If you’re a dentist looking to sell your practice, you’re probably thinking: where can I find the right purchaser? The right purchaser isn’t necessarily the purchaser who is willing to offer the most money. Time and time again, sellers tell us that they want someone who is going to look after their staff, patients and practice. So, where do you find the right buyer?
Well, dental brokers can be a good source. It’s their job to appraise, list, and match-make sellers with buyers. Sellers will typically pay anywhere from 5%-10% of the purchase price to a broker as commissions, although the cost of the appraisal (roughly $3,500 to $7,000) will generally be waived in the process.
Another place to find a purchaser is within your own practice: look at your own associates. Do they have the requisite skills, knowledge, and experiences to own and manage the practice that you’ve built up and which they’re working at?
You can also find potential purchasers in local dental study clubs and associations or provincial or federal associations (e.g. Ontario Dental Association, etc.).
You can also find out about potential buyers from your dental supplier. They are generally interested in maintaining the service contract/relationship with the purchaser, so they are often willing to propose strong candidates to the seller.
Local newspapers may also be a good source to locate potential purchasers.
Advertising in dental trade publications – like Oral Health, Oral Health Office, Ontario Dentist, and the Dental Marketplace may also be a good avenue.
Finally, you should ask your professional advisors – namely, your dental accountant, lawyer, banker, management consultant/coach, etc.
Overall, word-of-mouth advertising is probably the best way to locate an ideal purchaser. And word-of-mouth advertising from a credible source (e.g. from your professional advisor OR dental supplier) is even better.