A: See the link here to our general overview

A: As a buyer, you'll never pay Doctor’s Choice any money. However, be cautious—this isn't the case with all dental brokers. Some brokers charge buyers a percentage of the purchase price, while others may require you to sign a long-term dental supply agreement. Always ask brokers about their policies to understand how they operate. Keep in mind that you will need to hire an attorney and/or CPA to review contracts and provide guidance on tax implications.

A: We act as a transaction broker. What this means is that we are a neutral party and help facilitate a fair and equitable deal for both parties. 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 our 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 and don’t take ‘sides’. In short, we are there to facilitate the deal and inform both parties what is fair and customary which is known as a transaction broker in real estate terms. Contact us for further clarification.

A: Banks are EAGER to lend to dentists due to the fact that they have one of the lowest default rate of any business. Because of this, you will be able to obtain 100% financing for the practice and real estate (if applicable). Getting pre-approved or speaking with a bank should be done before even going to meet with a prospective seller. At this time, rates are anywhere from 4.5% to 5.5% depending on the bank and your financial credentials.

A: Depending on the buyer and seller and how diligent they are, on average we have seen this process take about 8 weeks AFTER you have found a practice of interest and submitted a letter of intent. The process can be longer or shorter depending upon the situation at hand.

A: First thing to know is that when we evaluate a practice that we will tell you, the buyer, what we feel is the fair market value. The seller typically then puts the practice on the market for that price however the seller can ask for more. If they do ask for more, we will be sure to tell you what we think is the fair market value. Remember, we are not here just for the seller as a transaction broker.

With that said, when doing an evaluation we look at multiple variables but the three main variables of consideration are: cash flow, technology/equipment, and location (both city and where in that city). If you would like to know more specifics, give us a call and we would be happy to provide more insight. As a buyer you want to know how much money will I make if I purchase this practice as well as how likely am I achieve these numbers that the seller was doing. What else should be considered:

• General Location
• Specific Location
• Lease Arrangement/Terms
• Active Patient Base
• New Patient Flow
• Payor Mix (Insurance)
• Patient Demographics and Saturation
• Equipment & Technology Component
• Operating Efficiency
• Staff Continuity
• Ownership History
• Schedule & Bookings
• Hygiene Revenue
• Marketing
• Accounts Receivable
• Fee Schedule
• Cash Flow / Net Earnings
• EBITDA

A: This is a common concern for buyers, but it's typically not an issue. Staff members need to work somewhere, whether with you or another doctor. Our advice is to maintain their pay and job responsibilities, as this will minimize the risk of losing them. From their perspective, finding a new job with equal pay and adjusting to a new doctor and team can be daunting, so they're likely to give you a chance. It's then up to you to build a positive relationship and retain them.

If you notice older staff members, it’s a good idea to ask the seller if they’ve mentioned plans for retirement.

A: No, most dental practice sale transactions do not require the previous owner staying on as an associate for a transition; particularly if the practice being sold is an insurance driven general practice. If the practice is large enough and can support more than one working dentist then it could be advantageous to the buyer to have the seller stay on if they are agreeable to do so however in most cases there is not enough chairs or dentistry there for two doctors. Every situation and practice is different so we are speaking from a general perspective. A FFS style practice may require a seller to stay on for a longer period of transition time post sale to help transfer the goodwill and introduce patients.

A: People are creatures of habit. Just as we explained in the section ‘will the staff stay?’ – the same rules apply. The patients have to see/find a new dentist regardless therefore they mine as well give you a try. You have their dental records and they know the staff members. Usually having the front desk and hygienist stay on board is a MUST. Then as long as the buyer is a good fit and matches the seller’s philosophy and doesn’t try and make too many changes, you will see patient retention in the 90%+ range. This is a proven fact.

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.

A: We advise that directly out of school or residency that you work in the ‘real world’ for a minimum one year. We say this not as an attack on your clinical skills but you need to observe how others are managing their businesses and for you to learn the ropes. However, if you can find a seller who is willing to stay on long term and help mentor you whether it is clinically or business wise then it may be an opportunity you can pursue right out of school. These opportunities may be ideal but they are hard to come by.
In regards to cash flow and supporting your lifestyle and family, finding a practice typically will NET you more than an associate position. Buyers typically are scared to take out another loan on top of their existing student loans. As this can be discouraging, buyers need to find a practice that will NET them more than their associate position after all expenses. Banks are lending buyers 100% financing. Why? Dentists have one of the lowest default rates of ANY profession.

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 however the fee charged typically ranges from 5% to 10% of the sale price. This is the standard fee charged by business brokers nationally. We do not charge more than other brokers or less than other brokers.

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 a practice sale which includes the specifics of your local market. Finding a buyer is just step one and making the process seamless and positive for both buyer and seller is the difficult part.

Things to consider about Doctor's Choice:

- 30 years of experience
- Family owned and operated
- 12 Agents local to your geographical area
- We help all only dentists (not a general business broker)
- Transition more dental practices than anyone else in the state
- Outstanding Reputation

For more information on ‘Why Doctor’s Choice’, read our article here.

A: There is no answer to 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 geographically. 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.

A: Unlike many other states, in order to broker a dental practice in Florida, you have to hold a Florida real estate license. There are countless brokers who do business in Florida illegally. If you are interviewing multiple brokers, may sure you ask if they hold a real estate license in Florida. Every agent that works with Doctor's Choice is licensed.

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 both 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 our 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 and don’t take ‘sides’. In short, we are there to facilitate the deal and inform both parties what is fair and customary. This is known as a transaction broker in real estate terms. Contact us for further clarification.

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.

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.

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 the deal 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? What do you and the buyer need to have in place prior to closing? Who pays for what during the transaction? These are just a few of the many questions that buyers and sellers ask.