If you’re thinking about selling your medical or dental practice, it’s important to act quickly and get professional help from a broker. The longer you wait, the more money you could lose. Brokers understand the financial trends and can help you get the best possible price for your business. They will also navigate the stressful process and advocate on your behalf.
When personal health issues surface, it is often necessary to simultaneously pare down on duties and shore up finances. If you are a practitioner in this scenario, you may be looking to understand your practice valuation in anticipation of a sale.
It is advantageous to hire a broker in this pressured time, as their role is to take the guesswork out of the detailed process for you.
Here are some ways that a broker adds value to both the sale of your practice, as well as your peace of mind:
1. Brokers will help you sell while there are still positive trends in your financials.
The situation: A decline in your health will directly correlate with what you can do for your practice. It is critical that after you decide to sell, you move quickly to preserve the financial momentum you have helped build while operating at full capacity.
Who can help: Choose a professional practice transitions broker who knows how and where to market dental practices. The more they know, the quicker they can identify the right buyer.
What Practice Transitions Group (PTG) offers: PTG evaluates your practice and brings it to market in an average of four weeks. Guided by experience, research, and relationships within the industry, we take into account the current practice valuation, as well as the historic and future potential.
2. Brokers know that the longer you wait correlates directly with dollars lost.
The situation: When a decline in your health is at play, time is your most volatile currency. Valuations for your practice will correspond accordingly—meaning, the longer the decline, the lower the value.
Who can help: Brokers have an expert understanding of how to help you sell your practice at its peak value. They look at the variables at play such as the market, your practice’s specific variables, and strengths, and match them with certain buyers who are looking to purchase. The bottom line is that the sooner you speak with a broker, the more options you will have to sell.
What PTG offers: Our average time for having a practice on the market is between 4-8 months. This is often twice the speed at which other brokers are selling.
3. Brokers offer professional advocacy in an otherwise stressful process.
The situation: The need to conserve energy informs most professional practice transitions. The sale of a practice requires navigating market adjustments, knowledge of the industry context, and an understanding of the overall process.
Who can help: Brokers are knowledgeable in all the details of the sale that you would have to learn from scratch. Choose a trusted broker to act as a buffer and guide, so that you can be free to focus on your health. Brokers are also responsible for due diligence in the sale so that you don’t have to be burdened with learning a new process.
What PTG offers: PTG knows how to have strategic conversations with potential buyers. We prequalify and talk to banks concerning all buyers so that we do not spend unnecessary time or energy talking to the wrong partner.
Summary
Working with a broker increases the potential for a successful sale. If you are in a physically vulnerable place and have decided to sell your practice, choosing an experienced and understanding broker can save you time and unnecessary added pressure.
