We are commonly asked what the upfront costs are for selling a dental practice. Listen to this video as Matt and Doug explain what the costs are — their response might surprise you.
Transcript:
Doug Sellan: Hi, I’m Doug Sellan. And today with me is Matt Scherer. We’re with PMA Practice Transitions. We specialize in helping dentists transition out of practice ownership. And one of the questions that we’re going to address today is, what are the typical upfront costs with a practice transition?
Matt Scherer: And that could be really a tricky question, right? Because typically, when somebody hires PMA to sell their practice, we don’t charge anything upfront. However, if you decide that you want… You’re maybe three to five years out and you just want to get your practice appraised to just see what it’s worth, we do have a fee for that. But the beauty is we take that off of our commission when we do sell the practice.
Doug Sellan: Right. Yeah. So the upfront cost, well, it’s our time and your time. Digging deep into your numbers and helping you find the appropriate value for your practice today, time is worth something. But at the end, that time’s going to be worth so much more because the value that you’re going to get out of your practice is going to be appropriately appraised and properly marketed to get you the highest value when the time comes when you are ready to sell.
Matt Scherer: Yeah. And there are companies that do charge for appraisals and things like that as part of their fee. But again, if you hire PMA to sell your practice today, we do not have any upfront charges except for the time that it takes to appraise the practice and talk to you and visit the practice and all that stuff.
Doug Sellan: Now what you may do with that information afterward, if you do need to make some updates and some changes, recommendations that we may make, those are additional costs. And again, I think with our experience and years in doing this, we can certainly then connect you with people who can help you do that as well. So we’re not just throwing out ideas, but we’re also throwing out solutions, too.
Matt Scherer: So hopefully, we answered your question about, what are the upfront costs for hiring a transition company? And if you found this information useful, please visit us at pmagroup.net. Certainly, give us the thumbs up. Like us with your colleagues. And if you have any additional questions, please give us a call. We’d be happy to answer any questions you have.