Should I Work With a Broker When Selling My Dental Practice?
If you’re a dentist preparing to sell your practice, one of your first big decisions is whether to work with a broker. It’s a question we hear often, and while the answer depends on your goals and situation, for many dentists, having the right experts in your corner can make the process smoother, faster, and more profitable.
The Pros of Working With a Broker
- They can find the right buyer.
A good broker has a network of potential buyers and industry contacts. They know where to market your practice, how to position it attractively, and how to connect you with serious prospects. - They help you get everything in order.
Selling a practice involves far more than posting a listing. Brokers can guide you through gathering financial records, patient data summaries, lease agreements, and other documents buyers want to see, and make sure everything is presented in a professional, organized way. - They know the system.
From valuation to marketing to negotiations, brokers understand how dental practice sales work. They know common pitfalls, realistic timelines, and what good offers typically look like. - They offer expert advice.
Selling your practice is both a business and an emotional decision. An experienced broker can give you clear, objective advice when you need it most, and help you navigate the unexpected. - They help keep your deal on track.
Every deal comes with bumps and obstacles along the way. A good broker knows all of the parties involved; lenders, attorneys, CPAs, key employees, even family members, and they can help keep everything and everyone on track and everyone working together when thorny issues come up.
The Main Con: Cost
The biggest downside to working with a broker is the fee, often a percentage of the sale price that may be in the range of 5%-10%. For some sellers, that’s a deal-breaker. But for many, the value they provide in finding the right buyer, avoiding costly mistakes, and negotiating stronger terms can outweigh the expense.
Ultimately, whether to hire a broker or not is a personal decision that every Seller should consider. Sellers who feel that their practice data and records are organized, feel confident in the correct value of their practice and its assets, and feel comfortable making the business decisions about their transaction themselves, with the advice of an attorney, may not need or want the services of a broker.
What About Buyers?
If you’re a dentist looking to buy a practice, a broker or practice acquisition advisor can still be a valuable partner. They can connect you with opportunities that may not be widely advertised, help you assess the practice’s value, and guide you through the offer and negotiation process.
How Franklin & Frankel LLC Works With (and Without) Brokers
At Franklin & Frankel LLC, we’ve handled dental deals of all shapes and sizes, from small single-doctor practices to multi-location and DSO sales. Our team knows the unique legal and business considerations involved in dental transactions.
We regularly partner with brokers to make sure deals move efficiently from start to finish, helping clients leverage the broker’s market knowledge alongside our legal expertise. In these cases, we coordinate closely with the broker, ensuring all legal aspects, from contract negotiation to regulatory compliance, are aligned with your goals.
That said, not all clients choose to work with a broker. For those who prefer to manage the sale or purchase directly, we step in to provide strategic guidance, handle negotiations from offer to closing, and keep the transaction on track. Whether you bring a broker to the table or not, we’re equipped to protect your interests and see the deal through to closing.
Bottom line: Whether you’re buying or selling, and whether you choose to work with a broker or go it without one, the experienced dental deal attorneys at Franklin & Frankel LLC can help you avoid pitfalls, secure better terms, and complete your transaction with confidence. Contact us to learn more about your options.