If you own and plan to sell your office when you sell your practice, you can invest the proceeds from your real estate sale into commercial property through a 1031 exchange and avoid taxes.
As Ohio’s only practice broker that is a real estate broker, we are uniquely qualified to assist you through our company, Practice Endeavors Realty, at no cost to you.
You can get out of the agreement at any time. A termination fee may be incurred.
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Our fees range from 4% – 10% depending on the size of the deal.
Most practice buyers research practices for sale on their mobile devices. We were the first brokerage in Ohio to have a mobile friendly website. We use our vast contact database to email potential buyers, regularly run advertisements in various forums and host associates for the Ohio Parade of Practices bus tour each year.
Most associate buy-ins fail as a transition to new ownership. But, associate buy-ins can be a good option if they are done properly. We have an effective Associate Placement service for practice owners that matches associates and practices owners.
According to Ohio Revised Code 4735, individuals who represent others in real estate transactions must be licensed to do so. Since most practice sales involve the lease or sale of the dental office itself, it is important that your broker be licensed.
Bob Brooks is the only dental practice broker in Ohio who is also a licensed real estate broker.
In addition to requiring signed confidentiality agreements, we beat into the heads of buyers that they are not to share information, in any way, about your practice being for sale with anyone but their professional advisors.
Some brokers promote free valuations as a hook to connect with sellers. Unless the broker is a credentialed expert, a valuation that you receive may be meaningless.
Professional valuations are integral to the practice exit process. Brokerage fees pay for our professional valuations at closing.
At Practice Endeavors, we have worked with over 100 dental practitioners as licensed and credentialed advisors and would be happy to share our list of references.
Most practice brokers are not credentialed or licensed in their profession. Most dentists would not think too highly of individuals practicing dentistry without a license…
Bob Brooks is credentialed as a Certified Exit Planning Advisor (CEPA) through the Exit Planning Institute, and a regular participant in Practice Valuation Study Group.
Avoid national brokers which represent both sides of a deal. Dual representation is viewed by many as unethical. With a trusted advisor on your side who does not practice or require dual representation, you are likely to attract more buyers.
This can all be avoided by relying on an experienced and credentialed practice broker representing you; one who does not practice dual representation. Many individual buyers have purchased practices before and, of course, DSO’s have purchased many practices, so they likely will have a great advantage over you if you do not have representation. Dealing with practice buyers directly is often the first big mistake practice owners make in the exit process.
Sellers as associates may be expected to perform dentistry and sell treatment plans in ways that they believe are unethical. They may be forced to use inferior materials and labs that do cheap work. Staffs can be alienated by changes going on in a practice once sold. It is not unheard of for entire staffs to be gone within one year.
Most practice owners have good clinical skills, but don’t have the resources or experience to sell their own practices. A qualified broker can provide the insulation needed when a deal is being negotiated. Deals that fall apart are often a result of FSBO attempts.
Most practice owners have good clinical skills, but don’t have the resources or experience to sell their own practices. A qualified broker can provide the insulation needed when a deal is being negotiated. Deals that fall apart are often a result of FSBO attempts.
As a practice owner and potential seller, you are in the driver’s seat. Don’t let anyone take advantage of you. It is a seller’s market. Become informed and rely on trusted advisors.
Practice Sales
Growing your practice, attracting new patients, using Practice Value Builder
Adding satellite offices
Relocating your existing office
Buying other practices
Starting-up new practices
Finding associates
Investing in commercial real estate