Sales agents might offer to sell your dental practice for free, but is this the best idea?
Andy Acton and Chris Strevens of Frank Taylor Associates discuss the feasibility of selling a dental practice for free and whether getting the buyer to pay the sales agent fee is the best idea.
Remove any conflict of interest when selling a dental practice.
A dental practice is a prized asset and this means it is important to get the very best, unbiased advice when selling.
After agreeing between them that as someone must pay the sales agent fee, and if you’re not, then the buyer for your dental practice will be, it is probable that your sales agent might not be acting with your best interest at heart. If the buyer of your dental practice is paying the agent fee, there will undoubtedly be a conflict of interest and you may not receive the best service in return.
When selling a dental practice, both Chris and Andy believe that a sales agent cannot work for both the buyer and the seller and that the sales agent has a duty of care to their client who is selling the practice.
Being engaged by the seller and taking a commission payment from the buyer creates a grey area and this could mean you are worse off at the end of the sale. Not only could the sales agent just be telling a select group of people who are prepared to pay the fee that your dental practice is for sale, meaning you might not get the best price, your buyer will only have a maximum amount of money to spend and any money they pay to the agent will come out of the money they have available to pay you to buy the dental practice.
Ensure your agent is working solely on your behalf when selling a dental practice.
After concluding that although we all love getting things free, Chris and Andy decide that to remove any conflict of interest and ensure you get the best price and service, you must make sure that your sales agent is working solely on your behalf, even if that does mean you have to pay their fee when selling a dental practice.
For expert advice when selling a dental practice, call us on 0330 088 1156.
