We are proud to be affiliated with ADS Dental Transitions, an alliance of trusted and experienced dental practice brokers & consultants who run independent offices. We are sharing this ADS article because we think it is so important to understand how a dental-specific broker can help you in the process of buying and selling.
To put it simply, a dental broker is professional who guides you through every step in the transition process of a dental practice. A broker has undergone training that makes them an expert in taking you through every moment of the dental practice transition—including valuing a dental practice, purchasing or selling a dental practice, negotiations and contracts, and the transition that takes place from one owner to another. In short, they’re your mentor through the transition of your dental practice from start to finish.
Benefit One: Dental Practice Valuation
Whether you plan on buying a dental practice or you’re looking to sell one, you’ll want to have accurate information regarding the valuation. If you’re looking to buy a dental practice, you want to get one for a good price while knowing the ins and outs of what you’re getting into. On the flip side, if you’re selling a dental practice, you want to make sure you receive fair valuation just not for the obvious assets, but for the work you put into building it. Our dental brokers have a keen eye and can provide accurate assessments and valuations for any dental practice. Here is a list of some of the factors that we take into consideration when valuing a dental practice:
- Dental Equipment.
- Number of patients.
- Dental staff and their associated experience and training.
- The location: whether or not it is rented or owned.
- Profit margins from month to month.
Benefit Two: Negotiations and Contracts
Once the valuation has been performed, that is when things start to move—and move fast! Our dental broker will begin the negotiation process on your behalf; going back and forth with the other party until an agreement can be reached. We will ensure that you receive the best deal possible through our skilled negotiation tactics. At that point, legal contracts have to be drawn up to handle the transition. We’ll help create and review these contracts and then make sure you fully understand what the contract entails so that you can make an educated decision for your dental practice transition.
Benefit Three: Transitioning
Once the sale is completed, then comes the transition phase. It can seem overwhelming stepping into a business that you’re not familiar with, or getting everything in order to hand off to the buyer, but don’t worry — your broker has you covered. We facilitate the transitions by making sure that the buyer has everything they need to be successful with the dental practice and making sure the seller has taken care of all their legal obligations. The dental staff and the patients of the practice need to feel like operations are continuing smoothly—and we’ll make sure that happens for you.
To summarize, a dental broker is the person who handles every aspect of transitioning your dental practice—whether you’re buying or selling. From beginning to end, we will provide a trained professional who can handle as much or as little as you want them to for your dental practice transitions.
If you're looking for dental transition expertise, our team at JPA is happy to have an initial consultation to answer your questions, and guide you to a smooth transition.