When You Should Bring In A Dental Broker
Dental Practice Sales & Transitions
For one reason or another, you may be tempted to sell your practice on your own. It sounds like a faster, more efficient process than involving a broker to help. You’ve got a buyer lined up, you know what your practice is worth, everything’s good, right?
Unfortunately, there is far more to buying or selling a dental practice than just throwing out a number and having someone agree to pay it. There are concerns of privacy, proper appraisals and market knowledge to take into account to make sure that you’re getting the best value for your business, or that you’re not paying more than what a practice is actually worth. Because of that, you should always bring in a broker to help you with the transaction.
Not All Buyers Are Committed, Not All Sellers Are Accurate
Brokers often hear that doctors selling practices already have been contacted by interested buyers. Younger doctors often proactively reach out in hopes of scoring a good deal for them to go into private practice themselves. However, they reach out many feelers at once to search out their options. The ideal buyer is one that wants your practice, not just a practice.
On the other side of the deal, doctors often either overvalue or undervalue their practice’s worth. There are a number of other factors that influence the cost of a practice than just the building – equipment, cash flow, and a steady patient base can dramatically increase the value. Brokers can take all of those factors into account to give you the real price of your practice.
The Third-Party Factor
We understand that selling a practice is an emotional process. You built the business, watched it grow, and now you’re having to step back. Emotions can get in the way of the deal, and can make it hard to be an accurate judge of the situation. Brokers can be neutral parties in the whole transaction, able to observe everything from an impartial perspective.
Involving a broker also eliminates the stress of having to handle all of the aspects of the transition. While involving brokers means you have to pay them for their services, they make every aspect of the deal easier, because they let you keep up with the day to day while they handle the business negotiations.
Buying and selling dental practices involves more than just a building. It involves the heart and soul of the business as well, and as experienced brokers, we respect that. Contact our office today to find out how we can make a difference in your practice transition.