Posted on May 9, 2011
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Posted on May 9, 2011
If you’re looking into relocating, selling a dental practice, or buying a new dental practice a broker can help every step of the way. Choosing the right dental practice broker is a matter of considering referrals, the broker’s years in business and the valuation you receive.
Finding a broker you can trust provides peace of mind and allows you to continue your work without worry.
If you want to put your dental practice up for sale, it’s a wise idea to invest in a dental practice broker. Most working dentists don’t have the time available to do their own marketing or to read through the many contracts involved in signing up for marketing services. Selling your own dental practice may seem as easy as placing an ad in the paper that reads “dental offices for sale,” but it isn’t. To get your ad seen you may have to advertise in several newspapers, professional journals, or market your practice to residency programs.
Dental Practice Brokers understand that you don’t have the time to dedicate to seeing the sale through from advertisement to deed transfer. A dental practice sale can be very complicated and brokers understand the complicated nature of the process. This makes dental practice brokers much sought after by professionals who are interested in buying a dental practice or for those who want to sell a dental practice.
Look for a dental practice broker who has an excellent track record of returning a considerable percentage of a practice’s value. Whether you’re looking into dental practices for sale or you’re looking to sell your practice, a practice broker makes sure you’re getting a fair deal.
The valuation of a practice goes by two factors:
1. Tangible assets
Tangible assets are things such as instruments, furniture and supplies.
2. Intangible assets
An intangible asset (referred to as goodwill) is the amount of money a buyer is willing to spend above the tangible assets’ value.
A good dental practice broker understands both assets and will work hard to get you a fair deal.
When looking for a dental practice broker, the most important thing to consider is the broker’s track record with successful sales. Ask your broker for references and follow up on them. Look at dental practices for sale on your broker’s listings.
If there are too many, this is an indicator that the broker may not have the time needed to dedicate to your sale or purchase. It might also be a good indicator as to whether he will have the time to see you through the dental transition.
Look for a dental brokerage with decades of successful buying, selling and relocation of dental practices.