Before choosing which dental practice broker you want to trust with one of the largest financial transactions in your life, you’ll want to make sure they pass all your tests. After all, a solid advisory team will make for a smooth transition. Here’s a list of 20 questions to get you started in the right direction so you can feel confident in making your selection.
Questions to ask a dental practice broker
- Do you perform practice appraisals? If so, what is the cost?
- How accurate are your appraisals?
- Who do you represent in the transaction?
- How long are your contracts?
- What happens if I terminate the contract early?
- What type of transitions do you mostly perform?
- How do you typically market practices?
- How big is your list of active buyers currently?
- Where do most of your buyers come from?
- How often will I hear from you?
- Will you be present for my practice showings, or do I have to do them myself?
- What is your confidentiality policy?
- When should I tell my staff and patients that I am considering a transition?
- What is the industry standard commission? What is your commission?
- When do you get paid?
- Do you handle the real estate portion, as well as the practice?
- Do I need outside legal services to write the contracts?
- What services will you provide?
- What happens if I don’t want to accept an offer that I receive?
- Can you provide me with referrals?
Contact the experts at Professional Transition Strategies to walk you through the steps of selling your dental practice.