The dental industry is rapidly growing in the United States every year. In one year alone the dental industry reached $135 billion dollars in revenue. Dentists looking to enter or leave this industry will need help when it comes to buying a dental practice, or selling the one they’ve built up over the course of their career. Whether you want to buy a dental practice or you’re selling a dental practice, you’re going to need the help of dental practice brokers. This article looks at how dental practice brokers can help buy and sell a dental practice.
- Buying a Dental Practice: The first way dental practice brokers are immensely useful is if you are in the process of purchasing a dental practice. These brokers are skilled in locating dental practices that are up for sale, and can help new dentists find a dental practice that works best for them. They can also help with negotiating the price of purchasing the practice, and help finalize the purchase when the sale is ready to be completed.
- Selling a Dental Practice: Of course, if dental practice brokers can help with buying a dental practice, it follows that the second way they can help is with selling a dental practice. If you are a dentist at the end of your career, or looking to transition to a different profession, you can contact a broker and get help in preparing your dental practice to be sold. These brokers can put you in contact with dentists looking to buy a practice and help with completing the sale in the smoothest way possible.
- Valuing Your Dental Practice: Related to the first two items on this list, the third way a dental practice broker can help dentists with their practice is they can perform the important function of valuing a practice and determining what it is ultimately worth. Before a practice can be put up for sale, it is important to determine what it’s worth, otherwise it’s impossible to know how much the asking price should be (it’s the same reason why homes need to be inspected and have a valuation before being put up for sale). Dental practice brokers can determine how much your practice is worth and counsel you on what the asking price should be before you put it up for sale. On the other hand, if they’re assisting a dentist in the process of buying, they can check the value of the practice and see if it’s worth as much as the asking price claims.
In conclusion, dental practice brokers can help dentists with several aspects of buying and selling a practice. They can assist with completing the purchase or sale of a dental practice. They can also inspect a practice and determine its value, which can help with setting the asking price to sell to another dentist. If you’re looking to buy or sell a dental practice, you need to talk with a dental practice broker.