Step One: List your practice “for sale”
Complete a user profile by filling in some basic information
Create the practice profile
Choose a listing option from the following three:
- Self-Directed (use the site without a broker)
- Practice Orbit Agent Directed (a Practice Orbit broker helps every step of the way)
- Already have an outside broker (use the site to find a buyer)
Attend a fifteen-minute video meeting strategy session with a Practice Orbit representative
Perform an identity verification using quick and easy-to-use software.
Invite your team to be attached to your practice in Practice Orbit (e.g. Accountant, Lawyer, Outside Broker).
Click a button to list the practice and make it available for buyers to see when they search.
Step Two: Sign a Non-Disclosure Agreement (NDA)
Receive notice that a buyer is interested in the practice, with high-level information about the buyer
Given the option to sign an NDA with this buyer
Counter-sign the NDA after the buyer signs (the buyer can now see additional information about the practice)
Communicate directly with the buyer
A buyer indicates they wish to purchase your practice
Step Three: Create, negotiate and sign a Letter of Intent (LOI)
- Create an LOI
- Send the LOI to the buyer to sign
Seller & Buyer
- If the buyer indicated a desire to negotiate the terms, the buyer and seller negotiate until they agree on the terms
- The seller updates the LOI with the negotiated terms and re-sends to the buyer
- Counter-sign the LOI
Note: After this point, either the Seller or Buyer are free to terminate the LOI, and both are then free to continue a sale with other people.