How to find a dental broker to sell my dental practice
Your dental practice is a valuable asset so it’s important to find a dental broker who will have your best interests at heart. Once you’ve decided which dental broker to use to sell your dental practice you will develop a relationship and share lots of information, so you need to be comfortable with who you choose.
Six Points To Bear In Mind When You Choose a Dental Broker
When searching for a dental broker to sell your dental practice you should consider the following criteria.
Choose a Dental Broker with the Right Experience
You will want a dental broker that specialises in selling dental practice and has the experience to back it up. Ideally you want a dental broker that has sold hundreds of dental practices and importantly in your location and recently too. Out of date experience will mean they are not in touch with current values and trends.
Find a Dental broker with Integrity
Your dental broker will be responsible for selling your prized asset and you need to be confident they work to high standards. You can be sure the broker selling your dental practice has integrity by looking for a dental broker that is committed to the Practice Sales Promise. The Practice Sales Promise is a voluntary code of conduct open to all dental brokers that sell dental practices. it has 15 points that ensure they operate to a high level of service and integrity.
Choose a Dental Broker with Good Access to buyers
A good dental broker will have pre-qualified dentists registered with them and keen to buy a dental practice. The demand for dental practices is high and depending on where you are in the country and dental broker should have between 700 and 2,000 dentists registered for particular locations.
Be clear about Fees
You may think that finding a dental broker to sell your dental practice for free is a good idea and there are agents that do offer this service. Be wary of this approach as in this scenario the buyer will pay the agent so there is a clear conflict of interest. Inevitably there will be commercial negotiations through the transaction and it is important that the dental broker has a sole duty of care to you, as their client, and not a conflict of interest that this arrangement would inevitably create. If the buyer can afford to pay the dental broker this should be added to their offer price and you pay your own dental broker directly. Additionally, where the buyer is paying the dental broker directly you may not know their agreement and could be paying significantly more than you would be paying – this is money that they could be paying to you as part of their offer.
Choose a Dental Practice Broker using the Best Marketing Tactics
When looking for a dental broker to sell your dental practice be sure that they will be widely canvassing the market to achieve the best price for you. You will want a dental broker that will promote your dental practice to the open market and not just a select few buyers. The best price is achieved by engaging a large pool of qualified buyers and not by approaching a few. Be wary of dental brokers who only approach a few buyers because either don’t have a decent pool of buyers or they are being paid by the buyer to source practices. in either case this may not achieve the best sale price for you.
Choose a Dental broker That Offers The Right Level of Support
A good dental broker will have a team of consultants to value your dental practice but also an office-based team to ensure that your sale is actively managed. Valuation consultants spend most of their time visiting clients so the office-based team will ensure that viewings are arranged, regular feedback is provided and once an offer is accepted have regular contact with your solicitor and others involved in the deal to ensure it gets to completion as swiftly as possible.
By following these simple steps, you will be able to choose a dental broker that is right for you and successfully sell your dental practice.