What To Look For In a Broker

A Broker should have been in the business operating full-time for at least ten years and should be handling a minimum of 15 transitions per year.

• A Broker should have recognition from respected peers.
• A Broker should have been participating in a national professional valuation group for at least 5 years.
• A Broker should maintain a web site which explains the brokerage credentials and shows all the active listings.
• A Broker should be affiliated with a national professional group such as American Dental Sales which offers support for marketing and for professional growth.
• A Broker should have an active calendar of speaking engagements at the local and national levels.
• A Broker should write actively for such publications as Dental Economics, New York State Dental Journal, and journals of component societies.

A Broker should have a clean business history—no law suits, licensure or tax problems, no complaints filed with the Better Business Bureau or other organizations.

• A Broker should be recognized by the Courts and arbitration boards.
• A Broker should have practice management perspective to provide in-depth evaluations.
• A Broker should be able to offer creative solutions to difficult, multi-faceted problems.
• A Broker should be a straight talker and exhibit professionalism.
• A Broker should advertise his practices for sale in dental publications such as Dental Economics, New York State Dental Journal, and the Journal of the American Dental Association.
• A Broker should have the reputation of putting together win-win transitions for the buyer and seller.
• A Broker should have the ability to secure the best and lowest cost practice acquisition financing available.
• A Broker should be able to make seemingly complicated situations simple.
• A Broker should provide clean paper work which documents a thorough analysis of a practice.
• A Broker should respond to people in a timely fashion.
• A Broker should exhibit enthusiasm and professionalism.
• A Broker must carefully listen to clients in order to know their needs.
• A Broker should attend dental meetings at the local, state, and national levels.
• A Broker should provide complete services such as:
  • Full and accurate appraisals
  • Litigation support
  • Practice management consultation or can refer it out
  • Pre- and post-sale transition preparation and advice
• A Broker should build long-term relationships with clients rather than just satisfying short term needs.