Posted on Aug 11, 2014
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Posted on Aug 11, 2014
At some point in your career as a dentist, you will be faced with a dental practice transition. You may be interested in moving to a new location or considering a complete lifestyle change. As you begin to think about selling your dental practice and transitioning into the next chapter of your life, one of the most important considerations will be to find a highly qualified dental practice broker.
Dental practice brokers specialize in the sale of dental practices. Many provide valuation services for your practice to help determine an appropriate selling price. A dental practice broker also have numerous connections with people and organizations that may be looking to purchase a dental practice. They’ll help make the process as smooth and as hassle-free as possible.
In this highly specialized field, you want to be certain you’re getting the best dental practice broker that you can to protect your interests. Here are a few things to look for when you evaluate potential dental practice brokers to assist in the sale of your practice.
How many transactions has the dental practice broker completed? The more experience, the better. You want someone that knows the ins and outs of this unique transaction, someone that won’t be surprised by last minute hiccups.
Knowledge of the area where your practice is located is valuable. Each geographic area has different markets and needs. A dental practice broker that is familiar with the surrounding area can offer valuable input.
They should be knowledgeable about the impact of your website, becoming active in social media, marketing to new patients and improving the professional atmosphere in the office. These often overlooked details are important elements that can make or break your sale.
This is something that should be offered by all dental practice brokers and is an essential part of the transitioning process.
They should have a professional and comprehensive website listing all dental practices for sale, both locally and nationally
You do not want to get a qualified buyer that has to pull out due to difficulties acquiring financing. If your dental practice broker offers this, they will be able to financially qualify them early in the process and ensure that this piece is not an issue.
Reassigning the lease agreements is a major part of the transition process. This includes not only property leases but any on-going equipment leases that may be transitioning.
Finding a dental practice broker that is experienced and able to provide these key services during your transition will help to make this a less stressful experience for all that are involved.