In California, dental professionals turn to brokers when they are ready to sell their practices. The broker can guide the owners through the real estate transaction and lower the chances of costly errors. In turn, the owner could sell their practice and generate a profit. A local broker provides assistance for dental professionals who need to complete a dental practice sale in San Francisco Bay Area.
A Covenant Not to Compete
When selling a practice, a relocating dental professional needs to obtain a covenant not to compete. Essentially, the contract prevents the new owner from trying to obtain new patients from the seller’s roster of patients. If the seller is relocating to a location far away from the service area, the covenant isn’t required since the new owner will practice in the seller’s former service region.
How to Handle Transitioning to a New Dentist
A retiring dental professional selling their practice could assist the new dentist if the patient roster is included in the sale. The seller could recommend the new dentist to the existing patients. A dental professional with several years of service in one location could build credibility among their patients. In turn, their recommendations for a new dentist are taken seriously.
What is the Turnaround Time for the Practice Sale?
Typically, when the practice is in a prime location, the property sale is completed within twelve weeks. However, the current state of the market could leave the practice on the market longer. A professional broker markets the property and presents it to dental professionals who are looking for a new property. The properties are also shown to investors who want to branch into the industry.
Does the Seller Face Any Additional Loan Obligations After the Sale?
The broker can list the property at a value that will not only pay off any existing loans but also provide a profit. Most buyers receive the total value of the listing price through a lender. All funds are transferred to the seller during the closing.
In California, dental professionals hire brokers to advertise and showcase their practices. The process could place the property within reach of investors and other dental professionals who want a new practice. Dental professionals who need to start a dental practice sale in San Francisco Bay Area can visit the website right now.