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Primary Responsibilities of a Dental Broker
Buying or selling a dental practice is a complicated process. It extends far beyond just putting up a dental business for sale sign, finding a seller/buyer, and closing on the sale. Although some dentists may be able to seal a good deal without any external help, most dentists would find it challenging.
From determining the market value of the practice to negotiating the agreement, there are a lot of things that need to be taken into consideration. In such a situation, the guidance of a dental broker can be invaluable.
Primary responsibilities of a dental broker
- Every dentist and their practice are unique, which also applies to the dentist looking to buy a dental practice. Therefore, their goals of making the transaction may also vary. However, the buyer and seller can't understand these nuances while making a business deal. A dental broker spends the time to get to know both – the seller and the buyer – and then formulates a transition strategy to meet their individual needs.
- The job of determining the market value of the practice lies with the dental broker. They will make sure to maximize the value the seller receives at closing while also ensuring that the buyer gets a fair deal.
- They serve as the middleman between the buyer and the seller. This means that they handle all the inquiries from both parties, including conversations, email correspondence, and even showing the business to serious buyers. Most importantly, they play a huge part during the price and contract negotiation to preserve the goodwill of the practice and the relationship between the parties.
- They act as a guide throughout the entire process. Any concerns you have during the process will be addressed by your dental broker up until you seal the deal.
If you want to buy or sell a dental practice in Utah, Colorado, Arizona, New Mexico, Wyoming, Idaho, Alaska, or Hawaii, visit CTC Associates for a consultation as soon as possible.