There are a number of reasons why you may want to sell your medical practice. For example, you may be retiring or need cash to fund your next venture and hence can decide to sell your medical practice. When you want to sell, you should strive to get a reasonable amount for your medical practice. To make your work easier, you can hire a medical practice broker to help you.
To get a fair price, you should find the right broker. On the other hand, if you hire the wrong broker or opt to sell the practice on your own, it can be quite some time before you find a buyer. In some cases, you may easily find a buyer but end up selling the practice at a loss since you don’t know its true value. You can avoid these unfortunate incidents by hiring an experienced medical broker to help you find a buyer. Here are two important factors to consider when choosing a broker.
The Specialization of the Broker
Before you start looking for a broker, you should know the traits to look for. There are many average brokers in the market that will be willing to help you find a buyer for your medical practice. However, your goal should not be to hire these average brokers. Instead, the best brokers to hire are those that have a stellar record. You should check the experience of the broker you want to hire. Make sure the broker you want to hire has experience in selling medical practices. If you want to get a reasonable price for your practice, it is crucial to hire an experienced broker.
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Find out the average amount that the broker has sold similar medical practices to yours in the last 12 months. Another thing to find out is whether the broker has sold some medical practices to the price you would like in your state. If you fail to find out this information, you may end up being disappointed with the broker you choose.
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Past Performance of the Broker
Another thing to check is the track record of the broker. Ask the broker for a list of references that can back up his/her claims. You can follow up with the broker’s past customers to verify his/her claims. Ask the broker for the contact information of these past clients.
When you have the list of references, contact the clients and ask them about the broker. Find out whether the clients were happy with the broker’s personality and style of work. Other things you should inquire about include the broker’s qualities. Make sure the broker you want to hire will work according to how you expect.
You can find a good medical practice broker by following the two tips above.