Selling your practice is likely the largest financial decision you will make in your lifetime, so it is important to choose a health care practice broker you trust. To help navigate this crucial choice, we have compiled a list of three qualities you should take into account when hiring a medical broker to assist with the sale of your practice.
Experience
What you should look for
When considering a medical broker, consider whether or not the broker you’re interviewing has experience with the type of transaction you’re looking for. If they do, what sort of experience? If they do not, why not? What is their background?
Even if they’ve only been in the business for a few years, consider how long they’ve been selling practices in your specialty. Have they worked with customers on this level before?
Credibility, responsiveness, and attentiveness are key in shaping deals. Responding to someone promptly every day shows manners and courtesy, and acknowledges that you and your concerns are important.
Be certain that the healthcare practice broker you’re considering is solution-based. They should have a solution-centric approach to everything they do. Confirm that they have experience with the type of revenue you are working with. What is the biggest deal they’ve closed? Ask if they are familiar with MSO/ DSO groups. If it’s not an MSO / DSO deal, then how will they have access to buyers? How will they market it?
You can and should expect answers to all of these questions before hiring a medical practice broker.
What we can offer
At Practice Transitions Group, our agents have a wealth of experience. They have worked on deals with:
- DSOs
- MSOs
- Doctor to Doctor sales
- Multi-location sales
- Multi- doctor Practices and/or Multiple Owner Practices
- Private Equity Groups
- Equity rolls
- Complex contracts
- Walk-away deals
- And more
We post the deal using:
- Dentaltown
- PracticeTransitionsGroup.com
- Exclusive buyer lists
- Other targeted resources
Our expansive buyer’s list has a wide network of pre-approved qualified buyers for incomes over one million dollars.
In addition, we have experience working with multi-doctor and multi-group practices. Multi-location (group) practice sales are an entirely different process than a single practice sale. As you likely know, the broker will be underwriting and marketing many diverse businesses with different levels of revenue all at once. Each practice in the group has different employees and sometimes each practice within the group is an entirely different entity. The healthcare practice broker you hire must have experience with such complex and potentially lucrative sales. There are simply more moving parts that require experience and a great deal of time. The broker will often need to wait for seven answers instead of one.
Referrals
What you should look for
When you’re choosing a health care practice broker, references are always important. The biggest mistake you can make is not checking them. Try to see if you can get paired with similar clients and get the names of doctors you can speak with. Don’t just hire a medical practice broker because they’ve been around for a long time. If the broker isn’t willing to share references, it may be because there haven’t been a lot of good experiences or because there is going to be some negative feedback.
What we can offer
Practice Transitions Group brokers are happy to provide referrals. We will encourage you to call our past clients and speak with them about their experiences. We’re also willing to share last year’s numbers – from the number of practices we sold to the amount of money our clients earned. Just ask.
Reviews
What you should look for
What have other people in the same position said about this group? Have they been pleased with the level of service they’ve received? You should be looking at who’s writing the review and what they’re saying. Look for reviews that mention the great experience they had, for instance, or how the team took the time to answer all of their questions. When people who know the team take time to write that their experience was exceptional, consider that. Also, look for reviews not just from sellers, but from past buyers; they’re a pretty strong indication because the broker is not representing them.
What we can offer
What sets us apart from our competition is the total experience our team provides: from underwriting and marketing to brokers and social media. We’ve built a strong reputation based on the level of service we provide. Many of our reviews are quite detailed.
