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Sale Structure: Asset Sale
Cornwall –Practice and Building: Immediate Sale due to Owner’s Death
Practice: A 30 year, long-standing and well respected general practice is offered for immediate sale. The owner passed away unexpectedly at the end of April. Over a long successful career the late owner opened two additional practices in south-west Quebec, resulting in a divided schedule amongst all three offices. At the time of his death the owner worked part-time, 1 to 1.5 days per week, in Cornwall.
One associate currently works in the practice for an additional day and alternate Fridays with the hygiene schedule booked 2 days per week. The practice has never offered evening hours. The gross revenue in 2016 was ~$602,000, with 25% attributable to hygiene and 6.5% attributable to orthodontics. The operatory equipment is approximately 20 years old with a recent addition of digital radiography through out the practice.
Building: The practice was initially located on 2nd Avenue in Cornwall, and the owner relocated to the current site on Sydney Street in 2012. The practice is located in a central area of the downtown core of Cornwall in a fully renovated 135 year old building with a newer addition circa 1980. The 2nd floor of the addition is currently vacant (1,400 sq. ft.) and this could be leased to a tenant for a market gross rate of $12.00/sq. ft.
The building has been appraised by a Cornwall real estate appraiser and is offered for sale for $495,000. The total size of the building is 3,850 sq. ft. The practice itself occupies approximately 2,400 sq. ft. on the main level which is comprised of the original building (reception, business and staff room) and on the main floor of the new addition where 3 operatories, sterilization, laboratory and private office are located. There are two washrooms located in the suite.
Additional Purchaser/Advisor Information:
- A Practice Profile will be provided within 48 hours of your request to those who have completed a ROI Corporation Confidentiality Agreement
- An OPEN (by appointment only) will be held on Sunday, June 25, 2017. However, individual visits can be scheduled either before or after the OPEN
- Offers should be accompanied by a certified cheque payable to “ROI Corporation IN TRUST” equal to 10% of the offered price for the practice
- ROI Corporation will prepare all offers on our standard forms for your lawyer’s review
- Offers are due Friday, July 7, 2017
For more information or an appointment to see the practice, please contact Ann Wright.