There are advocates and detractors when it comes to the question of whether or not you should use a broker or adviser to faciliate the sale of your practice, or whether you can do it yourself.

There is also a difference between brokers and advisers - in this article, Keith Underwood of Foulger Underwood explains the role of an adviser in selling your practice, and how they differ from brokers.

Pros

• brokers/advisers can provide you with a good overview of the current market and the trends they are seeing
• they should have a list of potential buyers on their books that they can look at for suitable matches
• they can give you a realistic valuation for your practice
• they can give you some tips for making your practice look more attractive to potential buyers which could translate into a bigger sale price
• they can guide you through the various stages of the process to completion of the sale
• since they act for both parties, they will want to find a good match between the buyer and the seller, and help negotiate a deal that will satisfy both sides
• they may be able to assist if a dispute arises between the buyer and the seller post-sale.

Cons

• using a broker or adviser can feel impersonal
• nobody knows your practice the way you do - so you are best placed to guage whether a potential buyer would be a good fit for your clients. A broker or adviser may not have that knowledge
• the only valuation a broker or adviser is likely to give is based on turnover
• a broker or adviser will take a fee - depending on the broker or adviser, this may be paid by the seller, or the buyer, or split between them. 

If you do decide to use a broker or adviser, check that they require potential buyers to sign a confidentiality agreement, and that they only tell a potential buyer who you are with your blessing.