What a Dental Broker Can Do for You | Maryland Dental Brokerage
Dental Practice Sales & Transitions
The role of a dental broker is to assist you in transitioning into or out of a dental practice. In order to become experts in the transition process, dental brokers have undergone specialized training. The ability to evaluate the value of a practice, negotiate contracts between buyers and sellers, and serve as a neutral third party during the entire transaction is part of this skill set. From beginning to end, our team can assist you with your transition by serving as a mediator.
The valuation of a practice
You need accurate information regarding the value of the business, whether you are purchasing or selling a practice. As a buyer, you are interested in getting an agreeable price while also being aware of the current financial situation. In the event that you are considering selling your practice, you would like to receive a fair price not only for the tangible assets but also for all the time, dedication, and effort you have put into building it.
When evaluating a practice, dental brokers will consider a number of factors. Among other things, they will consider:
- Dental equipment used in the practice- It is more valuable to purchase specialized, high-cost equipment.
- The number of patients- A practice with a large patient base is generally valued higher than one with a smaller patient base.
- The dental team- Brokers will also take into consideration how much experience the team members have and whether they have received any specialized training.
- Location- Building ownership significantly increases the value of a practice.
- Profit margins- The reports are reviewed and examined on a monthly basis.
Contracts and negotiations
As soon as the valuation has been completed, the transition process can begin in earnest. In the absence of a buyer, the agent will seek the most suitable candidate for the sale. It is ideal to find a buyer who wants your practice rather than just a practice.
Negotiations begin after both parties have been established. Brokers in the dental industry serve as neutral mediators. Both parties will communicate back and forth until a formal agreement is reached. In order to formalize the transition, they will create legal contracts. An experienced broker will ensure that both parties fully understand the terms of the contract.
Finally, a dental broker can assist in facilitating the transition after the sale has been completed. In order to maintain continuity of operations, it is essential that staff and patients are reassured.
Dental brokers ensure that buyers have all the tools they need to succeed in their newly purchased practice immediately after purchasing it. They will provide you with an analysis of your financial situation and advise you on the next steps to take. In the case of sellers, they ensure that all legal obligations are met.
A dental practice is more than just a building when it comes to buying and selling. Our brokerage firm respects the fact that it involves the heart and soul of the practice as well. Learn how we can assist you in the transition of your practice by contacting us today.