Congratulations Dr. Julie Roberts!
“I recently sold my general dentistry practice and would like to share my story with you!” - Dr. Julie Roberts
Dr. Stacey Mackert (left, buyer) with Dr. Julie Roberts (right, seller)
By most people’s standards, it appeared that my practice would be hard to sell and if it could be sold, the selling price would likely be substantially less than a similar practice in a metro area. My staff and I were doing a great job of serving patients, but we did have some older equipment, digital technology, and we operated out of four operatories in a classic Victorian house. My Dad operated his dental practice out of this same building. Prior to that, it was used as a nursing home.
I shared the first-floor dental office space with another dentist, a long-time friend of mine, who also wanted to simultaneously sell his practice. There is a residential apartment upstairs. My office hours were on Monday through Wednesday and the other dentist worked Wednesday through Friday. Our practices were separate and we each had our own staffs. I wanted to sell and retire and the other dentist wanted to sell his practice and work after the sale for the buyer.
All in all, what I wanted to do and what the other dentist wanted to do, with our location and facility etc., it seemed like a huge challenge before us.
I had already had an appraisal on our practices from a licensed Certified Valuation Analyst (CVA) when I contracted with Practice Endeavors (PE). I was initially expecting to get something around that price if the practice could be sold.
When I began to look for someone to assist me with the sale of my general dentistry practice in Norwalk, Ohio, I was referred to two practice brokers. One was Bob Brooks of Practice Endeavors, LLC. I met with the other broker first, was given terms that were not agreeable to me and subsequently met with Bob, was well pleased, and signed a listing agreement with his company.
What happened next was a big surprise.
Practice Endeavors (PE) administrative assistant, Ann, a CPA, assimilated all the information on my practice that was needed and analyzed. As a result, a Most Probable Selling Price (MPSP) that was approximately 50% greater than the previous appraised value was established. We did not use the initial appraisal with buyers but instead used Practice Endeavors’ more accurate MPSP analysis and it worked!
Very soon after I approved the higher listing price established by PE, Bob identified numerous buyers and we began office visits. Incredibly, on the first day of separate appointments with different buyers, a couple who seemed to be perfect buyers for both our practices and our situation with the other doctor wanting to work part time after the sale was interviewed and they became the eventual buyers. This would not have been possible if Bob had not identified many potential buyers. Like Bob said, we don’t want one buyer, we want many buyers. Bob said the way to get the best price and the best fit buyer is to have multiple buyers. Otherwise, a single buyer has all the leverage and the seller can’t get what they want.
There was still a lot to be done after the initial letter of intent was approved by the buyer. Practice Endeavors negotiated all the terms of the agreement on our behalf. In addition, we had a fantastic “meet the new owners” event with the staff. Both the other dentist and I got the price we wanted for our practices, 50% more than we originally thought we would receive! The other dentist/seller was hired by the buyer. As it turned out, the brokerage commission was less than I thought it would be.
Practice Endeavors made this experience seamless. I have heard from colleagues that this is not always the case [with other brokers]. Bob’s staff pays attention to detail.
I am extremely well pleased with how things went with our project! This year my husband and I are spending 3 weeks in Florida around the holidays because we can!
Life is too short not to enjoy the fruits of your labors. Why not give Bob a call?
—
Dr. Julie Roberts
Norwalk, OH
About the Buyer:
Dr. Stacy Jacob Mackert, DMD is dedicated to providing exceptional dental care, combining her expertise with a commitment to patient well-being. Her journey from New York to South Carolina to Ohio has shaped her into a practitioner who values both education and the personal connections formed in the field of dentistry.