The 3 Biggest Expenses Of Selling Your Dental Practice
Finances are the biggest concern of dentists looking to sell their practices. There will obviously be costs involved with selling your dental practice and it’s important to understand these costs in order to keep more of your hard-earned money in your wallet!
Below are the three largest expenses that you can expect to incur during the sale of your dental practice:
- Attorney Fees
When selling your dental practice, it’s incredibly important to have a competent and experienced attorney. Be sure that your attorney has experience with the sale of dental practices and is knowledgeable in the issues involved with this process.
There will obviously be numerous factors that will decide the final cost of your attorney, but make sure you find out your attorney’s hourly rate, just to be able to make an educated estimate of the final cost.
- CPA Fees
For the same reason you should get an attorney with knowledge of dental practices and the costs they incur, you should make sure you hire a CPA with dental experience. Some CPAs specialize in advising dentists and can save you thousands of dollars by reducing your tax burden.
- Broker Fees
Dental brokers will be the priciest expense for sellers, which means that this avenue should be the one that you spend the most time deciding upon. It’s crucial that you select a broker who understands the business side of the dental profession.
Your broker will be able to help you understand what parts of your practice are the most valuable and can help you choose a buyer who will assist in making your transition a successful one.
If you’re considering selling your dental practice, please contact CTC Associates. We work with many professionals who are competent and knowledgeable in the dental profession and we can help make your transition a smooth one.