"I'm often asked by potential clients, 'How long does it take to sell a practice?' There are many factors that impact the overall timeline to closing. In our experience, you should generally plan on anywhere from 10-18 months. Additionally, tax and accounting firms often close faster than legal and physical therapy practices. To help paint the picture, we’ve created the below infographic based on our actual statistics for deals closed in 2022. The overall timeline is greatly impacted by the buyer and sellers’ motivation, bandwidth, and commitment to the process. If you have additional questions about the selling process, please reach out to us anytime."
- Justin Farmer, Esq., CBI
President & Founder of Private Practice Transitions
QUOTE OF THE MONTH:
“Three Rules of Work: Out of clutter find simplicity; From discord find harmony; In the middle of difficulty lies opportunity”
- Albert Einstein
FEATURED BLOG:
The Importance of Owner Transition When Selling a Business
Selling a business is a big decision that shouldn’t be taken for granted. Once the sale is made, you must go through a phase known as the transition period (or the handover period). During this period, you, as the existing owner, will remain with the business for a specific timeframe to help the new owner take control of it.
It’s crucial to carefully plan and think through the transition early to ensure that you properly execute it when the time comes. When done well, an effective transition period offers you and the buyer reassurance and comfort that the performance of the business will not fail. Learn additional benefits of structuring the transition period in our newest blog, The Importance of Owner Transition When Selling a Business.
This highly profitable and fully virtual accounting & data migration business has offered a wide range of services to its many clients. The Business’ revenue is roughly 70% recurring. In 2021, the Business experienced an incredible 48.5% year-over-year growth with gross revenues exceeding $7 million and is on pace to grow another 30% in 2022, with revenue on pace to exceed $9.2 million! The Business’ success can largely be attributed to its established name, loyal clients, strategic relationships, robust management team, and referral partners who have grown to trust the services it provides. The Business has over sixty (60) employees including the Owners, who are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed upon period of time, if desired.
If you are interested in our September Featured Listing, email us and indicate the listing name and number in the subject line or call us at 253.509.9224.
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