Why Use a Broker to Sell Your Dental Practice?
Why Use a Broker to Sell your Dental Practice? This is a good question to ask yourself, but when you are contemplating selling your practice the answer should be “because selling my dental practice is not something that I should do by myself.”
In order to sell a practice on your own, you will need to place ads in dental publications or put the word out that you are selling. Both of these will cause you to lose any confidentiality in the deal and cause you to waste time on unqualified buyers. By using Practice Impact, you can ensure your confidentiality. We will place ads on our website and in publication directing potential buyers to contact us, not you. Before buyers receive any specific information about the practice they must sign a confidentiality form. This also frees up your time. If you try to sell a practice on your own, you will be bogged down with phone calls and emails from potential buyers. You can do some of this in the evenings, but many of these calls will take place during clinical hours negatively affecting your production and hurting the practice or forcing you to work longer hours to make up for the time that you spent trying to sell the practice.
Once you find a buyer, you will have to establish a selling price on your own. Most advisors, including accountants and attorneys have little experience in handling the unique complexities involved in the sale of a dental office. By selling a practice on your own, without a qualified broker, you can easily arrive at an unfair selling price. By trying to save money on the commission, the seller can lose tens of thousands of dollars by accepting a below market price for the practice. There is also a significant cost to you for a transaction that falls through due to the attorney, accountant and adviser fees that you have already accrued. By using a qualified broker like Practice Impact, you will be assured that you only pay a commission fee when the transaction is complete.
Do you still think that it’s worth it to try and sell your practice on your own? Why spend your precious time working on a deal that will ruin your confidentiality, leave you constantly searching for answers, rack up high legal and accounting fees on a deal that can easily fall apart all for a purchase price that is too low? Sometimes it’s much more effective and cost efficient to hire a professional. That’s why you should call Practice Impact to sell your dental practice!