Practice Acquisition & Transition Services
Whether you’re looking to buy a practice or sell one, choosing the right broker can make a significant impact on the ultimate price of the practice, and the overall transition experience before and after the sale is complete.
A good broker will understand how to properly value a practice and provide a formal business valuation, keeping current market conditions in mind. They will help in negotiating the price and terms and may even provide legal draft documents at no cost to reduce your attorney fees. Additionally, they often act as a mediator between the attorneys of the buyer and seller to allow for a more seamless transition.
Using a broker also takes the emotions out of selling your practice. Whether you’re finally making the decision to step away from your practice or simply considering doing so in the next few years, the right broker can be invaluable for offering patient and staff retention strategies in order to keep your practice intact. Having a partner who also understands the assignability language of a lease (if the property is not owned) can make or break a sale before closing. These details are not only important to the seller during the sales process but are equally important to the buyer during and after the transition happens.
When buying a practice, it is important to know that most brokers will promote a lending partner whom they are familiar with. However, it is almost always in your best interest to shop multiple practice financing partners on your own, or with the help of an advisor to ensure you get the best rates and terms available, and that you have the proper collateral assignment requirements met so that your purchase doesn’t get delayed come closing.
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When selling your practice, many brokers boast about their marketing abilities. A good broker will not just market your practice to their own database of buyer prospects. They will utilize all sorts of other methods such as other classified websites specific to your profession, print journals and newsletters, hold various meetings, attend dental or medical conferences, and use their connections within the banking, insurance, investment, and dental or medical supply industries to ensure your practice sells for top dollar.
As you can see, a lot goes into buying or selling a practice and choosing the right broker can be vital. Contact Doctor Protectors and get connected with a practice broker today.
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How Doctor Protectors Can Help?
We understand medical and dental practitioners face unique challenges, with limited spare time. Doctor Protectors is a carefully selected alliance of trusted, qualified professionals who work specifically with practitioners. Choosing a broker to help you with buying or selling a practice is an important step. Let us help you get connected with a practice broker today.
