Question:

Jennifer, 

I received a good purchase price for my practice.  What is next?  Do you write the purchase agreement? 

Dr. L

Answer: 

Dr. L, we've known each other a long time.  I'm glad you received the number you want for the practice, but you won the building.  What about the space?   The fact you purchased the real estate and invested in your space as an investment asset is a critical component of any sale of your practice.   Unless you have tenants in line or another use for the premises, I'm guessing you will want the purchaser to lock in for a long term lease...   One of the key reasons to transition as a building owner would be to lock down a long term tenant, perhaps one that would make the building attractive for sale, additionally, or secure long term rental income.   Lease terms are a key component to your transaction and would be viewed by a sophisticated buyer as a key financial deal point... the more you get on the lease (term and rental income) likely will impact purchase price, which is why you should not wait until you are at the 11th hour to negotiate rent and term.  Put the lease upfront - let's lock terms down in the LOI before we spend time on a purchase agreement.   Also, never rely on the buyer's assessment - always have your own broker run comps for you.  

Happy to discuss further offline.