Practices for sale

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Feb 16, 2009 5:35 pm

Is there a good place besides FPtransitions.com and my b/d to find practices for sale? Has anyone ever completed such a transaction and would like to share?

Feb 16, 2009 7:58 pm

FPTransitions is a joke.  Don't have anything to add, just needed to get that off my chest.

Feb 16, 2009 8:07 pm

Anyone wanna buy a pile of annuity statements? 

Feb 16, 2009 10:11 pm

Research the indy practices in your new area and go talk to the principles.  Most small practices get sold privately.  Maybe one of them are planning to retire in the next 3-5 years.

Feb 17, 2009 1:38 pm

I would not just limit it to indies, there maybe some wire  house guys that are fed up and want a way out for them and there clients. 

 
Just a thought.
Feb 17, 2009 2:18 pm

Great point, but that would entail getting hired by the new firm, and being offered to assume the retirees book.  I would think most wirehouse guys already have people in mind they would be giving their books to.

Feb 17, 2009 8:36 pm

I bought a practice through FPTransitions four years ago and everything went smoothly, would recommend them to anyone.  I don't know why someone here called them a joke, but not every practice is right for your business or priced correctly, but that's not their doing.  David Grau was great....

 
I am currently looking to add to my business in Chicago......if anyone with 100 miles is thinking of getting out of the business, I would be more than happy to discuss a plan so we both benefit.
Feb 25, 2009 3:26 pm

My problem with FPTransitions is that they don't have anything listed within a reasonable distance of my current practice.  It's probably better in more urban areas (like Chicago).

Feb 25, 2009 10:03 pm

Is the $150 worth the membership?

Feb 25, 2009 10:47 pm
hci:

I don't know why someone here called them a joke



Talked to them last year about purchasing a practice after I noticed that a practice was for sale in my state.  When I called to inquire whereabouts in the state the practice was located, they said they couldn't tell me unless I had paid the 1-yr subscription of $150.

I live in a pretty big state and that practice could be over 300 miles away - in essence, useless to me.  So I told them I could join to find out where the practice was, but if it was not within 100 miles, I would want a refund.  Only thing is, they don't give refunds.

Then they gave me this huge sales pitch about how great their information library was.  To which I responded that without a practice for sale in my area, that information would be useless to me as well.

So in the end, they want you to pay $150 just to find out the location of a practice for sale.  Not saying that $150 is huge money, but if the practice isn't in your area, you just flushed it down the toilet.