What Sellers Like To See
Buying a practice is not easy; buyers have many questions and concerns. Likewise, selling a practice creates just as many questions and concerns for the seller. Buyers can often get a significantly better price and terms by being aware of the seller’s needs and removing some of their uncertainties. To ensure you get the best price dental office, we recommend having the following:
1. Resume, Lender Approval Letter & Financial Statement
The more information the seller has about a buyer’s experience, qualifications, and financial situation, the more likely he/she will accept an offer and be willing to offer financing. Remember, once the seller accepts a buyer’s offer, they are committed, but the buyer still has contingencies to remove before moving ahead to closing.
2. A Fair Offer
A fair offer is one that realistically satisfies the needs of both the seller and buyer and is competitive with the current market for similar practices. Sometimes this results in an offer which is quite different from the listed terms or pricing. Your First Choice Practice Sales Agent will help develop a win-win offer and facilitate negotiations.
A word of caution about “low ball” offers. “Low ball” offers can damage a buyer’s credibility and relationship with the seller, possibly reducing their chances of successful negotiations with the seller.
3. Quick Removal of Contingencies
It’s not everyone’s advantage to proceed through the contingency removal phase in a timely and thorough fashion. It is important to work diligently and consistently on removing these contingencies and not allow time to be wasted or slip by, this extending the due diligence period and ultimately the escrow period.
What’s the next step?
As a serious buyer, the first step is to contact with your First Choice Practice Sales Brokers or Agents. This gives you the opportunity to learn more about how to find and buy a practice as well as look at some of the many local practices available through First Choice Practice Sales. Take a look at our current dental practices for sale in the Southern California region. First Choice Practice Sales will work with you to ensure you get the best price dental office!