Baltimore Dental Brokerage | 4 FAQs About Dental Brokers
Dental Practice Sales & Transitions
Whether you are preparing to sell your practice, retire, or purchase a startup practice, a dental broker can be a helpful resource during the process. When planning your practice transition, it is important to have an initial understanding of what dental brokers can do for you. To help, we’ve compiled a list of frequently asked questions.
What Does Schiff Dental Brokerage, LLC Do?
At Schiff Dental Brokerage, LLC, we specialize in selling dental practices within the industry exclusively. That means we aim to sell your dental practice to another dentist. Whether you’d like to sell or buy a practice, we have deep experience handling all the details including transition planning, representation of buyer/seller, tax planning and dental personnel job placement.
What are Some Things to Think About When Selling a Practice?
There are many things to consider when getting ready to sell your practice. Your team, your patients, and your assets are the most important aspects of preparing for a dental transition. Keep your team and patients informed of changes to come by introducing them to new owners or management prior to transition. When appraising a dental practice, it is important to hire a firm with a certified public accountant on staff to analyze your assets. Schiff Dental Brokerage, LLC is here to help you with all aspects of selling a practice, including CPA services for dentists.
What is the Difference Between Dental Practice Startups and Purchasing an Existing Dental Practice?
When looking to purchase a dental practice, you have two main options: create a startup or purchase an existing dental practice. Both options have risks and benefits, and neither is the correct choice for everyone. Purchasing a startup gives you the opportunity to improve the practice and acquire brand new equipment. On the other hand, when purchasing an established practice, you will inherit an experienced staff, an entrenched management style, and a loyal patient base. To learn more about purchasing an existing or startup practice, contact Schiff Dental Brokerage, LLC.
What are the Benefits of Dental Practice Mergers?
Another dental practice transition you might be considering is merging dental practices. This option can be beneficial in a number of ways. It may be a draw for experienced dental professionals, such as hygienists, to join your team. Another advantage is the new patient inflow from the other practice. With new patients and little to no increase in fixed costs (rent, insurance, equipment costs, etc.), you can more than likely mitigate risk and expand profits.
A practice transition is a big step and it brings with it many questions. For answers you can trust, rely on Schiff Dental Brokerage, LLC. We specialize in all phases of dental practice acquisition and sales, and can help you navigate the entire process. Call our team today to learn more about how you can maximize your return on investment and grow your practice wisely.