A broker is an agent who helps people buy or sell a business. While most people think of brokers who work in the real estate or stock-market industries, there are also practice brokers who help dentists sell their dental practices. Whether you are a dentist who wants to retire or a dentist who is looking for a way to expand their practice, hiring a Dental Practice Brokerage broker can be an important step toward success.
A reputable practice broker will be knowledgeable about the entire process of buying or selling a dental practice, from the initial valuation to closing the sale. They will be able to answer any questions you may have and provide regular updates on the progress of your sale. In addition, a good broker will have strong negotiation skills and will be able to get you the best deal possible for your practice.
Identify and accomplish the seller’s goals for the transition – Every doctor and practice is unique so it is important for a skilled broker to take the time to understand your situation and goals. They will then put together a strategy that will meet your needs.
Manage inquiries – The selling process is often complex and requires many parties to be involved. A broker can manage the flow of questions and potential buyers, ensuring that confidential information is protected until a letter of intent is signed. They can also prepare the practice valuation and a non-disclosure agreement to ensure that the transaction stays private until the appropriate time.
Set a fair price – A seasoned broker will know how to assess your dental practice’s operations and compare it to similar practices in the market to determine a fair price for your practice. They will also be able to use tried-and-true valuation methodologies to avoid leaving money on the table or overpaying for a new dental practice.
Develop consensus on the business points of the transaction – It is important for a buyer to be clear on all aspects of the transaction such as: accounts receivable, patient credit balances, work-in-progress, and corrective dentistry. A broker can help the buyer and seller reach agreement on these items and avoid disagreements down the road.
Negotiate effectively – It is important for the broker to have experience in dealing with a wide range of situations and personalities. They will be able to assess each potential buyer and quickly identify which ones are the best fit. They will also be able to address any issues that may arise during the sales process such as the unforeseen challenges that can occur during due diligence.
It can be challenging to balance running a business, meeting with clients and patients, and finding a new buyer for your practice all at the same time. Working with a professional, experienced broker can save you time, money, and frustration while ensuring that all the “i’s” are crossed and “t’s” are dotted during your transition. Let PTS be part of your dental transition dream team.