Dear Editor,
I have read the article entitled “Going, Going, Gone” by Michael Carabash published in the December issue of Oral Health Office. As an individual who has been working with dentists for almost 30 years and a proud member of a firm that has appraised and sold dental offices for almost 50 years, I want to comment on three specific points made by the author.
The first is regarding Tip #2 – Time the market: As in any financial market, many attempt to pinpoint the perfect time to sell. From our experience, and particularly in the past several years, one cannot time the market. A good practice will always sell. I am unsure what March Madness or Octoberfest has to do with the sale of a dental clinic. It simply does not exist. What is important is for a vendor to consider the following: when does the sale make sense for the owner, is the owner in the best position to take advantage of any tax benefits, and will advisors for both the vendor and buyer be available. For example, taking a practice to market in December is never good because many advisors (lawyers, accountants and bankers) will be winding down for the holidays. We have taken practices to the market in almost every month of the year and successful sales have been completed.
The second is specific to Tip #9 – Save money: For some reason, the author chose to degrade those of us in the industry comparing us to those who sell residential real estate. I thank him for referencing us specifically without mentioning our name. The fact is, in Ontario and some other provinces in Canada, business brokers are required by provincial statute to have a real estate licence and be affiliated with a registered real estate company in order to practice business brokerage. I have a real estate license and ROI Corporation is a licensed brokerage. We are not real estate agents who choose to sell dental practices. We are dedicated business brokers who specialize in the sale of professional practices only. I am curious as to why this is a bone of contention for the author. After all, selling a clinic is significantly different and much more complex than the sale of a home. Perhaps it is easiest to disparage an experienced firm with 48 years of proven success. Oral Health readers need to be informed that appropriate accreditation and licensing is very important when they are entrusting someone to sell their office. I will never apologize for having a real estate license as is required by law. In fact, I am exceptionally proud of this license along with my experience and ROI Corporation’s experience. After all, Roy Brown is a pioneer who started this industry for practice owners. It was his intention for an owner to sell profitably and with dignity. This continues to be our guiding principle 48 years later. ROI Corporation is the most expensive brokerage in the industry. We are not ashamed to state that fact because we know the level of expertise and service we provide. Mr. Carabash simplified the work completed; however, I can personally attest that this is not how ROI Corporation simply represents its clients. We do hold Opens, but these are highly confidential by appointment only and those attending have been pre-qualified. Our announcements go to a data base of over 4000 subscribers. We do not monitor but rather act as the quarter back ensuring all aspects happen in a timely fashion. I welcome any reader to contact me personally. It will be my pleasure to provide all the steps we follow to ensure a successful outcome and will provide references from satisfied clients. A good broker will stick to their expertise and not try to be an accountant or lawyer. We leave that to the experts, and by doing our job well, our fees help vendors not only get top value for their practices but save on additional legal fees.
The last tip I wish to address is #10 – Stop Worrying: I wish I could tell a vendor not to worry despite having the right team in place. The fact is, selling a practice is highly emotional. There are so many moving parts, plus the sale of the practice truly represents the hard work of the owner. One can never stop worrying but just think of how much worse it could be without the expertise of an experienced broker. The lawyers we work with on practice sales will back us up on this.
Hence, through the pages of your esteemed publication, I would like to appeal to your readers to do their homework. Articles are important but conversations with those who get the job done are most important. Get feedback from colleagues who have sold their practices and ensure references are obtained before engaging any one to represent them in this important life changing decision.
Jackie Joachim
Chief Operating Officer | ROI Corporation Brokerage
