Knowing what can help when you are considering selling your dental practice is essential. It is common for dentists to enlist the aid of a dental brokerage firm to assist them with this complicated process. A dental broker can help you with every step of the transition.

What is a dental broker?

A dental broker is an expert who has completed the necessary training to take you through every step of the process of buying or selling a dental practice. They will assist you in valuing a dental practice, buying and selling a dental practice, negotiating and contracting, and handling the transition from one dental practice owner to another. They act as your mentor throughout the transition of your dental practice from start to finish.

A Comparison of Dental Brokers’ Services

• Professional representation of the buyer: When you hire a dental practice broker to act as your fiduciary, you can feel confident that your interests are being represented and not just the interests of the group. They can help you maneuver through the buying process and answer all of the important questions, such as: should I take out a loan? Can I afford it? Does it represent fair market value?
• Representing you as the seller: Whether you would like to sell and leave the practice, partner with another dentist to share the load, sell and stay as an associate, or merge with an existing practice or dental service organization in your area, a dental broker can help with a successful transition. Selling or merging a dental practice is a complex process involving not only financial and physical hurdles, but also emotional ones.
• Transaction Broker vs. Single Agency Broker: Essentially, a transaction broker handles both buyer and seller transactions. Single agency brokers act as both the buyer’s and seller’s agents. Single agency brokers typically have fewer qualified buyers as they work with only one party. While a transaction broker acts as a referee throughout the process, a single agency broker has a fiduciary duty to the buyer or seller. Besides marketing the practice, finding qualified buyers, writing contracts, and helping with negotiations, they will also assist with the closing. 

A dental broker will assist you through the entire process of selling your dental practice. Brokers handle appraisals, fair market value determinations, and all aspects of contracting and negotiation. 

Selling your dental practice can be a very difficult decision. Having a dental broker guide you through the entire process will relieve the stress that comes with such a difficult decision. Please contact our Baltimore Dental Brokerage office today to discuss your options and make the transition as smooth as possible.

Schiff Dental Brokerage
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707 Ext #1205
Url: https://schiffdentalbrokerage.com/
100 West Road Suite 410
Towson, MD 21204