Selling a dental practice looks as easy as filling a tooth, right? But have you noticed that many patients think filling a tooth is quick, easy, and far less complicated than it actually is? Well, brokering a deal to sell a dental practice is the same way — it looks simpler than it actually is! And while dentists are experts at providing excellent dental care, dental brokers are experts at selling and transitioning practices. Not convinced you need one? Consider these advantages before you make up your mind:
Protect Your Identity
First and foremost, dental brokers protect your identity. They offer dentists confidentiality through anonymous listings, because it is vital that your staff and patients hear about the sale of your practice from you, and no one else. All potential buyers that come through a broker must sign a non-disclosure agreement so they may view anonymous volumes of financial information on your practice without disclosing your identity.
Accurate Appraisals = Most Value for Your Practice
Experienced dental brokers are also the best resource for accurately determining dental practice value. They examine cash flow, look at market comparables, and review asset values to provide a realistic sale price. This eliminates guesswork, allowing dentists to set realistic expectations and goals for the sale of their practice. If a practice goes un-appraised, goals may be unachievable, and selling will quickly become a frustrating experience for both the buyer and seller.
Knowledge of the Market = Faster Sale
Dental practice brokers have the most thorough knowledge of the market — they know what it will take to sell the practice for the best possible price. They sift through potential buyers so that only pre-qualified, serious buyers are considered, and you don’t waste any of your time on “tire-kickers.” Their knowledge ultimately saves time and helps you get the best possible price.
Proven Process = Smooth Transition
Don’t underestimate how much smoother dental brokers can make selling your dental practice! Once negotiations begin, the dental broker guides both parties through the more difficult, but critical, items of a sale before signing, such as the post-sale provider agreement, accounts receivables, division of hygiene production and allocation of assets being purchased. Good dental brokers also help steer clear of lawsuits by suggesting language that should be included or avoided, protecting both parties from costly disputes, as well as help lower tax liability by providing suggestions for your attorney and accountant on how to structure the best tax-advantaged sales.
So, do you think you need a dental broker?
Southeast Transitions’ brokers are both business consultants and dentists. Our expertise brings a keen awareness of the dental profession and the know-how to balance business savvy with professional aspects of each practice sale. We specialize in working with both buyers and sellers to conserve the unique culture and philosophy of each individual dental practice in the smoothest possible transition. We want to help you pass your legacy on to the next generation!