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Private Practice Purchase
Yasmin was an experienced GP in her 40’s who we met at an RACGP event we presented at.
She had been discussing starting or purchasing a GP practice with a few of her peers
Over the course of our private discussions with her, it became obvious that her preference was to go it alone
Yasmin has specialised in a particular area, which means she has a loyal patient base – this gave her the confidence to take the step to practice ownership
Yasmin and her husband decided they wanted to purchase a GP practice but didn’t know where to start.
We worked with her in finding a suitable practice by tapping into our business broker contacts.
Yasmin and her partner had no business or management experience whatsoever and thus needed to be guided in all their decisions pre and post the practice purchase.
We were involved in the process of finding a suit able practice, reviewing the financial results of the business, organising the finance, and purchasing the associated commercial property.
We made sure the finance terms were appropriate and palatable for the client and the structure was right.
We performed cash flow modeling and gave Yasmin confidence around the feasibility of the project.
We set up the bookkeeping and financial reporting functions, and conduct monthly meetings with the clients to discuss the financial results and provide advice on further investment decisions.
Less than 18 months following the purchase of the practice, it is now thriving and expansion plans are being considered.
We are now also at a stage where we can consider transferring the commercial property into a self-managed super fund in conjunction with their financial planner to further reduce debt and build the clients’ retirement savings.
If you are considering purchasing your own medical or dental practice and would like to organise a private and confidential consultation, please feel free to contact us.