Dental Pulse
Hire a professional broker
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TODAY’S NEWS
Search | Location | Negotiate
Practice Search
In order to locate a practice of choice. The search team needs to know the qualifications. A practice search questionnaire is helpful so the broker does not waste.
Space Location
Location is a big part of setting up a new office. The location can dictate the amount of foot traffic you enjoy as you begin a new practice.
Negotiating a Sale
Some professionals do not see the value in signing a listing agreement with a dental broker. The real reason to use a dental broker, is clear, they negotiate deals every day. Their expertise gets better with each new deal they negotiate.
Just like a seasoned dentist, you become a great dentist by performing routine procedures over and over again.
If you needed heart surgery, chances are you would select a surgeon who completes many heart surgeries.
Preparing the Deal
Contracts are not simplified agreements. In the case of a building owner with available space, they have attorneys prepare a lease that protects the owner’s interests. The dental broker must search the lease and negotiate out those items that are not beneficial to the lessee.
In the case of a seasoned dentist seeking to purchase a practice, it is necessary to have a dental broker that understands how to negotiate the Practice Sale Agreement ( PSA ), Bulk Sale Agreement (BSA) and the Practice Transition Agreement ( PTA)
Dental Pulse Continues
Hire a Broker
A broker will first need to know what you are looking to accomplish.
- If you are looking to purchase a practice, it becomes the broker’s job to present a practice that fits your wish
- If you’re looking to find a space to start a new practice, the broker will find a space that has been zoned as medical space. Looking at a, for lease, space does not tell you that the space is zoned for medical use.
- If you have decided to sell your practice, a broker will need to see all of your practice financial information . A dental broker will provide you with a questionnaire that tells the story about the practice. Potential buyers will need to have the information to share with their CPA to make sure the purchase fulfills all the needs of a new buyer.
The Art of the Deal
If you are a selling dentist, a dental broker will become the dual agent to consummate the sale of a practice. Knowing the buyer and the seller provides the broker with information to bring the two sides together.
If you are a new dentist and need to lease space, do a build out, purchase equipment, decorate your space, you need the assistance of a dental broker. You are best served to have all that knowledge in a broker that understands your business.
If you are a seasoned dentist and looking to purchase a dental practice, you need the skills of a dental broker. That broker should be able to bring you a practice that meets or exceeds your needs.
For example, If you’re looking for a Tesla, there is no need for you to go see a Mercedes.
NOTE: Look for all of these situations to be discussed in future Newsletters this year.
As a dental broker we can also assist you in achieving an institutional loan.
