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Thriving, Prosperous Family Medicine Practice In W. Connecticut

Litchfield County, CT

Seller Financing Available
Fall in Love with Beautiful Western Connecticut
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Asking Price: $295,000

Cash Flow: $191,500

Gross Revenue: $437,000

EBITDA: N/A

FF&E: $30,000

Inventory: N/A

Rent: $2,900 /Month

Established: 1988

Thriving, Prosperous Family Medicine Practice In W. Connecticut

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Business Description

The Opportunity

Imagine earning well over $400,000 per year working four days per week, with up to 5 weeks off for vacation.

We’re selling a prosperous, high-net family medicine practice that has been flourishing in beautiful western Connecticut for 30 years.

No marketing necessary--the reputation of this practice, along with its top Google-ranking and online reviews, keeps a steady flow of new patients streaming in. A gorgeous, modern office, electronic record keeping, and exceptional support staff will help you transition into this new opportunity. The clinic turns away new patients every day. Add more hours or more practitioners to absorb the overflow, and you have the chance to add even more abundance to an already prosperous practice.

Whether you are a physician who is just finishing residency training, or one who is becoming disgruntled with the impersonal and over-controlling physician-as-employee system, this practice is proof that the private small-practice setting is still alive, well, and in demand by patients.

Are you ready to feel good about how you practice medicine? To practice free from pre-set patient-load quotas or external monetary goals? Would you like to manage your own work schedule, office hours, and time off?

Step into this rare, once-in-a-lifetime, turn-key opportunity to run the practice of your dreams in one of the most beautiful, sought-after areas in the country. Call or email us today, come by and spend some time with us, and be thriving within a few short months.

The Setting:

The practice is in a beautiful community that is a tranquil blend of nature and country living, all within easy reach of larger urban centers such as Hartford, New Haven, and New York City. Well located in the western portion of the state, it is a charming town of about 30,000 surrounded on all sides by incredible beauty. Explore one of the areas many beautiful state parks; enjoy the exceptional shops and restaurants in the historic village; or take a stroll along the river on the picturesque town green. Opportunities for rowing, boating, fishing, hiking, and many other outdoor activities are abundant, and the quality of life is unmatched.

Modalities & Demographics:

The practice been quite uncomplicated in the methods used to treat patients, primarily employing standard treatment methodologies in the field of general/family medicine. We also provide low cost clearance exams to the local volunteer fire departments; do commercial drivers’ license evaluations; and certify patients for Medical Marijuana when appropriate.

The practice has an active patient base of about 1,400. It is a typical family practice with a well-established and stable patient population. Beyond a small number of pediatric patients, approximately one-third are between the ages of 18-40; one-third 40-65; and the remaining are 65 and older. A handful of patients are self-paying, while the rest have insurance. Those over 65 have Medicare, an MCR Advantage plan, or an employer-sponsored plan. Some patients have Medicaid Husky State Insurance, which pays quite well.

Most patients are from communities within 30 miles of the office. A majority are referred by friends, family members, and allied health professionals, and the clinic has been turning away new patients for over two years now. The office receives several calls a day from prospective patients. Only the local hospital-owned practices and one area internal medicine clinic are accepting new patients.

The current owner is happy to provide years of past calendars to prove consistent patient volume.

Financials:

More detail is available from the summary (see links below). The income and expense summaries in the links below are derived from an average of income and expenses from the past 46 months ending October 31, 2018. Note that the practice is PCMH-accredited, and that the current owner works 4 days per week and takes up to 5 weeks off per year.

Attached Documents


Detailed Information

Location:
Litchfield County, CT
Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
1,800
Lease Expiration:
N/A
Employees:
3
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The 1,800 square-foot clinic is a “dream design in a dream location.” The office is modern and tastefully decorated, and was designed by the current owner and built out using high-end materials and classic design concepts. It consists of a spacious reception area bathed in natural light with beautiful views; two nicely-sized exam rooms; and a comfortable private physician's office. An inner stairway leads to an upstairs office and kitchen space. The main office area is handicap-accessible and easy to access by car as well.
Competition:
Most patients come from communities within 90 miles of the office. Competition is minimal, and the combined population of the practice’s service area is well over 100,000 people. We would be happy to discuss the local market and competition upon signing a non-disclosure agreement (NDA). Reach out to us and we'll provide the NDA and more information on the location of the practice and the surrounding market.
Growth & Expansion:
•Work more hours: The current owner sees a maximum of 25 patients per day, four days per week, and does not work weekends. •Use more rooms. The current owner mostly uses only two of the three available treatment rooms. •Improve online presence. The current owner has been extraordinarily successful for 30 years without putting any effort into creating an online presence. •Do some marketing. The practice does zero marketing. •Sell products. The clinic does not do any kind of resale.
Financing:
Possibly willing to partially finance for the right buyer.
Support & Training:
The practice currently employs an LPN and two medical assistants. All are part-time employees, paid hourly, and have been with the practice for well over a decade. The current owner’s goal is to surrender the practice in Spring 2019. The current owner would be willing to stay on for a limited time to assist in the transition if so desired by the new owner.
Reason for Selling:
Much as we love this practice, the time has come to retire.
Business Website:
http://sellingapractice.com/wct/
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Business Listed By:
Jason Luban

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