17 Jun Why do I need PARAGON?
It is enticing to attempt to sell your practice yourself. On the surface, the transaction seems simple enough, and it should be a quick and easy way for the selling doctor to save a few dollars in transaction fees. Certainly, a few sellers have been able to complete a “do-it-yourself” transaction and maybe you can pull it off as well. But is “maybe” really an acceptable option when it comes to selling possibly the largest single asset you own?
Retaining a PARAGON consultant to sell your practice will save you a lot of time, stress and money! Here are just a few reasons:
PARAGON has the unique ability and the experience to value your practice properly. You are very likely to underestimate your practice’s value and thus sell your practice for much less than the “fair market value.” PARAGON will get you top dollar for your practice with no negotiations!
PARAGON will not negotiate away any of your “fair market value.” Sellers who attempt to sell their own practice often will negotiate the price. It is impossible for the purchaser to lose in a negotiation. Whoever heard of a purchaser negotiating a higher price? Our extremely comprehensive practice financial analysis purchaser report combined with our unique dual representation philosophy minimizes the involvement of meddlesome advisors who only serve to cause negotiations and deals to fall apart. We eliminate “tire kickers’ by assisting each of our buyers with their preliminary due diligence before you ever even meet with the candidate. Our approach assures you that the price and terms you are expecting are the price and terms you will receive without any negotiation. In thousands of successful practice transitions since 1988, PARAGON’s consultants have never sold a practice for less than the price that the seller was expecting!
PARAGON can save you 25 to 35 percent in taxes. A critical issue in the practice sale is the allocation of the purchase price for income tax purposes. PARAGON will help you and your accountant identify and implement strategies to save you significant tax dollars. The effect is increased net proceeds from the sale, meaning you will get more money. Frequently, a “do-it-yourselfer’ or a sale engineered by an inexperienced practice broker results in the seller unnecessarily paying much more of the proceeds to the state, local, and federal taxing authorities than is necessary!
PARAGON knows how to attract a larger pool of buyers and get them truly interested in your practice. Nothing has value without demand. PARAGON knows how to create the proper demand for your practice so that you will receive the value you deserve.
PARAGON will “close the sale.” We have sold many practices for doctors who originally tried it on their own. In fact, we recently sold three practices for “do-it-yourself” doctors who had been trying to sell on their own for over 3 years each. They each complained about the “tire kickers.” None of these doctors had ever sold a practice before, and each stated that they had a difficult time distinguishing serious buyers from the many “tire kickers” they encountered. The result was months and months of frustration and no sale. PARAGON knows how to qualify buyers, find the right candidate and put the transaction together quickly, smoothly and properly.
PARAGON recognizes that time is money. On the surface, the sale of a practice may not appear to be that time-consuming. Sellers often compare the sale of a practice to the sale of a home; put the house up for sale and entertain the offers! Actually, nothing could be further from the truth. Selling a dental practice is much more complicated and involved than selling real estate. Selling a home is predominantly a function of price and location. A dental practice sale has not only these characteristics, but also the dynamics of an ongoing business concern: including staff members; practice philosophies; accounts receivables; and, most importantly, your patient base. To successfully merge these factors into a smooth transition takes expertise, effective tools, vast experience, extreme patience, and hard work. A practice sale is extremely time consuming and often tests both the patience and the resources of “do-it-yourself” sellers. Clearly, it is difficult to measure or even estimate the amount of time and frustration that will be experienced, but such delays and stress do represent a significant cost factor!
Superficially, it is very tempting for a doctor to try to sell his or her own practice when simply viewed in light of the fee that would be paid to PARAGON. However, if a doctor is prudent and carefully analyzes how much-added value a highly trained and experienced PARAGON consultant brings to the transaction, the doctor will quickly see that PARAGON’s value exceeds the compensation we are paid many times over.
If you are considering the sale of all or part of your practice, do yourself a favor and retain a PARAGON consultant… doing so will save you time, stress and money!