Enlisting the services of a trained dental practice broker can be beneficial for practitioners looking to sell their dental practice. While you could choose to sell your practice on your own, doing so is a time-consuming and complicated process that requires a fair amount of experience to complete. Dental practice brokers can help handle the details of the transaction and ensure that the process goes as smoothly as possible, while allowing you to continue practicing dentistry and bringing in revenue.. This will minimize stress and help you get the best deal possible. However, not all transition brokers have the knowledge and skills to take on the challenges of your unique situation. To help you determine if a potential third-party professional will suit your situation, consider these questions to ask before hiring a broker to sell your business.
How many years of experience do you have?
To gauge the level of experience your broker has, it’s beneficial to ask them how long they’ve been a dental practice broker. While a newer broker with a good amount of business experience can still do a satisfactory job, you should seriously consider their dental brokerage experience level during the hiring process.
What is your experience selling dental practices in my area?
Knowing the dental business is critical. And having contacts in the geographic area will be extremely helpful vs. knowing another area. another area. Even if a broker says they have over a decade of experience in their profession, make sure to ask them how well they know your area. For example, many of the Sales Consultants at Henry Schein Professional Practice Transitions are dentists themselves or have significant experience in the dental industry. It’s more valuable to hire a broker with prior knowledge of and existing connections to buyers in your market than someone with more experience in a different industry or area.
What are your methods of valuing a business?
How a broker values a business says a lot about their level of experience. Experienced brokers consider many different factors and typically utilize multiple valuation methods to determine an accurate estimate of a practice’s value. If a potential broker provides you with a vague or generic answer, they likely aren’t very experienced. When collaborating with a Henry Schein Transition Sales Consultant to sell your practice, you do not have to worry about these factors. Dedication, accessibility, and responsiveness are the cornerstones of the superior service you’ll receive and your knowledgeable Sales Consultant will take care of all the details, including a detailed practice appraisal.
How will you keep the selling process confidential?
When selling a business, it is important to keep information regarding the sale confidential. If you don’t, employees may decide to leave the practice which will hurt your bottom line and makes it harder to get a good selling price. As such, it’s important to ask your broker about how they intend to protect the confidentiality of the sale, what policies they will implement to do so and what they recommend for you to do to prep your staff when the time comes.
Henry Schein Professional Practice Transitions is a leader in dental practice sales and brokerage services. With the expert guidance of our skilled staff of general practice brokers and consultants, we will make the complex process of selling your practice smooth and efficient. For more information regarding our services, contact us today.