Everyone needs help sometime. Too often dentists looking to sell their practice try to do so without the help of dental practice brokers or consultants. Not understanding the sale process and paperwork that is involved could end up costing the seller more money than they are selling their practice for.
If you are ready to place your general dental practice for sale, here are five good reasons you need to work with dental practice brokers.
You or your family needs to sell your dental practice quickly.
The failing health or death of the primary dental practitioner is a common reason a family may need to place a general dental practice for sale. Another common reason a dental practitioner or their family may need to sell quickly is the legal or financial woes. Selling quickly can be critical in such situations.
In these situations, local dental practice brokers are preferred. They have the advantage of knowing and understanding local laws and culture. They will also likely know potential buyers looking to buy a dental practice quickly.
Your dental transition plans are complex.
Selling a dental practice with complex partnership arrangements requires the finesse of a dental practice broker. Think of these partnerships as marriages. Like marriage, a business partnership can become complicated. A good marriage counselor or a good dental practice broker can be extremely valuable as they will make sure the seller and buyer are compatible.
You have a difficult-to-sell dental practice.
There are a few reasons your dental practice may be difficult to sell. One reason is that your practice is low profitability or low value. Having low value or low profitability could be due to the location of the practice or if it’s a niche practice. A broker will be able to help you get your practice in order and make it more profitable and can help move your practice quickly.
You would rather focus on operating your dental practice until the sale goes through.
It’s already a lot to run a dental practice. Running a practice and trying to sell it, maintaining its profitability and ensuring patient care doesn’t fall through, can be too much. A dentist may opt to not want to deal with the dental practice sale portion.
Hiring a dental broker will allow the seller to focus on ensuring the day to day of the practice remains optimal while the broker ensures all the “t’s” are crossed and “I’s” are dotted in finding a new buyer.
You have a large practice with many employees.
If you have a large practice, your best bet will be to hire a broker. The larger your practice, the sparser the buying pool is. A broker can navigate the small pool of potential buyers and sophisticated processes to secure the sale of your practice.
The recurring theme for working with a dental practice broker is the quick sale of your practice. When we say quick, of course we don’t mean overnight. It takes time to make sure a practice is ready for sale and to find a compatible buyer. But it will likely be quicker working with professional dental consultants like Aptus Exchange to make sure your dental practice transition goes smoothly.
