As of 2018, there were 61 working dentists per 100,000 people living in the United States. But while these dental practices are often successful, there comes a point where owners will want to move on with their lives. If this scenario applies to you, you may have already decided that you want to sell your dental practice. However, you may not really know the best way to go about it. Often, dental practice brokers can provide the expertise, accessibility, and peace of mind that owners need during this pivotal time. Let’s take a look at just a few of the biggest reasons you should consider working with dental practice transition consultants.
- Efficiency: If you’re exploring the idea of selling your practice, you probably won’t be ready to walk away from your business tomorrow. That being said, you won’t want the process to drag on for years, either. When a practice owner attempts to sell on their own, they won’t typically find a buyer right away (or ever). After all, this really is a full-time job — and there’s no good way to balance those obligations with the ones you already have in your practice. If you were to try, it’s possible that your operational standards could suffer, which could end up hurting your business in the long term. Dental practice brokers devote their time to finding the right buyer in a relatively short amount of time. This is ultimately the most efficient option you have at your disposal if you’re determined to sell your practice.
- Connections: Professional brokers are simply going to have greater access to qualified buyers than you will. Because they have more resources, they’ll be able to screen for buyers in databases and make connections that you won’t have the opportunity to cultivate when you try to sell on your own. It’s similar to when a homeowner tries to act as their own real estate agent; typically, the process is frustrating and yields significantly less interest than if they had just worked with a realtor from the beginning. The connections and resources your broker will bring to the table will mean you’ll be able to sell your practice more quickly and to someone who is truly qualified to buy. When you try to DIY, you could end up wasting a lot of time for no reward.
- Confidentiality: This is a point you might not have considered before, but it’s one that could have a huge impact on your ability to conduct business. If you try to sell your practice on your own, everyone will know your intentions — and that’s not necessarily a good thing. People in town may start to speculate about the success of your practice, causing patients to seek treatment elsewhere. Current employees could also worry about what the future holds for them, while your competitors might take this opportunity to hone in. In the end, you don’t need anyone to know your business until everything is settled. When you work with dental practice brokers, the entire process will be private, thanks to identity protection and confidentiality agreements. This can help to maintain your practice’s value and ensure that the sale goes smoothly.
- Expertise: Perhaps most importantly, dental practice brokers can provide the knowledge and experience that are required to negotiate a fair deal for your business. Not only will they know the value of your practice and work on your behalf to ensure the final sales agreement is satisfactory, but they’ll also be able to provide other services to ensure that your practice is marketed well, that all accounting figures are in order, and that you’ll have the legal services you need to facilitate an easy transition. Rather than trying to handle these tasks yourself by guessing what’s needed, your brokers will have the wisdom to advise you during every step.
If you’re considering selling your practice, you deserve help from a team of experts. For more information, please contact us today.