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Selling Your Practice? Use DMC to Get the Most and Pay The Least!

By March 22, 2015December 22nd, 2020Selling A Practice

You are better off having DMC LLP represent you – from start to finish – in selling your practice.  Why?  Here are 7 good reasons:

1. We can market your practice to get you the best possible price.  How do we do it?  We know buyers.  Plain and simple.  To get the word out that your dental practice is for sale, we do some online and offline marketing.  Online marketing includes: CONFIDENTIALLY listing your practice for sale on DentalPlace.ca (only dentists who have signed confidentiality agreements can know your name, address, and receive your appraisal), posting updates about your practice on this website (which gets LOADS of traffic), and sending out regular eBlasts to hundreds of Ontario dentists with updates about your practice.  In addition to online marketing, we also speak with our own clients (who have been looking to buy practices for a long time), and other professional advisors (e.g. bankers, accountants, dental suppliers, consultants, etc.).  We set dates for open houses and when Letters of Intent are to be submitted by.  We also conduct OPEN HOUSES and are present during chart audits and equipment inspections.  FYI, one practice we recently sold went well over appraised and asking.  The sellers was ecstatic.   And the fact that we were able to do so without having her pay commissions put a big smile on her face.

2. We can help you save TENS OF THOUSANDS OF DOLLARS by not having to pay commissions to a real estate salesperson.  Sound good?  You better believe it.  We’ll save you anywhere from 25-50% of what a real estate salesperson and lawyer combined would have charged you.  And with that extra money in your pocket, you can upgrade your home, buy a nicer car, buy things for the grandchildren, travel to exotic places, or volunteer with us in the Caribbean.

3. We won’t pressure you to accept a bad deal.  Think of it like this: real estate salespeople get paid 10% commissions only when the deal closes. They invest money in advertising, etc.  But they want the deal to close fast so they can recoup their initial investment.  This can create a conflict of interest because the selling dentist may be pressured into accepting less than what they deserve just to close the deal.  So what about dental practices that we advertise for sale?  Well, since we are charging fixed fees in advance for work only when that work is completed, we don’t have any conflicts.  We get paid when the next milestone is reached (i.e. when a particular service is performed).  If the deal dies, we still charge for the work that we’ve done.  So there is no conflict in that sense.  By the way: lawyers have a duty of zealous partisanship to their clients.  This means we must only represent ONE SIDE of a transaction to the best of our ability, honestly and in good faith.  Anyone who claims that we have a conflict of interest by representing a seller is basically challenging the very fabric upon which a lawyer’s role exists.

4. We are always with you. Real estate salespeople work on a transactional basis (they’re in and then they’re gone when they pass the file off to the lawyers to actually make the deal happen); we lawyers, on the other hand, work on a long-term relationship basis.  We help you when you graduate with your associate agreement.  We can incorporate you and help you with your Wills and Powers of Attorney .  We help you purchase a practice and help you sell it too.  We help you with your initial lease or lease renewals.  We help maintain your corporation.  We update your Wills and Powers of Attorneys.  And when you sell your practice, you can come to our client appreciation events (parties, dinners, etc.) and participate in our dental outreach program.  We travel with our clients, present to them on cruises or at resorts, visit them in remote areas.  We are always with you.

5. We help you get a proper appraisal.  It’s easy: call Matt Bladowski of DentalStrategy.ca if you need an appraisal.  Matt is married to a successful dentist, has an MBA from the Schulich School of Business, and has consulted for many years to dentists about startups and purchases.  His in-depth market analysis is second to none.

6. We Help You Avoid Legal Headaches.  ONLY lawyers can help you incorporate (to take advantage of the lifetime capital gains exemption), get your team members on contract, and ensure you have a suitable lease – so that you don’t have to lose hundreds of thousands of dollars!  And ONLY lawyers should be drafting legal agreements – like employment agreements, letters of intent, agreements of purchase and sale, etc.  That’s our job.  That’s what we spent 7 years in university learning how to do.  Why would you trust someone who took 3 courses to become a real estate salesperson to draft or advise you on important legal documents.  Don’t be foolish!  Get your ‘champions’ to do their job and represent you properly to help you avoid legal headaches.  And the best part is: we can help you years in advance of selling.

7. You Get Peace of Mind. Our promise to you is to get you the best deal possible.  We do this by protecting you along the way, educating you about the process, and working hard to get you the most and save you the most.   We are a team of 3 (soon to be 4) dental lawyers and this is all we do, every single day.  We have the knowledge, skills and experience to make this work for you.  You’re in good hands with our 1-stop shop.  And if any issue / problem comes up, we will be there to figure out a solution that is acceptable to you.  We strive to make transitioning an enjoyable and comfortable experience for you.

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