Introduction
Dr. F built a thriving periodontic practice in Central Texas. He enjoyed the work but spent the weekends driving south to care for his aging mother. After another year of six-hour road trips, he decided to prepare his perio practice for sale so he could move closer to his family.
Approach
Dr. F first discovered The Practice Companies through Practice Real Estate Group (PRG). Thomas Allen negotiated Dr. F’s lease renewal, which included in-depth research, a formal market analysis on relocating, and incredibly wise advice. The two stayed in touch as friends, so when Dr. F realized he needed a shift for his practice and his personal well-being, Thomas heard the news first.
Though Dr. F wanted to sell and plan on fewer days in the office, the COVID-19 pandemic hit and threw his plans up into the air. He decided to wait to sell until he started steadily booking patients again.
Challenge
PTG initially qualified a buyer who wanted to purchase the practice for a second location. However, the buyer got cold feet and backed out during the Letter of Intent (LOI) negotiations.
Solution
Thomas was not deterred by this setback and knew he could find a great buyer for Dr. F’s practice through PTG’s extensive buyer list. Thomas combed through the list, and pulled doctors that he knew could be a good fit based on how Dr. F’s offerings and growth potential. Dr. W was one of the buyers that responded.
Dr. W worked as a traveling periodontist while she looked for a practice to acquire. She knew that finding a perio practice for sale is rare – they’re only on the market every couple of years. So she traveled to avoid non-competes and so that she could make an offer quickly when she found the right fit.
When PTG learned about Dr. W’s thoughtful approach, they knew Dr. F’s impeccable practice could be a perfect match.
Results
PTG negotiated the practice sale price for 80% of recent revenue and 100% of historical revenue. Dr. F passed along his legacy to an incredible practitioner whom he trusts and retired with his family to South Texas.