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Frequently Asked Questions

BUYERS

Q: As A Buyer you want to know how much do our services cost?

Unlike many brokers that charge an upfront fee of $5,000;
We do not charge anything.
We only ask if we do a good job that you will give us a reference.

Q: What should I consider when hiring a practice broker?

A: Several things 1.  Inventory, doe the broker has several listings.

At Doctors Choice Southeast, we have listings from Virginia, North Carolina, South Carolina, Georgia, and Florida.

  1. Information; How often and how fast does the broker get back to you with information that you requested.

At Doctors Choice Southeast, we pride ourselves on quick responses and being helpful. 

  1. Is the broker congenial and easy to work with?

We work with you as if you are our only client.

We maintain professionalism but have fun doing it with you.

This is an exciting time for you and we want to make sure it is memorable.

Q: How long does it take to find a practice?

A: There is no set answer to this question.

We will work with you tirelessly to make sure we know what size practice you want,

what type of practice you want and Where you want to practice?

Finally, we work with you to make sure the seller’s temperament, personality, and philosophy are similar to yours to ensure a successful and smooth transition.

Q: How does the process work?

A: We at Doctors Choice Southeast we match your wants, needs, and temperament to the seller.   Once we see a fit, we schedule a conference call, then a visit and then begin the due diligence phase to make sure this is the practice for you.

Q: Who does Doctors Choice Southeast represent in the process?

A: We act as a transaction broker. What this means is that we are a neutral party and help facilitate the deal. Various other brokers will act as “duel representation” which means they represent the buyer and the seller. We are still trying to figure out how ethically this makes any sense…Then you have seller representation which means that the broker represents just the seller. We have found that it makes buyers very uneasy about moving forward when your intentions are to only help the seller in the process and maximize their return. Therefore, we have found it best if we guide both parties through the process both don’t take ‘sides’. Contact us for further clarification.

Q: Is it necessary to use an accountant and an attorney?

A: We recommend it.  If you do not have someone, we will provide you with several names of attorneys and accountants to choose from.

Q: Is everything confidential?

A: All buyers sign a confidentiality before we release ANY data. This contractually obligates them to not share any of your practice data as well as your name with any other person(s). It is understood that 99% of sellers want their staff and colleagues to know nothing about the sale of their practice. We take this matter VERY serious. Fortunately for a seller, it works both ways as buyers do not want their employers to know they are looking elsewhere either.

Q: As a broker, do you just find a seller and I do the rest?

A: NO, we work with you every step of the way.  We work with you and your support parties to ensure a successful transition.

SELLERS

Q: Let’s get right to it, you as a seller want to know how much do our services cost?

A: We as a broker just like when you sell your home, charge a percentage of the purchase price. This percentage varies depending on the purchase price of the practice. Call us to find out specifically for your situation what we would charge.

Q: What should I consider when hiring a dental practice broker?

A: The most important factor in selecting a broker is finding one with a superb track record and a quality reputation. Selling your dental practice requires significant knowledge of the dental industry and practice sale which includes the specifics of your local market. For instance, you may be in an area where there are more buyers which translates into a higher value. Further, finding a buyer is just step one and making the process seamless and positive for both buyer and seller is the important part. For more information on ‘Why Doctor’s Choice’, read our article here.

Q: How long does it take to sell my practice?

A: There is no answer for this question. We use the analogy it is like fishing - you could go out one day and catch 20 fish, then the next day, none. On average we estimate this process to take 3 to 6 months depending on how attractive your practice is and where it is located. Practices in rural settings can take one year plus. It is important that you reach out to us well in advance of when you are ready to sell so we can give you tips and advice of what potential buyers are looking for.

Q: How does the process work?

A: See the link here to our general overview.

Q: Who does Doctor’s Choice represent in the process?

A: We act as a transaction broker. What this means is that we are a neutral party and help facilitate the deal. Various other brokers will act as “duel representation” which means they represent the buyer and the seller. We are still trying to figure out how ethically this makes any sense…Then you have seller representation which means that the broker represents just the seller. We have found that it makes buyers very uneasy about moving forward when your intentions are to only help the seller in the process and maximize their return. Therefore, we have found it best if we guide both parties through the process both don’t take ‘sides’. Contact us for further clarification.

Q: Is it necessary to use an accountant and/or attorney?

A: As a broker we recommend both seller and buyer seek counsel from an accountant and/or attorney. Only an attorney can offer legal advice and only an accountant can offer financial advice. Buyer and seller are welcome to use any attorney or accountant they wish, we just recommend that they use someone familiar with the business of dental practices so they will be adequately represented and protected. Referrals for accountants and attorneys can be given.

Q: Is everything confidential?

A: All buyers sign a confidentiality before we release ANY data. This contractually obligates them to not share any of your practice data as well as your name with any other person(s). It is understood that 99% of sellers want their staff and colleagues to know nothing about the sale of their practice. We take this matter VERY serious. Fortunately for a seller, it works both ways as buyers do not want their employers to know they are looking elsewhere either.

Q: As a broker, do you just find a buyer and I do the rest?

A: NO. At Doctor’s Choice, we are here with to help you from start to finish. We work with you, the buyer, and supporting parties to ensure a successful transition. Finding a buyer is usually the easy part as getting the deal structured fairly for everyone and to close is the difficult part. Ask yourself these questions when considering if you can do this on your own: What bank should a buyer talk to? Will you have to hold paper? How much is a fair sale price?