3 Major Expenses in the Sale of a Dental Practice | Baltimore Dental Practice Sales
Dental Practice Sales & Transitions
Knowing what costs are involved with selling a dental practice will allow you to keep more money in your pocket. Everyone wants to save money, right?
The following are the three biggest expenses you’ll incur when selling your dental practice shared by our dental broker in Towson.
To be clear, every dentist who is selling a dental practice should have a competent attorney with experience in dental practice sales by their side. The seller should use an attorney who is knowledgeable about dentistry and the issues involved in the transition of a dental practice.
A dental practice transition is unique and should be handled by an attorney who won’t waste your time and money navigating the process. Nevertheless, you can end up spending a lot of money hiring an attorney who must win on every issue. A dental practice sale involves two attorneys. Buyers should be advised by a different attorney.
Several factors determine the final attorney fees associated with a dental practice sale, but a seller should always ask what the hourly rate is.
The importance of having a CPA with experience in dental practice transitions cannot be overstated. Dental CPAs who spend a lot of time advising dentists will also be more familiar with the industry.
In order to reduce your tax burden, you need a CPA who understands how to allocate the sale proceeds. Don’t hesitate to ask for help from a CPA who has experience transitioning dental practices, as this could save you thousands.
A seller should select a dental broker who understands both the clinical and business aspects of the dental profession. A dental practice broker who knows what makes a practice valuable to a prospective buyer is also essential to expediting the process.
When representing a seller, a dental broker must juggle the buyer’s needs. Brokers must also communicate intelligently with advisors on both sides of a deal.
Most brokers charge a commission on the sale of a dental practice. A dentist that is selling a practice would be wise to find a competent dental broker that charges a reasonable fee. Additionally, sellers should expect the dental broker to provide them with successful results in the sale of their practice.
If you are a dentist interested in selling your practice, you should hire competent advisors at reasonable fees and expect them to provide expert advice. We are here to assist you with your dental brokerage needs. Get in touch with our team of experts at our dental brokerage office in Towson, MD today to schedule a consultation.