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Hi all, I am looking for some general advice on buying an established practice. I have been working their on a casual basis for the past 3 months and the owner is looking to sell asap due to serious health issues. They have asked me if I am interested in buying and will get back to me shortly with a figure.

I am have looking for some advice as have never brought a business before. From observations the business appears to yield between $140,000-$160,000 per year for 25-30 hours per week. It is a leased premises which costs $500 a week for rent then reception cover which is shared with another practitioner (not a podiatrist), which comes in at about $300 per week. So approximately weekly outlays could be rounded to $1000.

The sale would include existing stock such as an autoclave, chair, instruments ect. I am just looking at what type of figure I should be expecting to pay roughly? Obviously I realise I am likely to lose some existing clientele and it is probably one of the most important decisions I have yet had to make. I have almost 8 years of experience in podiatry but have never brought a business.

Appreciate any advice, thanks in advance.