As retirement approaches, you may consider trying to sell your practice on your own. Many dentists lack the time and expertise needed to procure a successful practice sale and can benefit from hiring a practice broker. Here are a few reasons to enlist the help of a professional:
Reputation is everything when it comes to a dental practice, and a practice broker understands how valuable your brand is. At Menlo Dental Transitions, we utilize a variety of tactics to market your practice. For example, we list available practices directly on our website and in select dental publications while maintaining strict confidentiality to ensure your practice is only seen by potential buyers and not your staff.
While you will have to pay a commission, you will save money overall by hiring a broker. From appraisals to negotiations, practice brokers use tried-and-true methods to determine and maintain the accurate values for your practice. Should you base the value on percent of gross revenue, profitability or cash flow? Menlo Dental Transitions’ knowledgeable brokerage team can help you find the answers to questions like these and ensure you walk away with the maximum amount for your practice.
The process of selling a practice involves pricing, marketing, negotiating, setting up showings and much more. Many dentists are unable to focus on these activities while also managing their practices and providing quality patient care. A practice broker does the heavy lifting for you, so you can continue focusing on your career and maintaining the value of your practice until it sells.
This list contains only a few reasons why you should consider selling your practice with the help of a broker. In the following video, Menlo Dental Transitions Managing Partner Matt Porter, MBA, CVA, outlines additional benefits of hiring a broker. You can also contact our team to discuss if a practice broker is right for you.