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8 Things You Need to Know When Choosing a Dental Practice Sales Agent

1. What size is the database of registered buyers?

2. What is the valuation process?

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3. What dental practice health check services are available ?

4. How good is the seller information that is provided?

5. Is there are a high level of availability?

6. Are there any success stories?

7. Is there a good standard of communication?

8. Is there a high level of expertise with tax issues and due diligence?

 

If you have a dental practice for sale, you need to make sure that you choose a dental practice sales agent you can trust to ensure that the process progresses smoothly and that you secure the best possible price for your practice. You need to enlist the services of experts in dental practices for sale who can make sure that your practice comes to the notice of as many potential buyers as possible.

They should also be able to help you with all aspects of having a dental practice for sale, such as preparing your practice for sale, carrying out a valuation and dealing with the process of due diligence, before a sale is finalised. There are several factors that you need to consider when choosing a dental practice sales agent.

1. What size is the database of registered buyers?

A successful sales agent, who has experience in dealing with dental practices for sale, should have a significant database containing the names of potential buyers for your dental practice. Ask about the number of names that are in this database, so that you can get an idea of the number of people who will be made aware of the sale of your practice. Sales agents should also be able to market your practice outside of the names in this database.

2. What is the valuation process?

Getting an accurate valuation for a dental practice for sale is an essential part of the sale process. You should be able to access an easy to use valuation service. This should be followed by the provision of a sales pack containing details of the sales process.

3. What dental practice health check services are available ?

In order to secure the best price for dental practices for sale, each practice needs to be as healthy as possible, before the sales process begins. The dental practice sales agent you choose should be able to perform a comprehensive health check for your practice. Areas that should be covered include:

  • The performance of the practice.
  • The profitability of the practice.
  • Comparisons with other practices.
  • A breakdown of the valuation process.
  • Advice about how to improve the value and marketability of the practice.

This type of health check is vital when selling a dental practice.

4. How good is the seller information that is provided?

Sales agents who are dedicated to providing a high standard of service when dealing with dental practices for sale should provide excellent seller information. This includes facilities such as a comprehensive website FAQ, so that sellers can easily see what the process of selling a dental practice involves.

5. Is there are a high level of availability?

Selling a dental practice is not something that happens at a certain point of each day or week. If you are selling a dental practice, you need to be able to contact your sales agent when necessary, and be sure that you will get a timely response. A reputable sales agent should respond to any queries within 24 hours of contact.

6. Are there any success stories?

Successful dental practice sales agents will have several dental practice for sale stories to tell. They should be able to provide evidence of satisfied clients. This information should help you to see how they could put the services involved in these success stories to use in helping you to complete the successful sale of your practice.

7. Is there a good standard of communication?

Good communication is something that is essential to any successful sale of a dental practice. This communication includes all provision of advise and support, from sales process advice on the website to readily available communication systems, such as email and telephone. You need to make sure that you can easily communicate with the professional that you choose.

You also need to make sure that the communication you have is easy to comprehend. The sales agent should have well-developed communication skills that enable them to give you advice and support that you can understand.

8. Is there a high level of expertise with tax issues and due diligence?

It’s not just marketing a dental practice for sale, and engaging with potential buyers, that are important aspects of a dental practice sales agent’s work. They need to be experts at all aspects of the sales process. This includes dealing with any tax implications and ensuring that due diligence is successfully completed, before any sale is finalised. The due diligence process can be complex, so it’s important to have the right professionals in place to help.

These professionals can help you make sure that you have all the necessary documentation in place. This documentation includes:

  • Accounts and financial records.
  • Patient records.
  • CQC registration details.
  • Contracts of employment.
  • Associate paperwork.
  • Contracts with suppliers.
  • Lease and hire purchase agreements.

If you have a dental practice for sale, you need to make sure that you take all of these factors into account, when you are choosing a dental practice sales agent. Choosing an agent who can provide examples of previous successes means that they are more likely to be able to help you successfully sell your practice. You also need to think about all aspects of the sale process including finding and engaging potential buyers, dealing with tax implications and ensuring that due diligence is completed with no problems. Sales agents need to be able to communicate openly and clearly with you, so that you understand what is happening, throughout the sale process.

The team of experts at Samera realise how important it is that you get a good price for your dental practice and that your finances and tax situation are optimised before, during and after the sale. Our success stories show that we have the experience and expertise to help you complete your dental practice sale advantageously. Contact us about how we can help with your dental practice for sale.

 

 

 

 

 

 

 

 

2019-05-01T17:23:16+01:00

About the Author:

Arun Mehra
Arun is the founder of the Samera Group, starting the business with just one client sitting at his father’s dining table. Fifteen years on, Team Samera now service hundreds of Dental clients across the globe, by helping clients start, scale, sell and succeed in their dental businesses.