Buying A Practice? Watch for These Red Flags

6 minutes

Buying your own practice is a very exciting step in your career. You may have one in mind to purchase, or maybe you haven’t started looking. Wherever you are in the process, proceed carefully.

There are many things to consider. The more prepared you are, the better. Spotting the following common red flags could save you time, money and regret.

Looking for a Practice

The Source
When you start searching for a practice to buy, you may notice there are several different sources available. From your college’s website to buyer services and classifieds, most sources are reputable. But always do your homework to verify that it’s legitimate.

Broker Fees
If you embark on a relationship with a broker, be careful about the fees. Make sure you understand them. How much are the fees? Who pays them? Where do they come from? Don’t be afraid to ask questions. This is your chance.