FAQ

We are a Calgary-based, independently owned and operated, dental industry consultancy, specializing in the valuation, brokerage and management of dental practices in Canada.

With over 30 years of experience, Practice Solutions has acquired extensive knowledge of the Canadian dental market. Our experience and professionalism enable us to develop solutions customized to your specific needs.

GENERAL FAQS

Why do I need a broker?

Selling a practice can be stressful and time consuming. We not only take the pressure off of you so you can focus on your work and family, we also ensure you will get the best value for your practice. To see if a brokerage service is beneficial to you, these are a few questions:

  • Will I have the exposure to a large data base of potential buyers? Are they qualified candidates?
  • Will I have a credible valuation report to present to buyer to back up the worth of my practice?
  • How do I present and show case the practice to potential buyers?
  • How can I keep confidentiality from my staff and dentists in my community?
  • Should I use my own lawyer or accountant in the sale of purchase my practice?
  • What kind of contracts should I have and how much will it cost me to prepare these contracts?
  • How do I negotiate with multiple buyers for the best value of my practice?
  • How do I mitigate misrepresentation or potential legal issues?
  • What is the difference between a share sale and an asset sale?
What standards does Practice Solutions Canada have?

At Practice Solutions Canada, we are committed to provide you with the best valuation and sale experience our industry has to offer. Our goal is to provide you with the most detailed and accurate valuation possible.  We have 32 years of expertise in buying, selling and valuations of dental practices.

Why working with Practice Solutions Canada? What makes you different from other brokerage firms?

As Alberta’s first licensed brokerage specializing in dental practices, we have participated in more dental practice sales than any other brokers or consultants in Alberta. We are a group of highly educated and experienced experts in both the dental and financial industry. We are very well connected nationwide. In addition, we have long standing credibility and reputation in the dental community, court accreditation and unwavering ethics.

Some of the highlights about us are:

  • 32 years of servicing the dental community
  • 18 years of Valuations, Dental Brokerage and Consulting
  • 14 years of experience in Commercial and Corporate Financial and Credit Risk Management
  • Licensed commercial real estate broker who can help you buy a practice with or without the building
  • Up to date listings website listings
  • Court accredited expert witness for dental practice sales
  • Dedicated to maintaining confidentiality
  • Maximum exposure to potential buyers
  • Working to save you thousands of dollars on legal fees
  • Fastest valuation turnaround time

Check out our Testimonials for more client feedback!

Is there a fee for consultation?

We provide free initial consultation to assess your circumstances.

Are there two brokers involved in the sale? One from the seller side and one from the buyer side?

Generally, there is only one broker involved in the dental practice sale process. Normally the buyer does not have a broker. In this case we assume a Dual Agency Representation with fiduciary duties and responsibility to you as well.

Is there a conflict of interest if the there is only one broker?

Not every shared interest is a conflict of interest. In most cases the demand dictates fair market value defined as “The highest price available in an open and unrestricted market between informed and prudent parties acting at arm’s length and under no compulsion to act, expressed in terms of monies worth (cash).

A Purchaser usually has little concern paying Fair Market Value but in turn should demand full disclosure, transparency and assurances that he or she is getting what they paid for…so where is the conflict?

The sale price now becomes a lesser concern than the multitude of other onerous terms and conditions in the Purchase and Sale Agreements. By acting as a facilitator we can assure each party has a better understanding of these terms both for themselves and the other party and allows us to negotiate these terms and present solutions that can reduce stress, conflict and escalating legal costs for both parties… we refer to this as shared or complimentary interest.

What services does Practice Solutions Canada provide?
  • Valuations
  • Brokerage
  • Consulting
  • Mediations
  • Transitions
  • Second opinion or Valuation Reviews
How long does the whole sale process take?

The time frame depends on the complexity of the transaction and negotiation process between the buyer and the seller. Landlords, accountants and lawyers often don’t share our sense of urgency. However we work very hard to keep things moving along.

Would you help us with Negotiations, Transition & Contracts?

Whether you decide to sell yourself or broker with us, our experience can assist you in negotiating your sale or purchase, transitions, associate agreement, cost share agreement, or mediating a dispute. We can  prepare all draft contracts and documents necessary for review by your legal and financial advisors. Our experience in these matters can help expedite your transaction, reduce stress and save time and excess legal fees.

Why do I need a Valuation?

If you are contemplating a practice valuation, chances are you are on the verge of making some of the most important decisions of your life. The more information you have, the better suited you are to make these choices with confidence. Practice Solutions Canada provides the most detailed and accurate valuation possible including a social and economic profile of your practice, demographics, history and potential, type of dentistry performed, patient profile, financial analysis, inventory of equipment and furnishings. The resulting report should provide the information necessary for a buyer to feel confident in a purchase of your practice. Our valuation approach may incorporate four different methods of valuation to assure we have as accurate an understanding of your practice as possible.  We offer individual private after hour on-site visits and showing to assure confidentiality.

What does a Valuation provide?

This report will provide you with the information necessary for

  • Practice sale
  • Practice purchase
  • Obtaining financing
  • Division of matrimonial property estate planning
  • Tax planning
  • Transition planning
  • Private sale
  • Partnership
  • Fraud awareness and investigation
What does your Valuation include:
  • On-site visit
  • Equipment Inventory
  • Chart Audit*
  • Review up to 5-year financial history
  • Review of patient management system
  • Review of Premise Lease*
  • Review of Associate agreements
  • Review of area demographics
  • Discussion with your accountant

*Chart audit is a unique due diligence process we do at our firm. It requires in depth analysis of patient base to find out true numbers of relevant information about the practice. We do not just go by the numbers provided to us. We use our audit process to ensure our valuation is based on facts.

*Premise lease review requires specialized knowledge. In the dental brokerage industry, we are a licensed commercial broker that can give you professional advice on premise lease related matters. We can also broker a real estate deal with you to sell your land and building to make it easier for you.  Not only does this give you another layer of diligence, but can also save you thousands of dollars.

Is my information secure with you?

We understand the importance of Confidentiality and we provide you with a non-disclosure agreement as a promise to you that we would not release any information about you or your practice without consent.

What if I have more questions?

Please do not hesitate to call us. We are here to help! All of the information you provide will be confidential. Please email at [email protected] or call us at 587-317-6995

LOOKING TO SELL?

Is there a fee for consultation?

We will happily provide free initial consultation to assess your circumstances.

When is a good time to sell?

Life often determines the time to sell. If you are one of the fortunate ones that allows you to choose the time then it should be at least a year after your decision to allow you sufficient time to maximize your position. Let our expertise be your advantage.

How do you value a practice?

We value your practice based on 32 years of expertise in the dental and financial industry.  We utilize up to four different methods to determine which one presents you with the best value.

How do you find potential buyers?

We have accumulated a large data base of potential buyers who have dealt with us over the years. In addition, we have built many long term relationships with dental practices, financial institutions, dental suppliers and we have referrals from various sources.  We also advertise in major dental medias. We will hand pick the most credible and best suited candidates to ensure a smooth and fair transaction.

What is the process like to sell my practice?

Step 1. Contact us via Phone or Email
Step 2. Face to face meeting at your discretion
Step 3. Engagement package outlining our commitment to each other
Step 4. Presenting you with a draft valuation report for review and discussion
Step 5. A listing agreement
Step 6. Research our data base, advertise and network to find you a suitable buyer
Step 7. Present you with the best offer and draft up all the conditional Purchase and Sale Agreement for your legal and accounting team to review
Step. 8. Facilitate to final sale

How long does it take to get a valuation done?

The actual valuation requires an onsite visit typically takes between 4-6 hours.  Once we have done the onsite visit and have received all additional information we required from you it takes 7- 10 working days to complete.  Like all things in life, there are exceptions to every rule and should you require a valuation done faster, please give us a call @ 403-201-1231 and we will let you know if it is possible.

How do you ensure confidentiality?

Anyone who would like information on you practice must sign an Non-disclosure Agreement specific to your practice.  We check each inquiry to make sure it is a qualified dentist or coming from a person representing one.  We also sign an NDA prior to working with you on the valuation.  No showings are done without your consent and are done after hours or whenever the practice is closed.  All our employees are also bound under an NDA for everything we do for you.

How much does it cost to sell my practice?

There are two parts to the process.  First part is to assess the worth of your practice and second part is the actual sale of your practice. The cost of selling your practice is based on the value of your practice. All fees will be disclosed upon our first meeting with no hidden cost.

How long will it take to sell my practice?

Sometimes we have buyers waiting to purchase a practice just like yours and sometimes it can take longer. We try our best to find the best match for both the seller and the buyer.

What if I only want to sell part of my practice or I want to go into a partnership?

We will work with whatever you envision for your practice. We will also help you understand the pros and cons of a partnership as well as things to watch for when going in to a partnership.

I do not want my staff to know that I am selling my practice, is my information secure with you?

We understand the importance of keeping the staff stable and operating the business as normal. We take confidentiality very seriously and we do our best to make sure no one is suspicious of a possible change at your practice.

What if I have more questions?

Please do not hesitate to call us. We are here to help! All of the information you provide will be confidential. Please email at [email protected] or call us at 587-317-6995

LOOKING TO BUY?

How do I know if a practice is up for sale?

You can either check our website regularly or sign up for our newsletter for upcoming listings. Due to the strong demand for our listings, some great practices never make it to the website. So please contact us and advice of your interest. We can also put your profile in our data base to find you the perfect match. Please do not hesitate to give us a call or send us an email.

What assistance does Practice Solutions Canada provide for potential buyers?
  • Cash flow projection
  • Business plan if required
  • Private meeting with buyer, accountant and lawyer
  • On-site visits to assist in the due diligence process
Is there a fee for consultation?

We provide free initial consultation to assess your circumstances.

I am not sure if I am in the position to buy, can you help me with that?

Absolutely we can help to assess your circumstances and suggest the best suitable solution catering to your situation.

I have never purchased a practice before and I don’t have much experience in the buying or selling process, can you help me with that?

Educating and providing resources to you is our job and we pride ourselves on giving you the information so you can make an informed decision.  We are there to help you in every step of the way.

Would you help us with Negotiations, Transition & Contracts?

With our 32 years of experience, we can assist you in negotiating your purchase, transitions, associate agreement and cost share agreement. We will also prepare all draft contracts and documents necessary for review by your legal and financial advisors. Our experience in these matters can help expedite your transaction, reduce stress and save time and excess legal fees.

What if I want a second opinion on the valuation the seller provides?

Not all valuators use the same methods.  Dental practices are unique. We will be happy to review the present valuation to determine whether a second opinion would be of significant value to you.

What if I only want to be in a partnership?

Many dentists do not want to share the burden of ownership alone. We will find you the suitable practice for your needs. We will also educate you with cautions and things to watch for with our experience and expertise.

What if I have more questions?

Please do not hesitate to call us. We are here to help! All of the information you provide will be confidential. Please email at [email protected] or call us at 587-317-6995