This husb and wife owned MC was established just 3 yrs ago.The husband has now decided he wants to leave GP and work in a medical specialty so he needs to get back into a training role for this field and work in hospitals. The wife is a PM (2.5 days/wk) and they have small children so they are looking to sell the business so he can follow his dream and she can keep the family together. The husband gets a Director Fee plus any remaining profits. The wife gets a director fee which covers her salary; however both are paid in alignment with the full yearly limit of the SMSF contribution guidelines.
The clinic was bulk billed and has recently transitioned to become a mixed billing clinic. The practice has just recently undertaken and passed accreditation again so is eligible for govt incentives for the next 3 years. An annual total Medicare practice incentives of $120,000 is currently received. They have currently 2.25x GPs in the practice, and they are supported by 3x nurses. The female f/t GP is on a 70/30 fee split and the male F/T GP is on a 65% fee split. Pathology are on-site in the morning and pay rent ($5,800/12) to be in this practice together with a chiropractor, audiologist, and dietitian who pay 20% of all income generated as rent. Ultra-sound is also available one session a week and tey pay $50 per session in rent.
There are 4x (preserved) DWS provider numbers that can be allocated to other GPs in the future.
The owners own the freehold through their SMSF and they reduced the clinic lease $8,800 to $5,700 since July 2017. In regards to the rent, there are two options a buyer can take. They can take a rental contract for $6K + GST / month for a lock in contract period of 10 years, with a grace period/initial rental holiday of 3 months. The other option is $7K + GST includes GST / month for a lock in contract period of 5 years, but no grace period. They cannot go below the rental appraisal they received in 2017 for the business.
From the financial statements, all insurances paid are practices insurances.
2015 Financial year (1/7/2015-30/6/2016)
-Dr Priyanthi (joined us in Sep 2015): $199, 593.35
-Dr Sharmi (joined us in Feb 2016): $124, 313.60
-Dr Mina: $541,151.35
2016 Financial year (1/7/16 – 30/06/17)
– Dr Priyanthi: $324, 370.75
-Dr Mina: $336, 917.90
-Dr Sharmi: $249,675.50
-Dr WImanshi (joined us in April 2017): $39,176.95
-Dr Jason (GP Registrar joined us Feb 2017 for 6 months): $78,810.60
2017 Financial Year (1-7-17 till 22/2/2018)
-Dr Jason: $23,230.20 (left in Aug -placement finished)
-Dr Mina: $211, 935.30
-Dr Priyanthi: $ 214,916.30
-Dr Sharmi: $135, 992.35
-Dr Wimanshi: $ 133,711.65
-Dr Feng (GP registrar stared 5/2/18): $14,746.25
Site visits can take place on the weekend after the practices has closed; ideally Saturday after 2pm (as cleaner there till then) and Sunday after 1pm.
Ref: NSW08514
Phone: 02 9899 1999
Mobile: 0437 082 045
Email: [email protected]
THE PURCHASER TO MAKE HIS/HER OWN INVESTIGATIONS AND ENQUIRIES IN RELATION TO THE BUSINESS AND NOT TO RELY UPON WARRANTY OR STATEMENT MADE BY THE VENDOR OR BY ANYONE ON HIS/HER BEHALF
