2 min read

Metrics To Look at When Buying an Accounting Firm

By Private Practice Transitions on May 23, 2024 10:45:23 AM

There are many good reasons to consider purchasing an accounting firm. However, you want to consider several different factors when figuring out if a company is right for you. Obviously, market factors point to buying when a company is doing well, but there are many other metrics to look at when buying an accounting firm that you should pay attention to.

4 min read

How To Transfer the Lease When Selling a Business

By Private Practice Transitions on May 10, 2024 10:01:38 AM

For entrepreneurs and small business owners, the moment arrives when a company changes hands or grows into new horizons. Transferring a lease is central to this shift when the business has a physical premises. This often-overlooked aspect of the business sale can lead you smoothly into the next chapter or become a legal riptide where many falter.

Topics: Blog
4 min read

What's The Impact of Inflation on Business Sale Price?

By Private Practice Transitions on May 9, 2024 5:55:37 AM

Just the word inflation can send a shiver down the spine of business owners, especially if they're considering selling or buying a private practice. But how does inflation impact the sale price of a business? We tackle that question and more in our guide below.

Topics: Blog
2 min read

Exit Strategy Tips for Private Practice Owners

By Private Practice Transitions on Apr 23, 2024 11:39:53 AM

For private practice owners and entrepreneurs, the transition out of their business is a crucial chapter that requires careful planning and strategic thinking. To ensure a smooth and satisfactory exit, it's vital to lay the groundwork early on and address key aspects that will impact the transition. Below, we offer some useful exit strategy tips for private practice owners considering selling and retirement.

Topics: Blog
2 min read

4 Questions To Ask a Potential Business Buyer

By Private Practice Transitions on Apr 8, 2024 9:22:35 AM

Selling your business is a significant decision that can shape the future of your professional life, and asking the right questions when negotiating with potential buyers is crucial. It’s your chance to ensure that your legacy lives on in capable hands and that your vision for the business continues in ways that align with your values and the company’s culture.

Topics: Blog
4 min read

5 Reasons To Consider Working in Private Practice

By Private Practice Transitions on Mar 29, 2024 8:42:38 AM

Professionals across various fields are increasingly drawn to private practice’s promises of freedom and fulfillment. Private practices—wherein one operates independently, creating procedures, policies, and personal brand —have seeded fertile ground for a blossoming entrepreneur breed within various sectors.

Topics: Blog
1 min read

What To Look for When Buying a Physical Therapy Practice

By Private Practice Transitions on Mar 25, 2024 8:22:33 AM

Physical therapy is one of the most attractive sectors in healthcare today, with more people enlisting the help of physical therapists than ever before. If you’re interested in joining the growing market by buying a physical therapy practice, we’ll explain what you should look for.

2 min read

Opinion of Value vs. Appraisal: What’s the Difference?

By Private Practice Transitions on Mar 13, 2024 12:18:55 PM

Gauging the worth of your business is an important yet frequently misunderstood exercise. The comprehension of value and appraisal can influence crucial business decisions, such as selling your practice, acquiring another, or steering your current enterprise in a profitable direction.

2 min read

5 Signs It's Time To Sell Your Private Practice

By Private Practice Transitions on Mar 12, 2024 7:37:54 AM

One of small-business and private-practice owners' most common questions is about when to sell. It's difficult to tell the right time, as it depends on the market, the business's productivity, and the owner's personality. Below, we'll explain some key signs it's time to sell your private practice if you're an owner.

4 min read

Avoid These Mistakes When Selling an Accounting Firm

By Private Practice Transitions on Mar 8, 2024 10:30:37 AM

Navigating the maze of accounting firm sales is a task laden with potential pitfalls. Whether you are eyeing the market to downsize, retire, or expand your portfolio, you know that understanding and sidestepping common mistakes could be the key to a successful sale.

Topics: Blog
2 min read

4 Ways To Become a Physical Therapy Clinic Owner

By Private Practice Transitions on Feb 14, 2024 7:36:36 AM

You can become a physical therapy clinic owner in many ways, whether you’re a physical therapist eager to start their clinic or think the industry is worth investing in. We break down the various methods for becoming an owner and what advantages and disadvantages they offer below.

4 min read

How To Choose the Perfect Business Broker

By Private Practice Transitions on Feb 9, 2024 8:47:06 AM

A business broker is a professional who connects business sellers and buyers, assisting with the sale of small businesses and private practices. Hiring a business broker can be invaluable for those looking to buy or sell a business. Below, we tell you how to choose the perfect business broker and detail the benefits of this transaction.

5 min read

10 Business Valuation Mistakes and How To Avoid Them

By Private Practice Transitions on Jan 25, 2024 2:11:58 PM

Every business owner understands the importance of accurately valuing their business, especially when looking to sell or merge. However, navigating the complicated business valuation process can be challenging, with various potential pitfalls. Below, we'll explore common business valuation mistakes and offer guidance on how to avoid them for business owners.

2 min read

5 Important Benefits of Business Brokers

By Private Practice Transitions on Jan 23, 2024 8:08:58 AM

It’s common sense to enlist the services of a business broker when putting your private practice or small business up for sale. Below, we explain the important benefits of business brokers and how they help sellers through the sale and negotiating process.

4 min read

10 Strategies for Evaluating a Potential Buyer

By Private Practice Transitions on Dec 20, 2023 8:39:19 AM

Selling a business is a complex process that requires thoughtful planning and consideration. One of the most important aspects is identifying the right buyer, someone who can maintain and improve the company’s standing and keep it thriving. Below, we’ll outline some key strategies for evaluating a potential buyer to ensure a successful sale and smooth transition for everyone involved.

Topics: Blog
2 min read

How Long Does It Take To Sell a CPA Firm?

By Private Practice Transitions on Dec 14, 2023 11:30:01 AM

Deciding to sell your CPA firm can be difficult, emotional, and time-consuming. Before deciding to sell, you should learn the ins and outs of the process and how long it takes to navigate a successful sale. Keep reading to learn how long it takes to sell a CPA firm, the factors influencing the timeline, and more.

2 min read

What Do Business Buyers Look for in a Business

By Private Practice Transitions on Dec 11, 2023 1:36:00 PM

When it comes to buying a business, potential buyers have high expectations. They are looking for a well-established and sustainable business with a proven track record that promises long-term success. As a business owner considering selling your small business or private practice, you should know what these prospective buyers seek to ensure a smooth and profitable transition. Keep reading to learn what business buyers look for in a business, from financial performance to growth potential.

Topics: Blog
2 min read

Starting vs. Buying a Physical Therapy Practice

By Private Practice Transitions on Nov 6, 2023 1:39:00 PM

Deciding to open a physical therapy (PT) practice can be an exciting and rewarding experience. However, choosing between starting a practice from scratch and purchasing an established practice is not always simple. Below, we’ll break down the key differences between starting and buying a physical therapy practice, exploring the starting investment, the risk, and more.

Topics: Blog
2 min read

Buying a Business With Intangible Assets: What To Know

By Private Practice Transitions on Oct 30, 2023 6:48:03 AM

When considering buying a business, it’s critical to know as much as possible about tangible and intangible assets. Intangible assets play a significant role in the overall value of a business, and understanding their significance is crucial when deciding to buy a business. Keep reading to learn what intangible assets are, why they matter, and what you need to consider when buying a business with intangible assets.

Topics: Blog
4 min read

How To Market Your Private Practice for Sale

By Private Practice Transitions on Oct 30, 2023 6:43:03 AM

As a private practitioner, you have dedicated years to building your practice and establishing yourself as an expert. Now, the time has come for you to move on and sell your practice. The thought of selling may bring mixed emotions: excitement for new opportunities, anxiety about leaving behind the familiar, and uncertainty about how to market your practice successfully. Explore the steps you can take to effectively market your private practice for sale and ensure a smooth transition.

Topics: Business Owners Blog
2 min read

How Your Lease Can Affect the Value of Your Business

By Private Practice Transitions on Oct 13, 2023 1:28:00 PM

As a business owner, you’re aware that several factors contribute to the value of your practice. One often overlooked aspect is the impact of your lease when selling a physical therapy practice or other business. A well-negotiated lease could boost your business’s value and attract potential buyers. We’ll explore key factors in commercial leases and how they affect the value of your business.

Topics: Blog
4 min read

Necessary Research To Conduct When Buying a PT Clinic

By Private Practice Transitions on Sep 26, 2023 1:46:00 PM

Buying a physical therapy (PT) clinic is a major decision. It requires careful research and consideration of multiple factors before committing. If you’re considering buying a physical therapy clinic, you should take certain steps to ensure its success. We will outline the necessary research to conduct when buying a PT clinic, including assessing the current market conditions, evaluating the competition, and avoiding potential legal issues.

Topics: Blog
2 min read

The Importance of Confidentiality When Selling Your Practice

By Private Practice Transitions on Sep 21, 2023 1:48:00 PM

You must consider many things when selling a practice—whether it’s an accounting practice, medical private practice, or other business. The confidentiality of the sale is critical to protect. We’ll explain the importance of confidentiality when selling your practice and how it can damage your business’s value.

Topics: Blog
2 min read

Retaining Clients When Buying an Accounting Practice

By Private Practice Transitions on Sep 11, 2023 7:25:26 AM

Client retention is critical to the success of an accounting firm after a purchase or a merger with new ownership. We offer tips for retaining clients when buying an accounting practice.

Topics: Blog
5 min read

Keeping Key Staff After an Accounting Practice Purchase

By Private Practice Transitions on Sep 6, 2023 7:37:55 AM

The staff is one of the most important variables in the transition of an accounting practice, or any private practice, from previous to new ownership. Below, we’ll explore the benefits of staff retention and offer strategies for keeping key staff after an accounting practice purchase.

Topics: Blog
2 min read

What To Expect When Closing on a PT Practice Purchase

By Private Practice Transitions on Aug 30, 2023 1:51:00 PM

The closing can be the most exciting and fraught time of a physical therapy (PT) practice purchase, as months or even years of preparation and negotiation finally come to an end. We’ll explore what to expect when closing on a PT practice purchase, from the preparation to the closing day.

Topics: Blog
2 min read

Buying a Niche Accounting Practice: Key Factors To Consider

By Private Practice Transitions on Aug 25, 2023 1:58:00 PM

Niche accounting practices can be exceptionally smart purchases for those looking to invest in a lean and profitable practice. Below, we explain the key factors to consider when buying a niche accounting practice, from the type of industry niche to its value.

Topics: Blog
2 min read

Selling Your Accounting Practice Internally vs. Externally

By Private Practice Transitions on Aug 24, 2023 2:02:00 PM

One of the first critical decisions when selling your accounting practice is whether to sell internally or externally. We’ll explain what practice owners need to know about selling internally and externally and provide tips for an amicable and profitable sale.

Topics: Blog
5 min read

What Is EBITDA & Why Is It Critical for Business Valuation?

By Private Practice Transitions on Aug 7, 2023 7:43:47 AM

Knowing how to accurately calculate a business’s EBITDA is one of the most important factors when buying or selling a business. But what does EBITDA mean, and why is it critical for business valuation? We answer those questions and more in our guide to EBITDA valuations below.

Topics: Blog
2 min read

Preparing Your Employees for the Sale of Your Business

By Private Practice Transitions on Jul 31, 2023 7:21:38 AM

For many owners, one of the hardest parts of selling a business is informing their staff of the sale and impending transition. If you’re considering selling your business or need to prepare your employees for the sale of your business, we’ve got some helpful tips to make the transition easier.

4 min read

2023 SBA SOP Changes

By Private Practice Transitions on Jul 18, 2023 11:30:00 AM

The US Small Business Administration (SBA) assists eligible borrowers in accessing SBA-backed financing. The loan guarantees competitive terms, lower down payments, and continued customer support, depending on the lender. It is, therefore, the best option for starting a business if you don’t have capital or if you require cash to expand an ongoing business.  

Topics: SBA Loans Small Business Administration
5 min read

The Pros and Cons of Selling Your Practice to a Competitor

By Private Practice Transitions on Jun 27, 2023 7:14:44 AM

When selling a private practice, whether a CPA firm or a physical therapy clinic, it’s common to find a competitor interested in buying the business. Selling your practice to a competitor is a difficult decision, so we’ve listed the pros and cons of the transaction below to help those considering the option.

2 min read

The Ethical Obligations of Business Brokers to Their Clients

By Private Practice Transitions on Jun 22, 2023 2:06:00 PM

Finding a trustworthy business broker can be difficult, but at Private Practice Transitions, we always take ethical obligations to our clients seriously. Below, we’ll explain a few of the obligations every broker must have to provide quality service and insight to clients.

Topics: Blog
2 min read

Key Steps To Take After Purchasing an Accounting Business

By Justin Farmer on Jun 15, 2023 7:01:37 AM

The first few days, weeks, and months after buying an accounting business can worry many as new owners try to find their footing, and old employees worry about stability. Below, we offer some guidance on key steps new owners should take after purchasing an accounting business.

Topics: Business Owners Blog
2 min read

When Is It Time To Sell Your Private Practice?

By Private Practice Transitions on Jun 1, 2023 8:56:11 AM

How does a private practice owner know when they should move on from their business? Below, we discuss the clear signs that it’s time to sell your private practice, from exhaustion to increasing market competition.

5 min read

Avoiding Common Tax Pitfalls When Selling a Private Practice

By Private Practice Transitions on Jun 1, 2023 8:53:25 AM

Tax exposure is one of the biggest considerations when selling a business, such as a private practice. Below, we’ll discuss some key tax elements sellers should know when selling a private practice, including how to avoid common tax pitfalls.

Topics: Blog
4 min read

SBA New SOP 50 10 7 Changes: What You Need to Know

By Private Practice Transitions on May 30, 2023 1:28:32 PM

Capital access is one of the most prominent hurdles startups and small enterprises face when running their businesses. The Small Business Administration (SBA) assists small businesses to stay afloat by providing financial counseling, contracting expertise, and business loans. It runs several programs and offers various resources to help these businesses to break even and remain viable. 

Topics: SBA Loans SBA Financing Small Business Administration
4 min read

Why Business Owners Need an Opinion of Value

By Private Practice Transitions on Apr 11, 2023 10:45:39 AM

Do you own a private practice? Would you like to sell it someday to transition into retirement or another business opportunity? If yes, you need a broker’s opinion of value performed by a qualified business broker, or valuation expert. 

Topics: Business Owners Business Valuation Opinion of Value
3 min read

How to Target the Best Buyers for Your Private Practice

By Private Practice Transitions on Mar 15, 2023 11:41:34 AM

Business has been good for your private practice for the past few years, but now you feel it’s time to sell it and move on to other profitable ventures. The only hurdle is that finding a buyer is not as easy as it seems. No matter how lucrative your practice is, you need to attract serious potential buyers to have any chance of selling it for top dollar. Fortunately, we have great ideas to make it work. Please read on to find out more.

Topics: Buyers Sellers Selling a Business
3 min read

How to Make Your Practice Show-Ready When It's Time to Sell

By Private Practice Transitions on Dec 21, 2022 12:21:35 PM

Whether you’re ready to retire, make a career change, or downsize your responsibilities from owner to employee, now may be the time to ready your practice for market. Irrespective of the reason for selling your business, the goal is that you sell it for the highest profit. When selling a home, you repair damages and boost its curb appeal to attract the best buyers and receive the highest offers. Below are the steps you should take to make your business show-ready for a sale.

Topics: Business Owners Sellers Selling a Business
4 min read

The Importance of Owner Transition When Selling a Business

By Private Practice Transitions on Aug 25, 2022 1:30:01 PM

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.  

Topics: Selling a Business Business Transition
3 min read

The Implications of Fed’s 50 Basis Points Hike on Interest Rates

By Private Practice Transitions on Jul 13, 2022 12:00:00 PM

The Federal Reserve’s decision to raise interest rates aims at slowing the economy without leading to recession. The increase in interest rate will also help counteract the effects of inflation while scaling back other COVID-19 pandemic-era economic supports. According to Jerome H. Powell, the Fed Chair, the Fed is moving expeditiously to restore price stability for both consumers and business owners.  

Topics: Interest Rates
5 min read

The Changing Landscape of Third-Party Administrators

By Private Practice Transitions on Jun 16, 2022 9:07:27 AM

Dubbed TPA, the Third-Party Administrator is an organization responsible for managing all aspects of your employees’ retirement plans. TPAs design retirement documents in addition to preparing both employee and employer statements.  

Topics: Third-Party Administrators TPAs
7 min read

Deal Structure Explained

By Private Practice Transitions on May 2, 2022 11:00:00 AM

Global mergers and acquisitions in 2021 reached new heights. In fact, the number of deals announced publicly numbered 62,000, representing a 24% increase from the previous year. Cheap credit, high corporate profits, elevated share prices, and private equity cash were just a few of the contributors to the increase in merger and acquisition activity at the tail-end of the pandemic. And we are not done yet. 

Topics: Deal Structure Mergers and Acquisitions
3 min read

What is Due Diligence and What to Expect

By Private Practice Transitions on Apr 4, 2022 11:00:00 AM

When purchasing an established business, it is important to evaluate “all of the things” that pertain to the business. This includes not only the financial details of the business to determine both the valuation and what your return on investment might be, but what risks may be associated with purchasing the business. You may also need to look at key staff members, contracts, and referral sources, among other things. So, what is this process called? Due Diligence. Essentially, think of due diligence as everything you will consider prior to signing a binding contract to purchase a business.

Topics: Due Diligence
7 min read

How Are Physical Therapy Transactions Structured?

By Private Practice Transitions on Mar 2, 2022 11:00:00 AM

Generally speaking, when an investor wishes to acquire a business from its holders, the parties will agree on terms in the form of a purchase and sale agreement. The agreement will outline, among other things, the assets being transferred in an asset sale or the stock/membership interest being transferred if the investor is taking the business “turnkey.” In this way, the question of who owns the enterprise, and its assets, after the transaction has closed should be indisputable. 

Topics: Physical Therapists Physical Therapy Business Transactions Transaction Structures
5 min read

Valuing a Business: A Look at EBITDA

By Private Practice Transitions on Feb 9, 2022 11:30:00 AM

Starting a business is exciting. Running a business is rewarding. But what about exiting a business? While business owners have a deep knowledge of their business and often reap huge rewards, both on a personal and financial level, most owners do not know what to do when they are ready to retire and/or sell the business. Even more, they do not know what their business is worth. To give you an idea of where to start, let's take a look at one of the most valuable tools at your disposal - your company’s EBITDA. 

Topics: Business Owners Selling a Business Business Valuation
6 min read

Valuing a Business: A Look at Seller's Discretionary Earnings (SDE)

By Private Practice Transitions on Nov 8, 2021 1:20:00 PM

If you are in the process of selling or acquiring a small company, you have probably come across the term “Seller's Discretionary Earnings” or SDE. In essence, SDE is the foundation of business valuation for small businesses. It is a crucial concept that enables savvy buyers to gain a deeper understanding of a business’s story.  

Topics: Business Owners Sellers Seller's Discretionary Earnings SDE Selling a Business
4 min read

What Is A Letter Of Intent And What Should Be Included?

By Private Practice Transitions on Oct 1, 2021 12:52:00 PM

 

Topics: Letter of Intent
2 min read

What is Goodwill and How Does One Transition It?

By Justin Farmer on Sep 20, 2021 11:35:00 AM

It is common sense that a business is worth more than its tangible assets, but appraising that extra, invisible value can be tricky. Elements such as reputation, customer base, existing networks, and brand recognition all contribute to the value of a business without ever showing up on the balance sheets. When a business is bought and transitioned, those nebulous, intangible assets are lumped together as something called “goodwill.” And, ironically, goodwill is often one of the largest components involved when calculating a business’s final market value.

Topics: Business Owners CPAs Goodwill
2 min read

CPA Practice for Sale! Tips for a Successful Purchase Process

By Private Practice Transitions on Feb 2, 2021 11:31:00 AM

If you have an accounting business for sale, you are likely concerned about how the sale will proceed and if the sale will ultimately be successful.

The good news is that there are many resources available to ensure the sale is a success and to make the entire process much easier for you. Below are a few helpful tips to keep in mind if you have a CPA practice for sale.

Topics: CPAs Business Brokerage Accounting
2 min read

Buying a Physical Therapy Clinic? How to Compete Against Large Buyers

By Justin Farmer on Oct 26, 2020 2:00:00 AM

Approximately 50% of physical therapy practices are known as “onesies” and “twosies.” This means that the practice is owned and operated by one physical therapist that runs one or two clinics. Although this business structure works very well for the physical therapist who owns the business, it also means the marketplace is fragmented, and many therapists are finding it more difficult to go up against big buyers.

Topics: Buyers Physical Therapists
2 min read

Four Unique Issues When Considering Technology Companies for Sale

By Justin Farmer on Oct 19, 2020 12:59:33 AM

If there is one industry that people can feel fairly safe entering, or starting a business in, it is technology. It is no secret that technology has come a long way in just the past 10 years, and that tech experts are only going to continue the upward trend by inventing new and exciting solutions every day. However, technology companies for sale come with some unique issues and if you do not know how to handle them, you could be setting yourself up for failure. Below are the four most common issues you will likely face when purchasing a tech company.

Topics: Buyers Technology Tech Companies
3 min read

Accounting Practice Misconceptions | Private Practice Myths

By Tanya Farmer on Oct 7, 2020 2:18:08 AM

Selling your accounting practice is something most business owners do only once. Due to the fact that most accounting practice owners have never embarked on such an experience, knowing what to expect can cause fear and skepticism in moving forward with a transaction. Fear and skepticism, in turn, can hinder the selling process and make it much more difficult to agree on terms.

With that in mind, if you are about to sell your accounting firm, there are many myths you may hear or read about that you should ignore. These misconceptions can slow down the process and even harm your practice’s value on the market. Below, we’ve debunked some of the most common accounting practice misconceptions associated with firm sales and why sellers should ignore them.

Topics: Business Owners CPAs Sellers Accounting
2 min read

Buying a Physical Therapy Practice | PT Practice Mistakes

By Justin Farmer on Sep 30, 2020 2:12:02 AM

Buying a physical therapy practice can be a lucrative investment and an excellent career opportunity for a physical therapist looking to make it on their own. However, regardless of the financial decisions you have made in your life, acquiring a private practice is a significant undertaking and is likely going to be stressful. The stress of the transaction and inexperience of buyers makes it easy to make any number of mistakes along the way, and any one of those errors could set you back, both financially and in opening your clinic. To help new owners avoid these pitfalls, we’ve gathered and explained some of the most common physical therapy practice mistakes buyers must avoid during their acquisition and ownership transition.

Topics: Buyers Physical Therapists
2 min read

Reasons To Buy an Accounting Firm | Buy Accounting Firm

By Justin Farmer on Sep 24, 2020 2:00:26 AM

Many certified public accountants (CPAs) end up owning and operating their own private practice. Those who want to own and run their own practice have two options: They can start from scratch by purchasing or renting office space, or they can buy an accounting firm, move in, and start running the business. Both options are attractive and hold many benefits for any CPA. However, we’re of the mind that buying an existing accounting firm is a good idea. Below, we’ll explain some compelling reasons to buy an accounting firm rather than start one up on your own.

Topics: Buyers CPAs Accounting
2 min read

Starting Your Own CPA Firm | CPA Firm Challenges

By Justin Farmer on Sep 21, 2020 3:36:24 AM

Certified public accountants (CPAs) have two choices after earning their degree. They can strike it out on their own, or they can find a firm that is looking for qualified CPAs. The thought of starting your own CPA firm and being in complete control of a business may be too good to pass up for some, and it is true that this option has many benefits.

However, there are also CPA firm challenges that come with being independent, and it is important to understand what those are before you hang up your own sign. Before you put together plans, read our guide to the many challenges that CPA firm owners face when starting a new business.

Topics: Buyers CPAs Accounting
3 min read

Accounting Practice Sale Mistakes To Avoid

By Justin Farmer on Sep 15, 2020 3:44:17 AM

A quick look at the statistics shows just how many accounting practices are going to be for sale in the next few years. In the United States, 10,000 people will be turning 65 every day for approximately the next 20 years. Additionally, approximately 60% of all CPA firm owners are over the age of 50 and therefore are starting to think about retirement and perhaps selling their firms. This means the competition for CPA firms is going to be aggressive in the coming years. Anyone thinking about selling an accounting practice must avoid certain pitfalls to give them the edge and sell their practice faster.

As experts in private practice sales, we’re intimately familiar with the many accounting practice sale mistakes sellers tend to make. Keep reading to learn the private practice sale mistakes you must avoid for a satisfactory transaction.

Topics: Business Owners CPAs Sellers
3 min read

How To Value Your Physical Therapy Practice.

By Tanya Farmer on Jul 29, 2020 7:46:00 AM

Valuing a physical therapy practice is part art, part science, and part math. Generally, the math and science, which we discuss below, is more easily calculated. It is the art – knowing how to sell a business and to whom – where true value is realized. For purposes of this article, we will discuss how to value a physical therapy practice where a controlling interest and/or 100% of assets are sold.

Topics: Business Owners Physical Therapists Sellers
3 min read

The Steps to Selling a Physical Therapy Practice

By Justin Farmer on Jul 24, 2020 7:43:00 AM

In speaking to countless business owners, we know that making the decision to sell your business is difficult. In large part, fear of the unknown can create analysis paralysis and, ultimately, lead to inaction. Yes, there is much that goes into selling a physical therapy practice, but with proper planning, and the right team, most of the heavy lifting will be done for you. With that in mind, we’ll explain two key steps when selling a physical therapy practice: how to value a physical therapy practice and how to identify qualified buyers.

Topics: Business Owners Sellers Physical Therapy Business Valuation
2 min read

What To Know Before Buying an Accounting Firm

By Tanya Farmer on Jul 6, 2020 9:48:00 AM

As exciting as it is to buy an accounting firm, you will also have many questions during the process that you’ll need to answer. You will want to know about the current clients within that firm, the employees, whether you will need additional staff, how you are going to market your new business, and much more. These are all valid questions, and you should ask them at some point in the acquisition process. But before buying an accounting firm, you need to ask yourself two important questions first.

Topics: Buyers Business Brokerage Accounting
2 min read

How To Keep Clients | Accounting Firm Clients

By Tanya Farmer on Jul 1, 2020 5:00:59 AM

Acquiring and retaining new clients is one of the biggest concerns for any accountant, second only to recruiting and retaining good employees. While client retention is a challenge for all accountants, it is of particular concern when purchasing an accounting firm. If you're worried about how to keep clients after an accounting firm acquisition, you’re in the right place. We have some tips to help your accounting client retention below.

Topics: Buyers Business Brokerage Accounting Client Retention
3 min read

How Do I Know What My Business Is Worth?

By Justin Farmer on Apr 23, 2020 7:40:23 AM

 

 

Topics: Business Owners Sellers
3 min read

Selling a Law Practice | Law Firm Documents

By Justin Farmer on Apr 20, 2020 2:04:00 AM

For years lawyers could not sell their law practices because it was considered unethical. The prevailing theory behind deeming the sale of a law practice unethical was tied, in large part, to the client’s right to choose a lawyer. While well-meaning, these ethical rules left smaller and single-owner firms with an asset they could not sell—their client list. Meanwhile large firms were merging, acquiring books of business, etc. Luckily, that’s no longer the case.

Today, it is both ethical and common to sell a law practice, but you must still consider some rules when selling a law practice, and the law firm documents you prepare must take the ethical rules into account. Below are some of the most important documents to have on hand once you decide to start the process of transferring your firm to a new owner. 

Topics: Business Owners Lawyers Sellers Legal
3 min read

Buy an Accounting Firm | Starting Your Own Accounting Firm

By Justin Farmer on Apr 13, 2020 1:54:27 AM

The prospect of owning your own accounting firm is an exciting one, but it also comes with a dilemma for CPAs. The two options available for CPAs who want to own their own practice is either venture out on their own and build an accounting firm from the ground up, or buy an accounting firm that is already up-and-running. When making this decision it is important to weigh the pros and cons. Below, you’ll find a list of pros and cons when it comes to starting your own accounting firm. 

Topics: Buyers CPAs Accounting
4 min read

When To Sell a Business | Should I Sell My Business

By Justin Farmer on Mar 30, 2020 4:14:45 AM

 

One of the most common questions we get from clients or potential clients is: When is the best time to sell a business? Before I can answer that question, I need more information from you, as choosing when to sell a business primarily comes down to the individual. There are three questions I have for my clients in return:

1. How much longer do you want to work?

Topics: Business Owners Sellers
3 min read

Finding Accounting Businesses for Sale

By Justin Farmer on Mar 24, 2020 4:11:13 AM

When making any type of business acquisition, there is much to consider, and that is certainly true when acquiring an accounting practice. Finding accounting businesses for sale is hard enough, and there’s also the challenge of understanding the signs of good accounting firms that are worth the cost. Websites such as BizQuest, BizBuySell, and PrivatePracticeTransitions.com are a great place to start, but will only get you so far. If you’re considering buying an accounting business, keep these key considerations in mind.

Topics: Buyers CPAs Accounting
3 min read

Buying a Law Firm | How To Buy a Law Firm

By Tanya Farmer on Mar 17, 2020 4:08:56 AM

Whether you are venturing out on your own and plan to start your own law firm, or your current firm is expanding, you may be considering buying a law firm. Purchasing a law firm is a bold move and one of the biggest decisions you will make in your career, so it is important to first consider a few important factors. Below, we’ll show you how to buy a law firm and the key things to consider before your purchase, including the time of sale, due diligence, and more.

Topics: Buyers Business Owners Lawyers Legal
3 min read

Choosing a Business Broker | Find a Business Broker

By Justin Farmer on Feb 27, 2020 11:20:55 PM

You may already know that when selling your business, one of the most important decisions you’ll make is choosing a business broker. Business brokerage firms can be quite helpful. Experienced business brokerage firms will screen qualified buyers and help you through the many obstacles you may encounter when trying to complete your sale. In the meantime, you can remain focused on running your business before the sale is final. 

Topics: Sellers Business Brokerage
2 min read

Steps for Buying a CPA Firm

By Justin Farmer on Dec 18, 2019 5:46:12 AM

There are many reasons for buying a CPA firm. One of the main reasons many CPAs purchase an existing firm is simple: buying an accounting firm that is already up and running is much easier than starting one from scratch. Buying an existing firm, along with existing operations, also minimizes the risk associated with starting a business because the firm will (a) have existing clients (and therefore work in progress and accounts receivable), (b) have an existing space and infrastructure in place (phones, email, server, filing systems, and the like) and, last but certainly not least (c) have existing staff members. These are just a few of the most critical aspects of any accounting firm and, when combined, create an opportunity that simply is a safer bet than starting from scratch.

Topics: Buyers CPAs Accounting
2 min read

Law Firm Succession Planning Versus Sale

By Tanya Farmer on Dec 12, 2019 5:40:23 AM

In the most recent issue of the Oregon State Bar Bulletin, Lee Wachocki provides a great strategic insight into the option of law firm succession planning rather than selling your practice. Our very own Justin D. Farmer contributed to the article, titled “Sales Isn’t The Only Option.” You can read the full piece by clicking here. Following is our own synopsis and comments:

Topics: Sellers Consulting Services Business Succession
2 min read

Why Do I Need a Broker To Buy a Business?

By Justin Farmer on Dec 6, 2019 4:11:05 AM

“Do I need a broker to buy a business?” It’s an important question. Purchasing a business is a huge investment. It is definitely not something that can be done on a whim, or without the necessary experience and knowledge backing up the purchase. There are many things you must take into consideration when buying a business, and this is why so many buyers choose to work with a business broker before the sale is final. Business brokers bring many benefits to individuals who are looking for a company to purchase, including those listed below. Let’s examine what business brokers do for people who want to sell their firms.

Topics: Business Brokerage
3 min read

How To Value a Law Firm

By Tanya Farmer on Nov 27, 2019 2:31:40 AM

You have worked hard and built your law firm into something that you are immensely proud of and that you value a lot. When it comes time to sell your firm, however, it is not the value you place on it that matters. You need to determine how valuable potential buyers will find your firm because that is what you will ultimately receive for it. While you may think it is going to be difficult to ignore your own emotions when evaluating your law firm, there are a few factors you can use to help you step back and really see how much your firm is worth. Let’s dive into how to value a law firm.

Topics: Lawyers Sellers Consulting Services Legal
3 min read

How To Buy a Law Practice

By Justin Farmer on Nov 8, 2019 5:09:10 AM

Whether you have started a law practice and are looking to expand rapidly, or you are thinking about leaving a large firm and venturing out on your own, buying a law practice – buying a business – may be right for you. Regardless of where you are in your career, it is much easier (and more cost-effective) to buy a law practice than it is to start one all on your own. Many attorneys do not even consider purchasing a law practice because they don’t realize they can, and/or they don’t know where to even start with the process. However, buying a law practice is both possible and a great avenue to pursue, for the savvy businessperson. Below are a few things to consider as you learn how to buy a law practice.

Topics: Lawyers Consulting Services Legal
4 min read

How To Sell an Accounting Practice for Top Dollar

By Tanya Farmer on Oct 25, 2019 2:05:00 AM

Baby Boomers are retiring en masse across all industries. And while the majority of accounting firm owners are baby boomers who are near the age of retirement (65 or older), just as many younger professionals are coming of age and seek to run their own businesses. For the former group, whether you want to retire, semi-retire (perhaps you just want the freedom to travel without firm administration hanging over your head), transitioning the ownership of your firm should be high on your list of priorities. If you want to know how to sell your accounting practice for top dollar, you will want to consider the tips below. 

Topics: Business Owners CPAs Sellers Consulting Services Accounting
1 min read

Justin Farmer Named to South Sound Business 40 Under 40 Class of 2018

By Tanya Farmer on Nov 5, 2018 12:06:27 PM

TACOMA, Wash. (Oct. 3, 2018) – Justin D. Farmer, 36, Founder and President of Private Practice Transitions, Inc., a Gig Harbor-based professional business brokerage, has been named to South Sound Business magazine’s 40 Under 40 list for 2018.

Topics: press release staff PPT News
4 min read

What Is Your Business Worth? 6 Rules of Thumb To Consider

By Justin Farmer on Nov 22, 2016 1:20:25 AM

I work with extremely successful and exceptionally bright professionals who, after years of hard work, have grown a business that has going concern. But like most savvy business owners, my clients come to realize that it is time to transition and “pass the baton”, so to speak, to a younger professional who can carry the business into the next generation. But selling a business is a lot of work. And certainly selling a professional service business must be harder (or so many of my clients think). Then the question remains: is it worth it? The short answer: absolutely. Sure, there are countless moving parts and factors to consider when selling a business. But with the proper planning and team in place, you can maximize your return on investment. In fact, your business may be worth even more than you think. And, fortunately, there are several rules of thumb for selling a business that you can consider. 

Topics: Business Owners Blog Sellers Consulting Services
2 min read

Types of SBA Loan Programs – An Introduction

By Tanya Farmer on Nov 14, 2015 7:03:44 AM

As we have established thus far, the U.S. Small Business Administration (SBA) is designed to help you get the funding you need to start, purchase or expand your small business. Though the SBA does not lend money directly, it does back and supervise the lending process, removing much of the uncertainty for both lenders and applicants alike. This article provides a brief overview of each of the SBA’s four main loan programs. I will be discussing each loan program in more detail at a later date.

Topics: Buyers Business Owners Consulting Services Small Business Administration
2 min read

What is the Small Business Administration (SBA)?

By Justin Farmer on Jul 10, 2015 8:20:49 AM

As my first article on the Small Business Administration “Buying a Business is Easy: 5 Steps to Secure SBA Financing” received so much attention, it seems prudent to continue delving into this topic. This will therefore be the first in a small series on just that. Stay tuned.

Topics: Buyers Business Owners Small Business Administration
2 min read

Networking Made Easy – Part Two: The Networking Strategy

By Justin Farmer on Jun 17, 2015 1:10:52 AM

Part one: Networking Made Easy – Part One: Expanding Horizons

Topics: Buyers Networking
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Networking Made Easy – Part One: Expanding Horizons

By Justin Farmer on May 19, 2015 12:38:44 AM

Part Two: Networking Made Easy – Part Two: The Strategy

Topics: Buyers Networking
2 min read

Buying a Business Is Easy: 5 Steps To Secure SBA Financing

By Justin Farmer on Apr 21, 2015 2:40:21 PM

One of the most daunting aspects of striking out on your own is the inherent financial insecurity. You are exchanging constraint and stability for freedom and risk. Hesitance is normal, but it should not stop you from chasing your independence, especially when there are government agencies designed to help. One of these is the government-backed U.S. Small Business Administration (SBA). The SBA’s business financing programs “[provide] small business with an array of financing…from the smallest needs in microlending – to substantial debt and equity investment capital.” The most common SBA small business loan allotment is about $130,000-140,000. Yet they range from just $5,000 to $5,000,000.

Topics: Buyers SBA Loans SBA Financing
2 min read

The Affordable Care Act & Why We Still Need Private Care

By Justin Farmer on Apr 8, 2015 2:01:50 PM

It’s no secret that the impacts of the Affordable Care Act (ACA) can create a nasty minefield for physical therapists and other providers in private practice to navigate. In the attempt to universalize healthcare and reduce costs generated by the ACA, the federal government incentivized provider clumping. Hospitals, Affordable Care Organizations (ACOs), and private networks can more easily offset the accruing losses, pad that 90-day no-pay grace period, and afford the mandatory conversion to electronic medical records. So why, oh why would a physical therapist want to remain in private care?

Topics: Business Owners Private Care Private Practices Affordable Care
2 min read

Closing the Generation Gap With Private Practice Transitions

By Justin Farmer on Mar 9, 2015 3:47:06 PM

The US currently faces a unique generational gap in its workforce.  This gap causes office discord, managerial nightmares, and networking problems, as two very different age demographics are forced to make nice with little guidance as to how closing this generation gap should work.

Topics: Business Owners Business Brokerage Private Practice Transitions
3 min read

7 Ways To Prepare for the Transition of Your Business

By Justin Farmer on Feb 24, 2015 1:02:09 PM

Congratulations, you’ve made the decision to sell your business. You’re ready for the transition. But you have more questions than answers regarding how to begin? Like many small business owners, you’re probably feeling overwhelmed by the sheer volume of the task before you. Do you hire a consultant? Organize your books? Notify your employees and clients? What comes first? The questions can seem endless. But while getting started can be the hardest part of transitioning your business, it certainly doesn’t have to be.

Topics: Business Owners Sellers Consulting Services Business Transition
2 min read

Justin Farmer Launches Private Practice Transitions

By Justin Farmer on Jan 25, 2015 11:27:08 AM

Noted Seattle Attorney and Legal Business Executive Now Providing Brokerage Services

Topics: press release Business Brokerage Consulting Services Private Practice Transitions
3 min read

6 Reasons Your Private Practice Is Worth More Than You Think

By Justin Farmer on Jan 23, 2015 4:00:27 AM

If you’re thinking of selling your private practice, one of your primary concerns likely has to do with its value. How much is your private practice worth? What can you really make by selling it? And is that monetary gain going to outweigh the hassle? You’ve heard the horror stories about failed negotiations, missing paperwork, and flaky buyers. So before you start your private firm valuation or just quietly pack your things, consider these six, often overlooked reasons why your business is worth more than you think.

Topics: Business Owners Sellers Private Practices