So you want to buy a practice?

Keep It Legal

Kirsty Odell sets out some of the key stages to buying or selling a practice, which will keep you on the right track for a smooth transition from buyer to practice owner.

Buying a private practice will, no doubt, be an exciting time for you, but it is important to be aware of the steps involved in the purchase and to prepare yourself for the process ahead. The following are the crucial steps involved: 

1 Appoint advisers

The market is still buoyant despite Covid-19, with many potential buyers looking to invest in the private medical practice sector.  

Most opportunities are often where providers are looking to retire and have no alternative succession plans in place.  

So your first step may be to approach specialist sales agents, who will introduce you to sellers of practices that fit your requirements.  

An early approach to other intermediaries is also important. This includes your funder, your accountant and your legal advisers.  

If you do not have your funding offer ducks in a row, then this will cause transaction delays. The ideal position would be to get an offer ‘in principle’ as early as possible so you are able to make the application without delay as soon as the seller has accepted your offer.