We often get the question "I'm ready to buy a practice, what should I do?"
Joe Jordan will outline our 3 main tips for buyers in this video:
- Have a Production Track Record.
And what we mean by that is you should have had an associateship opportunity that you've worked in for a year or more, or it can even be a residency program. Most third party lenders will take both into account. You need funds to buy a practice, so having a production track record that a lending institution can look at is very important.
- Know the Area Where You Want to Own.
Obviously there are locations that are appealing to different buyers for different reasons, so know the location that you want to go to, and starting to look around at practices is an important step of the research.
- Don't work as an Associate in the same area.
An associateship agreement will have some language in it that is restrictive, and that can carry on after you terminate your associateship position. So knowing that you're able to go into an area as an owner, without a restrictive covenant or any type of restrictions, is very beneficial.
If you have any questions about owning a practice, we'd be happy to help! Also check out the free resources available to you in our Transition Prep Tools for Buyers: