to work with a dental broker to determine what strategy makes sense for your practice .
Not Being Actually Prepared to Sell
There are doctors who have a dental practice for sale , have done a dental practice valuation , and are even in the process of vetting buyers when they decide selling is not for them . To avoid going down this road , there are two main areas of readiness you want to consider . First , are you financially ready ? A dental practice is the main source of income for most dentists . Work with your financial planner to determine if now is the right time for you to sell , and if it makes sense for your financial situation .
Second , besides practicing dentistry , is there something else you would rather pursue ? As working and running your practice likely filled a large portion of your time , identify where your interests and passions lie . If retirement is in the cards , know what you ’ d like to spend your time doing . If you ’ re not ready , know what your next career steps are . Either way , you do not want the sense of loss that comes with unfilled time . Selling your dental practice should be part of your plan to transition to retirement or your next career . Having a plan and ensuring your own preparedness will help prevent you from getting cold feet .
While you may be knowledgeable in one or even multiple of those areas , it cannot replace having an experienced team on your side . Doing it alone can be tempting , as there is a misconception that it saves money . However , leaving money on the table , long sale times , and unexpected legal trouble adds up . Using a dental broker can save you time , stress , legal issues , and money in the long run .
Additionally , using a dental broker assists with keeping the sale confidential . Negotiating directly with a buyer can bring emotion into the conversation . On one side , there is the seller who has invested years of labor into a practice that defines their reputation . On the other side , there is a buyer who is taking on a large responsibility and incurring a substantial amount of debt . This can lead to an emotionally charged atmosphere that makes decision making difficult , or even kills the deal .
A dental broker will ensure you get the best deal you can , and handle all the issues that go along with such a complicated business transaction . The team at Watson Brown provides an exceptional combination of accounting , marketing , legal , and tax expertise . We are the only transition firm in the United States with both a tax attorney and dentist . Our expert attorneys , accountant , and tax specialist will ensure a smooth transition while also minimizing common pitfalls that could jeopardize your success .
Frank J . Brown is the current owner of Watson Brown . He began his practice transition expertise in 1989 when he began providing Texas dentists and their families ’ professional guidance on selling or buying a dental office . Frank earned his law degree from the University of Arkansas and earned his Master of Laws in taxation from Southern Methodist University School of Law . As a broker and tax attorney , Frank provides council to buyers and sellers before , during , and after their transitions while also drafting documents and valuing dental practices . For more information , call ( 469 ) 222-3200 or send an email to : Frank @ ADSTexas . com .
Jeremy Brown is a broker and attorney with Watson Brown . He earned his law degree from Texas A & M University and completed his undergraduate studies at Brigham Young University . With 15 years of experience as a broker , Jeremy takes a lead role in acquiring new practice listings , valuing dental and medical practices , drafting contracts , and ensuring that transactions close successfully . Send email to : jeremy @ adstexas . com
Trying To Do It All Alone
Many skills play into the successful sale of a dental practice . The knowledge of an attorney , financial advisor , market analyst , and negotiator are all relevant .
www . northtexasdentistry . com | NORTH TEXAS DENTISTRY 21