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
Time is money
Maximizing the Value of Your Transaction
Professional Transition Strategies is With You Throughout the Process
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.