When you’re considering selling your practice – likely the largest financial transaction of your career – selecting the right M&A advisor is a decision that deserves real scrutiny. Here’s what experienced practice owners prioritize when making this choice.
What deep industry experience actually looks like
The healthcare practice market has evolved significantly, particularly with the rise of private equity and consolidation. Your advisor should demonstrate thorough knowledge of current market dynamics, deal structures, and buyer preferences specific to your specialty. They should readily share details about their recent transactions, including deal sizes and types.
Generic M&A experience doesn’t translate directly to healthcare. An advisor who understands DSO and MSO acquisition criteria, specialty-specific valuation nuances, and the current buyer landscape in your market is a fundamentally different resource than one who doesn’t.
How to evaluate a broker’s track record
Look beyond years in business to actual results. Request specific examples of recent deals similar to yours in terms of specialty, size, and structure. An effective advisor should confidently discuss their experience with various transaction types – from traditional sales to private equity partnerships, MSO/DSO transactions, and complex multi-location deals.
If an advisor is vague about comparable transactions or can’t point to specific recent examples, that’s worth noting.
The process a good advisor should be running
Success in today’s market requires more than posting a listing. Your advisor should outline their complete approach to:
- Financial analysis and valuation
- Confidential marketing strategy
- Buyer qualification process
- Deal structure optimization
- Due diligence management
- Post-close transition support
Ask how they handle each stage – and what happens if a deal stalls during diligence.
Communication, responsiveness, and confidentiality
The best advisors keep you informed without overwhelming you. They’re responsive to questions, provide regular updates, and maintain strict confidentiality throughout the process. This extends to managing complex negotiations and keeping deals on track through closing.
Confidentiality is particularly important in practice sales. A slip to the wrong person – a staff member, a competitor, a referring provider – can create complications that affect both the sale and the practice in the meantime. Ask specifically how your advisor handles this.
How to verify what you’re being told
Any advisor can claim expertise. Independent verification matters. Ask for:
- Recent client references in your specialty
- Specific transaction examples
- Reviews from sellers who have been through the process
- Professional credentials and affiliations
Follow up on those references. The conversations you have with past clients will tell you more than any pitch will. When you’re ready to compare options, our team is happy to walk through our process – including specifics on recent transactions in your specialty.
Frequently asked questions about choosing a practice broker
What’s the difference between a practice broker and an M&A advisor?
The terms are often used interchangeably. What matters more than the title is whether the person works exclusively on the sell side and has experience with healthcare transactions similar to yours.
How do I know if a broker’s claimed track record is real?
Ask for specific deal examples – practice type, approximate size, deal structure – and request references from sellers in comparable situations. A broker who has done the work will have no trouble providing this.
Should I interview multiple brokers before choosing?
Yes. Interviewing two or three advisors gives you a baseline for comparison, helps you understand the range of approaches and fee structures, and gives you a sense of who you’d actually want managing a transaction that could take 6-12 months.
Does the broker’s specialty focus matter?
It does. A broker with deep experience in dental DSO transactions may not have the same buyer network or valuation expertise for a dermatology or behavioral health practice. Ask specifically about their experience in your specialty and what they know about your current buyer market.
