October 21, 2019
How to Choose the Best Broker for Your Dental Practice Transition
Hiring a broker to sell your dental practice is a no-brainer, but not all brokers are created equal. A professional broker will focus on the bottom line and vet potential buyers while alleviating stress for you. But how do you know which broker is the best fit for you and your practice? Read on to find out.
Ask the right questions
Before hiring a broker, ask yourself: Are you looking for the most amount of money you can get for your practice? Are you looking for the best person for your practice, patients and staff? Are you looking for a group to affiliate with that has the same practice philosophy as you? Or do you simply want to just throw in the towel and get out as fast as possible?
Read the fine print
Find a broker that is willing to create a full appraisal or prospectus for your practice at the beginning of the process. The best brokers will provide you with this prospectus with no obligation tied to working with them nor will they charge you for this service.
Know the difference
The best brokers won’t lie to you to get you to sign with them by inflating the price of your practice, then decreasing it once they have you locked in. The best broker will work hard for you. They will be proactive when it comes to marketing your practice and getting it in front of qualified buyers. They won’t post it on a handful of generic sites and wait for the phone to ring. They will be active and go out to find interested parties and hopefully present you with several offers to consider.
Open the communication
The best broker will be honest and straightforward with you from the beginning, ensuring you know what is realistic and achievable. The best brokers will also keep you informed throughout the entire process, rather than only calling you to tell you about a showing. They will be in touch on a regular basis to make you aware of the number of inquiries for your practice, the number of nondisclosure agreements (NDAs) signed, the number of prospectuses sent and reviewed, the details of the conversations held, and more.
Contact the experts at Professional Transition Strategies to find the best broker for your dental practice.