Buying into a practice, or buying an entire practice, is likely to be the biggest investment you'll ever make apart from buying a house. Make sure you give it very careful consideration.
The single most important point is the valuation. You need to understand the valuation process, and you must be confident you end up with an accurate and fair figure.
You’ll want to be comfortable that the business you're joining is a viable one and have a good idea of how it compares to other practices. So how do you actually find these things out?
The questions you need firm answers to include:
- What are my other options?
- Is this a good investment?
- Am I paying too much or too little?
- Is this business fairly represented in its accounts and if not how do I go about correcting that?
- What will I earn?
- Can I afford my loan repayments?
These are a few of the questions you must have answers to. But you’ll have many more along the way. We’ve been there and done it, and we know how much it helps to have an experienced head to assist you.