Sellers Process

Step One: List your practice “for sale”

Seller

1. Complete a user profile by filling in some basic information

2. Create the practice profile

3. 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)

4. Attend a fifteen-minute video meeting strategy session with a Practice Orbit representative

5. Perform an identity verification using quick and easy-to-use software.

6. Invite your team to be attached to your practice in Practice Orbit (e.g. Accountant, Lawyer, Outside Broker).

7. 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)

Seller

1. Receive notice that a buyer is interested in the practice, with high-level information about the buyer

2. Given the option to sign an NDA with this buyer

3. Counter-sign the NDA after the buyer signs (the buyer can now see additional information about the practice)

4. Communicate directly with the buyer

Buyer

A buyer indicates they wish to purchase your practice

Step Three: Create, negotiate and sign a Letter of Intent (LOI)

Seller

1. Create an LOI
2. Send the LOI to the buyer to sign

Seller & Buyer

1. If the buyer indicated a desire to negotiate the terms, the buyer and seller negotiate until they agree on the terms
2. The seller updates the LOI with the negotiated terms and re-sends to the buyer

Seller

• 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.