Tips on Choosing a Medical Practice Broker 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. In most cases, you will be better off hiring a broker to find a buyer for your practice. To get a fair price, you should find the right broker. If you opt to sell the practice on your own or choose the wrong broke, your business may end up staying dormant in the market for a long time. 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 should hire an experienced broker to avoid some of the headaches of selling a medical practice. Below are some things to consider to find an experienced and skilled broker. How Experienced is the Broker? You should know the traits that make a good broker before you start looking for one. When starting to search for brokers, you will come across many average ones. However, your goal should not be to hire these average brokers. Instead, you should be looking for experienced brokers with a stellar performance 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. Experience is important if you want to get a reasonable price of your practice.
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Inquire from the broker how much he/she has sold medical practices for over the past year. Also, find out from the broker whether he/she has sold medical practices to the amount you would like. You do not want to end up being disappointed with the broker you hire because you did not ask these question.
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The Broker’s Track Record You should also check the past performance of the broker. Avoid hiring professionals that do not want to provide references of clients whom they have sold medical practices for. 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. Contact some of the clients that the broker has directed you to and ask them about his/her work. Find out whether the clients were happy with the broker’s personality and style of work. You should also inquire about the professionalism of the broker. Ask these questions to find out whether the broker will be right for you. Following the two tips above will help you find the right medical practice broker.