Frequently Asked Questions
What is my practice worth?
Your practice might be worth more than you think. Most value practices are based on a multiple of free operating cash flow and or revenue depending on the transaction type, but you can use our practice valuation tool to estimate what you will make.
What are the stages of the sales process?
Discovery
- We plan a meeting to learn about your ‘why’ and aspirations
- We do an overview of your practice(s) financials, practice(s) reports, and your overall practice(s) health to understand where you stand in the
market today - We will then discuss all your options, and if now is the best time, or we custom-tailor a plan specific to your goals and needs
- We do a follow-up consultation to review our findings and proceed accordingly
Sale Preparation, 2-3 weeks
- Kickoff call with your Triumphant Advisor and one of our Certified Public Accountants
- Your Triumphant Advisor will install HIPAA-compliant software to extract the practice mgmt reports needed, which are entirely confidential to your team and patients. Usually during off hours. It typically takes 15-20 minutes. A majority of the sizable organized healthcare groups use our software.
Practice Marketing, 3-4 weeks
- Finalizing practice valuation model and confirming the asking price with the client(s)
- Calls with prospective buyers
- Conduct thorough vetting and meetings with qualified buyers and partners
- Review all deal points with the client(s)
Offers, 4-8 weeks
- Calls with prospective buyers
- Receive, review, and consider buyer offers
- Recommend, select, and notify buyers who present best-fit offers
- Conduct meetings with the final list of potential buyers
- TTP negotiates the best possible deal terms
- Sign LOI
Diligence & Closing, 10-18 weeks
- Updated financials
- Introduction to a 3rd party, healthcare-specific counsel if needed
- Review seller’s and buyer’s closing checklists
- When two weeks out from closing, have the buyer meet the team as a whole to discuss all the benefits of partnering
- Finalize lease transfer, negotiate new lease (if needed), or finalize building transaction when applicable.
- Transfer all assignable contracts
What will it cost me to use a broker?
We only charge a success fee. Unlike buyers, who represent their interests, we represent your interests. When clients have representation, they experience a 30-40% increase in practice valuation. We fully invest in our clients and have ‘skin’ in the game. We believe in covering the marketing, underwriting, vetting, etc., upfront at our own expense to get you the best and most lucrative opportunities.
Why should I hire a Triumphant Advisor?
We have a passion for our services and our clients. Everything we do at Triumphant Transition Partners is rooted in our desire to be relational, treating each practice as our own.
Our relationships in the practice transition and advisory space are unprecedented, allowing us to bring forth the best options from the DSO/VSO and PE spaces and individual buyers for the smaller-scale practices.
Triumphant advisors are experts in structuring deals unique to our client’s needs. Our advisors will consult each onboarded client on formulating a deal that exceeds their expectations — always striving to bring forth the best offers.
How many offers will you bring me for my practice?
Most of our sellers receive multiple offers for their practice.
How long does a practice sale usually take?
The length of the sale process depends on the deal structure, market, and practice revenue. Competitively marketed practices will usually take 4-6 weeks to sell on average — from signing a Triumphant Transitions engagement letter to closing the transition deal.
What are my deal options when it comes to selling my practice?
You have three options when it comes to selling your practice.
- Selling to another doctor, otherwise known as a doctor-to-doctor sale.
- Selling 100% of your practice to an organized healthcare group or private equity firm.
- Selling a part of your practice to an organized healthcare group or a private equity firm.