Let me share a couple of thoughts here. Would you agree that not all dentists are alike with the same skills, personalities, dedication, etc? Well, this may surprise you, but not all brokers or analysts are alike with the same skills, dedication, etc. either. It is unfortunate that you had a bad experience with an AFTCO office. I apologize.
In a sellers market, which is what we have in most desirable areas, it is likely that a new grad is just not competitive enough to purchase most practices. There are other more experienced and credit worthy purchasers in front of you, ready, willing, and more easily financed to buy a practice. The banks tend to tell D4s and new grads that they want to loan them funds, but those are the sales guys telling you that. When you get to the underwriting stage, they are not as friendly and accommodating. As a result, there are individuals in this business that will not take the time to educate you and help you prepare for ownership. I certainly don't agree with that philosophy, or I wouldn't be sharing my knowledge with you with little hope of financial gain.
Now let's examine dual representation.
First the "seller". Would you agree that each "seller" has a goal? The means to that goal may be to retire, relocate, sell and stay on as your associate, bring on a partner, bring on an associate with the aim of becoming a successor, etc. That practice is unique. There are no two practices alike. That "seller" has put years of sweat into that practice, and whether you like it or not, is probably proud of it on some level. Probably very proud. He may choose to sell or not sell, for whatever price he chooses, and to whoever he chooses. Of course reality suggests that if the price is higher than fair market, it could take a very long time to find the successor that just has to have that practice and is willing to pay a premium.
What exactly is "he" selling? Equipment, furnishings, supplies, goodwill, and his promise to not compete with you (restrictive covenant). Of those, goodwill is about 80% or more of what is being sold. It's easy to convey equipment and hard assets. Conveyance of goodwill requires cooperation. Goodwill is the relationship between doctor and staff, doctor and patients, and staff and patients. You will want total cooperation from the "seller" to gain that goodwill.
Now, you, the purchaser. There are no two purchasers alike. You have varied skills, personalities, families, knowledge, financial situations, and opinions. Most know very little about what to look for in a practice or even what kind of practice situation best meets your needs. They don't teach it in school and until you fully understand the mechanics of evaluating an opportunity, you need help. Do you agree? In unilateral representation, where the broker just represents the seller, who's job is it to tell you everything about that practice? Who's working for you? Your attorney?
Who says the transition of a dental practice must be adversarial? Why can't it be crafted so that both parties get exactly what they want? The seller has needs, and the purchaser has needs. Why can't a match be made and a transition be crafted where both parties have their needs met? Put yourself in the shoes of the seller for a minute. You busted your behind for decades building this practice. You have been thinking about your successor for a couple of years. You have a picture in your head what this person will be like who takes over your "baby" and responsibility to your patients. I will guarantee you that the picture is one of a young professional who recognizes what the seller has built and who appreciates the opportunity. That doesn't mean you don't intend to change it to be your own, just that you show appreciation and recognize experience. He is not looking for a young kid who looks down on the "old guy" and who doesn't believe the practice has that value, no matter how it is priced.
When the seller's attorney writes up the contract, he is representing only the seller and is required to draft language that only favors the seller. He would be doing his seller a disservice by drafting language that actually protected you. Consequently, you must hire an attorney to include language that protects you, and you need a great deal of protection. That means you need the right attorney, and they are out there. But now you have two adversarial attorneys, doing what they do best, representing only their client. They may each tell their client that the other's demands are unreasonable and the ensuing negotiations may tear whatever you have apart. At the very least, it can seriously erode the relationship you've tried to establish (I hope you tried) with the seller to get help with the goodwill.
Imagine this scenario: The "seller" offers an opportunity, whatever it may be, in a way that meets the seller's needs. A purchaser is located who recognizes the value of that opportunity just as it is presented. The purchaser is educated in how to evaluate a practice, is provided detailed information on the practice, and examines it thoroughly to ensure it's exactly what he/she wants. The cash flow is evaluated and it meets the purchasers needs, even if the practice does not grow. Now because of the purchaser's learned understanding of practice metrics, he/she believes the practice will grow significantly, but cash flow is satisfactory even if it did not grow. The purchaser understands the fragility of goodwill and agrees to purchase the practice as it is offered. A knowledgeable third party who's brought you together drafts an agreement that fully protects you from each other and covers every possible post sale contingency. In fact, since you are paying that third party a fee for their service, they have a fiduciary responsibility to inform and protect you to the best of their ability. That third party helps you gain financing, keeps both parties working together to reach different but mutual goals, and closes the transition. The seller cooperates fully to transfer goodwill and you off on an adventure of your own.
Dual representation is not a conflict of interest. B. Franklin said it best, "a conflict of interest exists when an adviser has a financial interest in conflict". In unilateral representation, more conflict means more billable hours. A poorly written agreement can lead to litigation, which leads to more billable hours. I believe you can serve two masters. They need to be compatible masters, but isn't that the job presented? Find a successor who recognizes the value of an opportunity and builds on the foundation in place. If you don't match up well with the opportunity, don't force the seller to change to accommodate you, find another opportunity where cooperation will be the common thread.