Going for Broke-r

Whether buying or selling a dental practice, dental professionals know they need to involve an accountant, a lawyer (solicitor) and financial institution (usually a bank). Each one of these professionals has a specific area of expertise and function. The “optional” service provider appears a “broker”. I say optional because there are an increasing number of FSBO (For Sale By Owner) practice transitions, particularly in the “hot” urban markets. The presumption is that brokers’ services provide a minimal value to Sellers and zero value to Buyers. As a licensed realtor who is specialized and strictly involved in professional private practices, I would like to take this opportunity to clear up some common misconceptions and presumptions about brokers, facilitators and others who endeavour to assist professionals in transition

The brokers’ services should include (but not be limited to):

- assisting the client to determine all reasonable options in transition into or out of practice ownership
- review and analysis of practice performance that results in a detailed and comprehensive practice valuation report;
- understand and explain the terms and terminology involved in the sale/purchase process;
- protect one’s confidentiality appropriately;
- pre-qualify prospects;

The functions offered and delivered by your broker will depend on their level of expertise and capabilities. There are tips available on our website (www.edu-dent.com) to help you conduct your research before hiring a broker.

To find more tips and the full article printed in Canadian Journal of Cosmetic Dentistry, visit our website at www.dentalbusiness.ca and sign up for membership and free access to other coaching & transition resources.