20 Questions to Ask a Prospective Broker
To help you evaluate transitions companies, we have compiled 20 questions to ask a prospective broker. Our responses can also be found below to help you determine if our team is the right fit for your transition.
1How long have you been a broker?
Menlo Dental Transitions has been brokering dental practices since 2014.
2What qualifications or certifications do you have?
Our team members have many collective years of experience appraising and selling dental practices. They hold a variety of designations, including Master in Business Administration, Certified Valuation Analyst, Certified Commercial Investment Member, and Chartered Financial Analyst Charterholder. Prior to joining Menlo, many of our team members gained experience in the dental industry in sectors such as software intelligence, supplies and equipment, and dental financing.
3Are you a general business broker or do you specialize in dental sales?
We focus solely on dental practice sales and dental practice appraisals.
4How many specialty practices have you brokered in the last five years?
Our team has brokered 25+ specialty practices in the past few years and have appraised dozens more, adding to expertise of specialty practices. Contact our team at firstname.lastname@example.org for specifics.
5Are you a local, independent broker or part of a national group?
We are an independent broker.
6Do you perform dual representation or just represent one party?
Menlo Dental Transitions only represents sellers during transactions.
7What geographical areas do you cover?
We first offered our services in Arizona before expanding nationwide, now representing practice owners in any U.S. state.
8Who will personally be handling the sale?
You will have a dedicated practice sales advisor, as well as the support of our entire experienced transitions team.
9How many practices have you successfully sold in the last 12 months?
10What percentage of asking price did the practices sell for?
Each sale is unique, but we typically see sellers receive a full asking price.
11How will you market my practice and where?
We utilize a variety of marketing strategies to find the perfect buyer for your practice: website listings, email marketing, paid advertisements in industry publications and classifieds, and more!
12How do you build your registered buyer database?
Our buyer database is constantly growing as prospective buyers reach out on our active listings. We also regularly speak at dental schools, study clubs, CE events, and on industry podcasts to expand our network.
13What is your approach to practice valuation?
Menlo Dental Transitions has three dental-specialized Certified Valuation Analysts on our team. We utilize our proprietary list of comps, along with our industry expertise, to accurately determine your practice’s value.
14What terms can I realistically achieve in the sale?
Every seller will have unique expectations in regards to the terms of their sale. We work with each seller to review realistic marketplace conditions, as well as their goals and expectations, to help complete the sale with desirable terms.
15What are your fees and how are they structured?
Each deal is unique. Please contact our team at email@example.com to discuss our pricing structure.
16Are there any additional fees I will need to pay at closing (accountant, attorney, escrow, etc)?
All parties can expect to pay some additional fees related to their closing, but each scenario may be different. Your practice advisor can walk you through expectations that are more specific to your practice sale.
17 How do you keep my information confidential while marketing the practice?
Confidentiality is one of our main concerns and we make every effort possible to help maintain this. We will only communicate with you through a private phone number and email address that you’ve provided. Your practice information is shared on a case-by-case basis to buyers who have signed a non-disclosure agreement. We also help maintain confidentiality by scheduling showings after hours or on non work days.
18Is this your main occupation or do you have other activities to help subsidize your brokerage business (i.e. selling insurance, securities, real estate, equipment/supplies, or practicing or managing dentistry)?
Our advisors all work-full time with Menlo Dental Transitions. We solely offer practice sales and appraisals.
19Can I review your listing contract?
Please contact us at firstname.lastname@example.org, and we will put you in touch with an advisor who will connect with you and provide you with a contract to review.