First, a note from our President and Founder:

"The end of the year is approaching quickly and the holidays are officially upon us! If the last two years have taught us anything, it is to cherish every second that we have with our family and friends. So, take this time to sit back and soak it all in. 

- Justin Farmer, Esq., CBI

President & Founder of Private Practice Transitions

A Letter of Intent, often referred to as a non-binding letter of intent, summarizes a possible agreement between a buyer and a seller. As suggested by the name, a letter of intent expresses the intention of one party to do business with another party before the finalization of any legal agreement.

Aside from officially declaring your commitment to do business with another party, a Letter of Intent serves other essential purposes, including the following: 

• Defines the key deal structure, e.g., merger, asset sale, stock purchase 
• Records the progress of preliminary negotiations
• Highlights and clarifies the key points to be discussed later during due diligence 
• Outlines what role the seller will have in the company post-closing
• Encourages the buyer to obtain financing from a lender 
• Defines an “exclusive period” whereby the seller cannot negotiate with another buyer 
• Spells out significant points such as timelines, deliverables, deadlines, and contingencies to enable the negotiations to move forward in a predictable manner 

For a further breakdown of a Letter Of Intent (LOI), continue reading our most recent blog, What Is a Letter of Intent and What Should Be Included?

Listing 1150

Established in 1979, this Washington tax and accounting firm is highly respected in the greater Kitsap County community. The Practice has developed good long-standing relationships with local law firms that have proven to be terrific referral sources. The Practice’s service by revenue breakdown is 80% Tax Preparation and Planning, and 20% Accounting and Bookkeeping. In 2020, the Practice brought in approximately $770K in gross receipts and has grown every year since inception. The Practice has nine loyal staff members proudly serving its 1,222 active clients. With dedicated staff and proven YoY growth, this is one opportunity you don’t want to miss.

Listing 1172

Over the past 21+ years, the Practice has offered a wide range of physical therapy services to many clients in the greater Kitsap County community. For the past three (3) years, the Practice has averaged gross revenue of ~$1,212,925 (2018-2020) and in 2021, revenues are projected to be over $1,400,000! The Practice’s success is due in large part to its stellar reputation within the community, loyal followers, and tremendous reputation with referring providers. The Practice has ~15 incredible staff members who continually deliver excellent customer service to its 265 active clients. The Owners are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period up to 1-2 years. With impressive revenues, loyal staff and clients, and the promise of a smooth transition, this practice won't last long.

Listing 1173

Over the past 20+ years, this Multnomah County tax and accounting firm has offered a wide range of tax and accounting services to both business and individual clients. The Practice is highly respected in the community and prides itself on providing top-notch customer service. The Practice’s service by revenue breakdown is 71% Tax Returns, 26% Financial Statements, and 3% Bookkeeping. Over the past three (3) years, the Practice has averaged gross revenue of approximately $328,212 (2018-2020). As of September 2021, the Practice has ~236 active clients with ~300 in the Practice’s database. The Practice has three (3) loyal staff who are amenable to helping the Practice continue to thrive. With an established name and loyal clients, this is an opportunity that you don’t want to miss. 

Listing 1174

Established in 2003, this King County tax and accounting firm is highly respected in the community and prides itself on providing top-notch personalized customer service. The Practice’s service by revenue breakdown is 68% Tax Services, 26% Accounting Services, 3% General and 3% Consulting Services. As of September 2021, the Practice has approximately 804 active clients and four dedicated staff. Over the past three (3) years, the Practice has averaged gross revenue of approximately $909,167 (2018-2020). In 2020, the owner’s seller’s discretionary earnings (SDE) were over $580,000! Additionally, the Practice has experienced year-over-year (YoY) growth each of the last two years, and 2021 projections are showing another great year! With impressive revenues, stellar SDE, and YOY growth, this is one opportunity you don’t want to miss.

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