The thought has likely crossed your mind: “Why would I hire someone to sell my practice rather than just doing it myself?” It is a good question, with an even better answer: You want to get the most out of the sale as possible. While you may think the idea of saving a few dollars by going at it alone sounds like a good idea, it is important to remember that the few dollars you may save in the short term by hiring a dental practice broker can cost you thousands in the long term.

Top-Rated Team at Professional Transition Strategies Helps You Plan for the Future

If you are like most, you plan to use the proceeds from the sale of your practice for your retirement, or you may invest it elsewhere. Therefore, it is vital that you do everything you can to ensure a smooth and lucrative transaction. You need to make sure you know all the facts before deciding what route to take. That’s why the experienced team at Professional Transition Strategies offers a complimentary prospectus for every practice to ensure each doctor fully understands their options and what they will net from the sale of their practice.

Time is money

It takes about 150 hours to properly sell a practice. The last thing you want to do is decrease the value of your practice by lowering your production. You already know it can be difficult to run a successful practice while maintaining a healthy work-life balance. Adding another full-time job on top of that, which can affect the entire outcome of selling your practice, is not recommended. Any qualified dental broker should already have contracts in place you can use to avoid hiring an attorney to draft documents. This alone can save you thousands of dollars. A dental practice brokerage should also have a list of qualified buyers in the area, or have an active marketing approach, to ensure you are not wasting much time on the buyer search.

Maximizing the Value of Your Transaction

As with any business decision, it is vital to compare all options. That’s the only way to guarantee you will maximize the value of the transaction. Make sure you work with dental brokers who emphasize various strategic approaches and show you all available options instead of limiting you to just one. Options include selling to one individual, bringing on an associate or affiliating with a dental service organization. You also need to consider options within each of those verticals. For instance, if you know you want to affiliate with a dental service organization, make sure to work with a dental broker who can introduce you to several groups whose values align with your own. Don’t necessarily speak to one group or one buyer without learning about your other options.

Professional Transition Strategies is With You Throughout the Process

A lot of details go into a dental practice transition. The first step should be understanding the true value of your practice and, in turn, the options available to you and your practice. Professional Transition Strategies will create this prospectus for you as an unbiased third party; a prospectus you can feel confident that almost all banks will agree with and will provide you with all the facts.
After the prospectus is complete, you need someone you can trust to find the right buyer for your dental practice. Whether actively marketing your practice or reaching out to their network of qualified buyers, your dental practice broker should do everything in their power to ensure your practice is directly in front of all qualified buyers. Our knowledgeable professionals at Professional Transition Strategies believe the more offers you receive, the more options you have, and therefore the best position you are in.
The practice valuation and finding the right buyer is only the beginning. The rest of the process is the real work, comprising of 80% of the entire transaction: the contracts, the negotiations, the final sale. By working with experienced dental practice brokers, you can rely on them to help negotiate the sale of the practice, provide the asset purchase agreement or stock agreement, and ultimately guide the dental practice sale.

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Due Diligence Before Passing of the Torch

Just because someone may have the necessary funds to purchase your practice, does not mean they are the right fit for your practice. For this reason, you need to find a dental practice broker who will do the due diligence on those who are interested in your practice. By finding the best match for your practice, the broker will find someone who will carry on the legacy you created and take care of your patients and staff the way you did. This ultimately allows you to feel more comfortable with the next step you are about to take.

Professional Transition Strategies Helps You Understand the Landscape

By hiring a professional dental practice broker, you can feel confident that they are experts in the industry. Unlike a certified public accountant or an attorney who may help with an upcoming transition, dental practice brokers will have extensive market knowledge for a more seamless, and possibly faster, sale. Brokers should also be aware of qualified buyers actively looking for opportunities in your area.

In addition to gaining exposure for your practice, your qualified broker will weed through any “looky- loos” and buyers who aren’t to ensure you are only presented with qualified prospects.

Aside from individual buyers, it is also important to work with a dental broker who understands options such as dental service organizations or other types of institutional investors. A qualified broker will understand the process of working with these groups, what each group brings to the table and who matches up with your plans, needs and philosophies.

Confidentiality is Imperative

Professional Transition Strategies believes confidentiality is imperative during a process as significant as selling a dental practice. Not only can it hurt your business if patients discover you are leaving, because your attrition rate can increase exponentially, but your staff may also take the opportunity to look elsewhere for employment. These changes can critically affect the value of your practice. Due to these risks, you need to work with a dental practice brokerage you can trust.

Leaving Emotions at the Door

Leaving or giving up control of your dental practice can be an emotional time. You put your blood, sweat, tears and lots of money into your practice. In some cases, you may have been with your practice longer than your spouse or longer than your children have been alive. For this reason, many have strong emotional ties to the practice. By hiring a dental broker, emotion is removed from the dental transition to ensure a more efficient and cleaner outcome.

Experts at Professional Transition Strategies Make the Transition a Smooth One

There is a lot more that goes into a successful dental practice transition than just finding the right buyer. The key is having a professional who can help you navigate the unsteady waters of a dental practice transition. The knowledgeable experts at Professional Transition Strategies will guide you through finding a true fair market value of your practice, composing the letter of intent, negotiating the asset purchase agreement, assisting with all real estate needs – should it be selling the real estate or assigning the lease – and ultimately ensuring all the t’s are crossed and I’s are dotted. Finding the right dental practice broker will help make your upcoming transition a smooth one.

Contact Professional Transition Strategies Today

There are many moving parts to a practice transition. Instead of going it alone and attempting to juggle all the pieces, concentrate on maintaining the value of your practice look to Professional Transition Strategies to get you the most out of your practice and making the transition a success.

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Completed 350+ Transitions in 37 States