Selling your Dental Practice, the Valuation, the Do's and Don'ts, and Everything in Between with Timothy A. Brown

During this episode of the Practice Accelerator Podcast, we speak with Timothy A Brown, CEO of ROI Corporation, Canada’s leading healthcare practice appraiser and business broker, working with business owners to reveal the fair market value of their business. Timothy A. Brown talks about what goes into valuing a practice, what to look for in reliable brokers, the dos and don’ts of the sale process, and the major moments that occur during the typical dental practice sale. 

Episode Highlights: 

• What is a business broker and why would a dentist need to hire one when selling their practice? 
• Empathy for the buyer can reduce the sale price.  
• What are the benefits of a reputable broker?
• What are common dos and don’ts during the sale process? 
• Dentists need to make sure they are ready to sell.  
• What do the milestones of the sale process look like?
• What goes into valuing a practice? 
• Timothy A Brown discusses the key performance metrics he looks out for?  
• He discusses non-ground level practices vs. ground-level practices.  
• How is COVID-19 impacting the industry?  

3 Key Points:

1. Dentists deserve to sell their practice with dignity and profit.  
2. Pay for the expertise of the broker to guide the sale of your dental practice efficiently  
3. Be weary of the impossible promise of a broker saying they can get you more money. It  is misleading because how can they promise to outdo other brokers?  

Tweetable Quotes: 

• “When you negotiate for yourself, you can accidentally become somewhat empathetic towards the purchaser.” -Timothy A Brown
• “We are the intermediary. We keep everyone at arm’s length. I wouldn’t say we sterilize the process. But we certainly take out some of the risk of becoming intimate or empathetic towards a purchaser.” -Timothy A Brown
• “Empathy will reduce the sale price from the eyes and the mind of a buyer in a large amount of instances.” -Timothy A Brown
• “You as a seller, you can pay the commission to the buyer or you can pay it to the broker. EIther way there is a very high probability you will be paying a reduction in sale price.” -Timothy A Brown
• “Because we work here at ROI Corporation in Canada, we exclusively work and represent for the owner. We only advocate for owners.” -Timothy A Brown

Resources Mentioned: 

• Timothy A Brown 
• ROI Corporation
• ROI Corporation Linkedin
• ROI Corporation Instagram