Ownership and transitions
Practice broker
An intermediary who lists a practice for sale, markets it to buyers and helps manage the steps of a sale for a commission.
A practice broker helps match sellers and buyers of dental practices. Cornell's legal reference defines a broker as a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission.
The ADA's sale checklist includes interviewing and retaining a broker experienced in selling dental practices, and it asks sellers to decide whether they or an attorney or broker will represent them in the sale. A broker often works alongside a practice appraisal and the steps of a practice transition.
Fee terms and duties differ by contract and state. Sellers and buyers should have an attorney review any broker agreement. This entry is a general definition, not advice.