Whether you’re looking to buy a dental clinic or sell one, a specialized broker knows how to handle the transaction and transition. Your dental broker and their professional team understand the financial planning process and legal complications involved in selling a dental practice.
Dental practice brokers are highly-specialized professionals with experience and knowledge in the dental industry. The role of the dental broker is to assist the seller to sell their dental office or the buyer to purchase a dental office by helping the entire process go smoother.
At Health Practice Sales LLC, we take pride in providing solid information to help you make the process of buying or selling a practice much easier. Here are a few more things we can do for you.
Paper Work
There are multiple steps involved in the transaction between the buyer and seller. Putting up dental practices for sale means gathering all financial data and statistical reports including:
- Three-years business tax returns
- Three years profit and loss
- Payroll information
- Procedure code analysis
- Procedure by provider analysis
- Lease
- Number of new patients per month
- Number of active patients
- Procedures referred out of office
- Insurance participation
- Accounts receivable totals
The buyer must prepare a three-year tax return and a summary of their employment history. The buyer must provide life insurance and disability insurance as well to the banks too.
Set Up For Success
Both buyer and seller will need to hire their attorney, accountant and banker. Each should possess substantial experience in dental practice transactions as the process is unique. Dental practice brokers help find these experts.
A dental practice broker is also an excellent intermediary as only they are legally able to speak to both the buyer’s side and seller’s side at once. Laws state that a seller can’t speak directly to the buyer’s attorney, accountant and bank or vice-a-versa.
Making the process smoother
For buying a dental practice, a broker will have intimate knowledge and resources. From finding the best dental practices for sale to having intimate knowledge of the office such as clinical, financial and staffing issues, a broker has knowledge that a business broker does not have. A good broker will always accompany the buyer when visiting the dental office to perform a valuation, help negotiate and move the process along. Dental practice valuations tell you how much the clinic is worth.
If you are selling the practice, chances are you bought it at some point. You may have experience buying and selling multiple dental practices. Don’t make the mistake of assuming this time will be as simple as in the past. A broker will have experience in healthcare sales knowing that every transaction is unique and presents its challenges. No two deals are ever the same and yet we can simplify the process to help sell your clinic.
Chances are neither side knows all the complications and moving parts when dealing with the transition of dental practices for sale. The process can be time-consuming, complex and stressful with neither side having a lot of experience dealing with attorneys, paperwork and finances.
A Sweet Conclusion
Dental brokers stay on top of every single moving part and never relax or let down their guard until after a successful closing. Post-closing a great broker will still be available at no charge to manage or settle any problems that may arise between buyer and seller.
Your experienced and skilled dental broker won’t go until after the deal closes amicably and the dental practice transition process is well underway.
See The Difference Health Practice Sales Makes
At Healthcare Practice Sales LLC, we are different than the average broker. We’re a brokerage company that’s comprised of a dentist, a marketing department and two full-time accountants to assist in the transition and valuation. We have brokered over 200 transactions for practices for sale for over ten years.
We monitor our phones on a 24/7 basis and we work 363 days a year. We engage every transaction like it’s our own. We monitor all the activity back-and-forth between the attorneys, communications with landlord lease negotiations and the processing with the banks. The fees we charge for our commission are more than fair and certain transactions grossing over $1 million may qualify for 0% commission and reimbursement of a portion of attorney fees upon successful closing.
If you’re ready to put your dental practice for sale on the market we would be happy to provide you with a complimentary valuation. If you are an associate ready to look at practices for sale we will assist you in the entire transition process at no cost to you. Please contact us today!!
