You don’t always need a dental practice sales broker. Here’s when you should go it alone.
You might be surprised to hear this – especially from us – but not everyone uses a broker for their dental practice transition. There will always be people who decide to go it alone. Does that mean you should try it? Not necessarily. In fact, we’ve come up with a list of traits that you’ll need to successfully navigate a sale without a dental practice sales broker
If you get to the end of this article and still feel the need to go it alone — more power to you! If, on the other hand, you think that a dental practice sales broker could be a vital piece of your transition strategy, you aren’t alone. Our dental-only brokerage is laser-focused on helping doctors like you as you work through this complicated process.
So who doesn’t need a dental practice sales broker?
Here are some traits we think might be useful.
You’re a multi-tasker.
You know that it takes a lot of time and energy to run a dental practice. It takes twice as much time and energy to sell it while continuing to do dentistry and keep the practice running smoothly. You have to maintain profitability and ensure that your patient care stays at the same level. You have to market for buyers and wade through the tire-kickers. You have to stay on top of Non-Disclosure Agreements and after-hours showings with buyers who nit-pick at your practice.
There are stacks of legalese. That’s a lot of work — and it doesn’t stop with finding a buyer. That’s just the start. See what we mean by multi-tasker? It’s a lot of things to juggle at once (which is usually why folks hire a dental practice sales broker). Plus, as you’ll see, there are high stakes for getting it right.
You’re a risk-taker.
There’s no guarantee that you’ll get full fair market value for your practice. Unlike selling your home, there are no listing services like Zillow that make it easy to compare and contrast what practices are going for. Not only that, but once you actually find a buyer you’re going to have to understand everything we noted above: NDAs, leases, letters of intent, sale agreements, financing, escrow. If any of those pieces go wrong, you could be looking at a big headache — or a sale that falls through. That’s a big risk for someone who has a specific timetable in mind for their transition strategy.
You don’t mind chasing flakey buyers (or not knowing when you’ll actually retire)
We’ve said it before, but it’s worth repeating: There are an awful lot of tire-kickers in this industry. You could find someone who is “interested”, spend countless weeks walking them through all the details, only to have them walk away for any number of reasons. It could be because they didn’t like the numbers their attorney or accountant came up with, it could be because they got tired of the back and forth, it could be that they just got cold feet. The point being, we’ve seen that story play out time and time again.
Here’s how it ends — with the seller just wanting to wash their hands of the entire process and negotiating away a lot of value, just so they can be done with it. If you don’t mind a long wait, you can sell on your own — but if you have a timetable for your transition, this might not be for you. That’s why we usually recommend a dental practice sales broker.
If you don’t identify with these, it’s time to look for a dental practice sales broker you trust
Look, we get it. You know your practice better than anyone. You know how hard it was to build it from the ground up. That’s exactly why you need someone in your corner, getting the details right, and finding you full market value. If you’re ready to get going, so are we.
We specialize in matching dentists like you to buyers who are ready, willing, and able to make a transition on your timeline.
We have a unique marketing process that allows you to find potential buyers for your practice who want to be in your specific geographical area, who can do the type of dentistry you perform, who want and are able to manage a practice of your size, and who have the financial ability to purchase a practice.
We have a dedicated transaction management team member who assists in keeping you and the buyer on track with the landlords, lenders, attorneys, consultants, accountants, and escrow. We manage document flow, expectations, and timelines, giving you the best chance of getting to the finish line of a successful transition.
If you’re even a little curious as to what we can do, we really recommend you get on the phone for a no-pressure call with one of our agents. We’re not here to pressure you into doing anything you don’t want — but we think it’s important for you to educate yourself so you’re ready to one day transition your business.
Remember, a good dental practice sales broker works on your timeline. How does it start? With a conversation.
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