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10 Tips on Getting Your Dental Practice Ready for Sale
Listing a dental business for sale is similar to the process of preparing any other entity to be taken over by new owners. There are a lot of deliberations and considerations involved in the process. Poor preparations in this regard can give rise to numerous issues, eventually resulting in the sale falling through or the business being undervalued.
Ten Essential Things To Consider When Preparing Your Dental Practice For Sale
- Start planning in advance: Exit planning is crucial and always involves extensive research. Therefore, it is recommended to start planning and preparing at least two years in advance.
- Don’t be hampered by setbacks: There will be times when you hit roadblocks like potential buyers who are not serious, undervaluation, and last-minute backouts. Don’t lose motivation.
- Get your paperwork in order: With the involvement of lawyers and business valuations, you’ll need to present comprehensive paperwork for the dental business for sale. Make sure you have all the documents in order well in advance.
- Don’t rely entirely on corporate valuations: Although large corporations are active in the purchase market, they may have vested interests that drive them to make conservative offers.
- Never underestimate the benefits of hiring a reliable agent: Whether you are selling to a corporation or an individual doctor, a trustworthy agent for the dental business for sale will guide you effectively through the process. Make sure to hire one at the onset for the smoothest process.
- Is your premises leasehold or freehold? Make sure that your lease is valid for at least 10 to 15 years in the future. This will help you get the best possible price on the market.
- Get support in negotiations and other deliberations: Involve your agent extensively in the process and never try to go directly into a negotiation, as there is the chance that you’ll get outsmarted.
- Always get a prior valuation: Never outright accept any offer, even if given privately. Independent valuations can give you a better idea of where the market is headed.
- Engage with a dental lawyer: The secret to preparing a dental business for sale effectively is to have the right people on your team. A dental lawyer is a necessary addition.
- Bear in mind your future options: Always know what the future will hold for you. What’s next is the question you should have answered before anything else.
If you have a dental business for sale, make sure you are prepared for the process and what is to come. For more information, get in touch with CTC Associates.