple - help you successfully find, purchase, and run a private practice.

Our opportunities for quantifiable value creation are several - increased income generation through practice selection, acquisition negotiation, financing negotiation, cost reduction through operational and infrastructural improvements, and revenue enhancement through patient engagement.

A well organized consulting engagement should be easy to evaluate as successful or not and part of that evaluation should be this very dynamic.

No - but if this is the route you would prefer to take into practice ownership, we can introduce you to a few other excellent companies who do specialize in startups. At Practice Concierge, our focus is exclusively on buyer-side acquisition representation - we feel our expertise here is unique and we prefer to do this one thing exceptionally well.

No - we exclusively represent practice buyers. If you are a practice seller looking for a broker, feel free to contact us and we'll make a few great local recommendations.
 

Yes - referrals are super important to us and we especially love it when those referrals come from our past clients. If you refer a doctor to us and they sign up, we'll pay you $1000 and there are no limits on the number of referrals you are allowed to make.

Yes - this is one of our specialties. We have powerful outreach strategies and tools to help you connect with and engage practice owners who haven't actively listed their practice for sale but might be willing to sell to you directly.

Yes - we provide buyer representation in all 50 states.