When it comes to getting ready to sell your dental practice, there is probably a bag of mixed emotions. Excitement for a big payout. Sadness for leaving behind this business that you built. There are a number of reasons dentists end up selling practices. It could be for retirement, or it could be to change locations. For dentists, the average age of retirement is at almost 69 years old.
Whatever your feelings are around getting ready to sell your dental practice, there are a lot of things to consider. First, what is my practice worth? That is probably the number one consideration: to know the value of your practice. What about getting a dental appraisal? Or using dental practice brokers? Are they worth it? All important questions.
Here are some of the top reasons to use a dental broker when looking to sell your dental practice:
We Keep it Confidential: When owners go on their own to sell a dental practice, that lets the entire world know that the practice is for sale. Employees might get nervous and jump ship. Customers might start worrying and look for other dentists. Suppliers and bankers start asking questions too. Competitors start targeting your clients and use fear tactics to win them over. Using a dental practice broker protects your identity and the identity of your dental practice while looking to sell. This ensures a smooth transition and keeps the value of your practice high. We use blind profiles and only contact qualified, pre approved buyers. This ensures a buyer can get all necessary information about your practice, without revealing the identity of your practice until the sale is made. If the buyer is serious and wants specific information about the nature of your practice, they are required to sign a confidentiality agreement, which we help enforce. This eliminates shady behavior during the selling process.
Keeps You In The Dentist Chair: Selling a practice takes a significant amount of time and energy. If you are spending all of your time attempting to find a buyer for your practice, chances are your practice itself is suffering. One of the most important things you can do as a dentist when looking to sell your dental practice is to ensure that it continues to run in peak condition throughout the entire sales process. It takes time to close a deal. As a broker, we have the time and capacity to work full time structuring the sell of the practice. This means it will close faster, and at a better price, then if a dentist attempts to broker the deal on his or her own.
Large Net of Buyers: Brokering dental practices is what we do. It is all we do. Because of that, we have a large volume of potential buyers that are constantly asking us about upcoming practices to purchase. Additionally, we spend time screening each buyer to be sure they are a qualified candidate to purchase your dental practice. This ensures you get to sell your practice as fast as possible and at the best price.
Understanding the Business Valuation: Getting the right valuation on a dental practice is important. As you are looking to sell your dental practice, it can be difficult to know exactly what to value your practice at. Because each practice is unique and has hundreds of variables, it takes significant time and experience to come up with an appropriate valuation. In order to feel confident that you are getting the best value for your business, it is important to hire a broker that has access to hundreds and thousands of transactions in their databases. This will also help increase buyer confidence, knowing that the valuation is fair and not inflated by the dental practice owners own opinion. Lastly, hiring a broker is important to maintain a good price throughout the sales process. When some dentists attempt to sell the business on their own, they get nervous if the practice doesn’t sell as quickly as expected an start to discount the value of the practice. Other times, dental owners crack under the pressure of negotiation. We specialize in negotiating dental deals that are to your benefit.