Resources

Plain answers for a big decision.

Short, practical guides for practice owners and qualified buyers — no hype, no jargon without a definition, and no identifying details about any practice.

For practice owners

Selling, thoughtfully

Valuation, timeline, your team, and what buyers will examine.

Read the guides

For qualified buyers

Diligence, done right

What to verify before you acquire a specialized practice.

See the checklist

Glossary

Speak the language

Plain definitions for EBITDA, REMS, blind listings, and more.

Open the glossary

For practice owners

Selling a practice you built by hand.

Understanding what your practice is worth

A specialized practice is rarely valued the way a generic business is. Buyers will look at revenue and cash flow, but also at the share of revenue that is cash-pay, the strength of your payer mix, whether your TMS and Spravato revenue depends on you personally, and how long your referral relationships would survive a transition.

Before you list, gather three years of financials and be honest about what only you bring to the practice. A practice that runs well without its founder every day is worth meaningfully more — and knowing your gaps early gives you time to close them.

The transition timeline, from first thought to closing

Most transitions take six to twelve months from the first serious conversation to a closed deal. The early months are preparation: organizing financials, documenting operations, and deciding what you want the next chapter to look like for you, your team, and your patients.

Once a listing is live, buyer conversations, diligence, and legal work move in parallel. Rushing the preparation phase is the most common mistake — a well-organized practice attracts stronger buyers and closes faster, even though it takes longer to get to market.

Preparing your team and your patients

Your staff will notice a transition before your patients do. Decide early what you will tell them, when, and who will stay on. Buyers place real value on a team that intends to remain, and continuity of care — the thing you care about most — depends on it.

Confidentiality matters here too. Limneo listings are blind: your practice is never publicly named, and patients are not told anything until you decide the moment is right. You control the sequence, always.

What buyers look for during diligence

Buyers will verify licenses and DEA registrations, review payer contracts and whether they are individual or group-level, examine the Spravato REMS certification, and ask about utilization of treatment chairs and referral sources. They will also want to understand your real estate — owned or leased — and any medical director arrangements.

The practices that move through diligence smoothly are the ones where these answers are already organized. That is exactly what the Limneo listing wizard and data room are designed to help you do, before a single buyer is invited in.

Your listing stays blind

Nothing you share with Limneo is ever published with your practice's name, address, or photos. You approve every buyer before anything more is revealed.

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For qualified buyers

A diligence checklist for specialized practices.

Psychiatry and interventional practices carry diligence questions general acquisitions don't. These six areas cover most of them.

Licensing & registrations

Confirm DEA registration, state controlled-substance registrations, and that the practice's legal entity is in good standing in its state.

Clinical programs

Verify Spravato REMS certification, the ownership and condition of TMS devices, and whether psychedelic-assisted therapy offerings comply with current state law.

Payer contracts

Review each payer agreement and whether it sits at the group or individual provider level — a contract tied to a departing provider may not transfer with the practice.

Financials & cash-pay mix

Study three years of revenue and cash flow, the share of revenue that is cash-pay, and how concentrated revenue is in any single program or provider.

Operations & team

Understand treatment room utilization, staffing, referral sources, and whether the clinical team intends to stay through a transition.

Real estate

Check whether the practice owns or leases its space, the remaining lease term, and any assignment or renewal terms that would follow a sale.

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Glossary

Every term, in plain language.

Blind listing: A listing that never shows the practice name, address, or photos. Identifying details are shared only with buyers the seller approves.
Asking price: The price a seller is seeking for the practice. It is a starting point for conversation, not an appraisal.
Cash flow / EBITDA: The money the practice earns after operating expenses. EBITDA (earnings before interest, taxes, depreciation, and amortization) is the standard measure buyers use to compare practices.
Cash-pay mix: The percentage of revenue that comes from patients paying directly rather than through insurance. Higher cash-pay mix is often valued more predictably.
REMS: The FDA's Risk Evaluation and Mitigation Strategy. Spravato can only be dispensed at certified sites, so certification is an asset worth verifying.
Buy box: A buyer's saved acquisition criteria — modalities, states, price range, and deal size. Listings that match are flagged automatically.
Access request: A buyer's formal request to see more than the blind listing. The seller approves or declines each one individually.
NDA: A non-disclosure agreement. On Limneo, buyers sign one after a seller approves their access request and before any detail is shared.
Data room: A private, audited folder of practice documents — financials, compliance, payer contracts — visible only to approved buyers with a signed NDA.
Transition period: The length of time a selling clinician stays on after closing to introduce buyers, reassure patients, and keep care continuous.

Have a question these pages don't answer? The FAQ covers confidentiality, fees, and how the marketplace works.