If you are currently an associate in a practice and considering purchasing part or all of the practice, you will likely ask: how do I begin this process? The first step is confirming that you are willing to take on the additional responsibilities of practice ownership; often times a conversation with the current owner can strengthen your desire to be an owner. The next step is to gather key financial data on the practice. This includes three years of tax returns, interim profit and loss statements dated within 90 days, and production reports from the practice software system.
These documents will allow you to sit down with a qualified practice valuator and help you determine a purchase price that is feasible to support and fair to the seller. This is key data, as you want to negotiate the purchase with supported data rather than assumptions. Having the data reviewed by a bank will enable you to secure financing. These are some of the first steps toward practice ownership.
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