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Top 3 Fees I Should Be Aware of When Selling My Practice

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Selling a dental practice can be a significant milestone in a dentist's career. However, it's crucial to be aware of the fees associated with the process to ensure a smooth and financially rewarding transition. This blog will discuss the top three dental practice sale fees dentists should know about when selling their dental practice.

Brokerage Fees

When considering a sale of dental practice, many dentists work with a broker to facilitate the transaction. These professionals possess industry expertise and connections, making the process more efficient. However, it's important to note that brokers charge a fee for services, typically a percentage of the final sale price. The fee can depend on the broker and the complexity of the sale. While brokerage fees can seem substantial, the value they bring in terms of market knowledge, negotiation skills, and finding qualified buyers often outweighs the cost.

Legal and Accounting Fees

The sale of dental practice involves complex legal and financial aspects that require professional guidance. Dentists should engage the services of experienced dental practice attorneys and accountants who specialize in practice transitions. These professionals will ensure that all legal documents are in order, review contracts, handle tax considerations, and provide expert advice. Legal and accounting fees can vary based on the complexity of the sale, so it's important to discuss the expected costs upfront to avoid surprises.

Transition Assistance Fees

After the sale is finalized, the buyer may require assistance with the practice transition. It may involve training, introducing the new owner to patients and staff, and sharing knowledge about the practice's operations. As the seller, you may be asked to provide this transition assistance, and it's important to consider the time and effort involved. Depending on the terms negotiated, the seller may receive compensation for their assistance, which should be factored into the overall financial arrangement.

To Sum Up

Don't let the complexities of selling your dental practice overwhelm you. Contact CTC Associates today and let us handle the details while you focus your energies on your patients and towards a smooth transition. Our goal is to ensure a successful and financially rewarding sale for you.

Don't wait any longer; the future of your dental practice is waiting. Reach out to CTC Associates and start the process of listing your dental practice for sale. We're here to support you every step of the way.

Posted on Aug 28, 2023
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File ID 31580177 | © Hin255 | Dreamstime.com

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