Practice transition consultants

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stepasf

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Has anyone used a practice transition company to buy a practice? Not buyers broker, but someone solely on their side for analysis, due diligence, legal, cpa, etc.? What was your experience? How much did it cost? Thanks!
 
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I know you didn't ask for a consultant's point of view, but since no one has answered:

Price varies, but it typically comes out to around 1-2% of the purchase price. We charge on an hourly rate but the larger the deal, the more work. If it starts getting over that amount we let the buyer know why issues are coming up. So while we don't charge a commission, we do let that serve as a "cap".
 
That's great, thanks. What's included in your services? Are legal and CPA consultations part of it?
 
Well, I have my answer here, I would think. Jonathan is a CPA, so that's included.(btw, the front page on your site looks pretty stretched) Legal wants 3% from what I gather, despite the fact that they are not drawing sales agreement.

What happens if we draw an LOI and due diligence shows that initial assessment doesn't match the audit? I back out, who pays legal /accounting if the deal fails? In other words, am I still liable? For how much percentage wise?
 
Has anyone used a practice transition company to buy a practice? Not buyers broker, but someone solely on their side for analysis, due diligence, legal, cpa, etc.? What was your experience? How much did it cost? Thanks!
I did. In fact, I did so twice. Though I had some academic background in business, when I was out of residency, seeking advice on such things as whether to work for a big hospital, or in a practice, or even for some retail company / in a small town in the middle of nowhere vs. a big booming city, already saturated, OR, when I was considering purchasing a practice. The "Consultant' was extremely costly ( can't recall exact off top of my head) and had he not completely been oblivious to the glaring dangers of the sinking ship that lay before me, it might have been worthwhile. Its been a while since and years for me to build up the career I'd hoped to begin with then, but the huge stumbling block of dealing with this, then sinking ship I not only owned thanks to the 'consultant', but had to find some way of not losing any more than I already had. I now own, but have been in the role of employee, partner, owner - the whole buffet. I'm just an MD, but one who has not just experienced these pratfalls open to all of us crazy enough to go into the field, but learned an invaluable amount as to how to read the prospective opportunity and see what lies beneath - or for that matter, in the path ahead. I would be pleased to help in any way...if interested, let me know and I'd provide my page on FB, or my direct #
 
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