Acquiring a Practice
Purchasing a practice is a large commitment of both time and money. If not done properly the transaction can have a negative impact on your personal finances for years in the future. Legacy Group provides you with the resources and the expertise to manage the purchase and transition process in a manner that reduces your risk and plans for the longer term impact of the purchase. Our goal is to structure the transition to provide a solid foundation for financial success.
While we strive to establish a long-standing and comprehensive relationship with providers, it is clearly understood that not all Clients will adopt this relationship and thus we offer the following Tiers:
Tier 1: Individual Service (Valuation)
- Provide Practice Fair Market Value Estimate
Tier 2: Transaction Services
- Practice Price Negotiation and Representation
- Design and Negotiate Purchase Structure – Terms & Conditions (upfront purchase vs. multiyear buyout).
- Financial Sourcing – identify financing options and negotiate loan terms.
- Financial Feasibility Testing – determine if cash flow of the practice can support buy-out and, if applicable, retaining the current doctor for a transition period.
Tier 3: Legacy Partnership
- Brokerage Services – Finding you a Practice / Solution.
- Transaction Services – all the services contained above under “Transaction Services.”
- Transition Planning – making the practice your practice.
- Tax Planning* – corporate entity structure & long term tax reduction strategies.
- Wealth Planning* – fitting the practice in with the larger picture. Long term planning for debt reduction and wealth accumulation.
- Asset Management* – Customized investment management through Legacy Advisory Group.
*Offered through Legacy Advisory Group, LLC