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7 Things You Can Do to Prepare Your Practice for Sale

Dentist office

Selling your dental practice isn’t an easy process. Making the decision is hard but going about the process is much more complex. If you’re not prepared and don’t take the proper steps, you won’t get the most value for your practice. Your business is your most valuable asset, so it’s important to take the proper steps when putting up your dental practice for sale. Keep the following things in mind before making this big transition.

1. Evaluate Your Finances

The most important thing to do before deciding to sell your dental practice is to evaluate your finances to see if you can afford to do so. Book a meeting with your financial advisor to know if this is the right financial decision for you. 

2. Get a Professional Valuation

It’s critical you get a professional valuation to ensure that you’re selling for the right price. This makes sure that you know exactly how much your dental practice is worth.

3. Meet Your Accountant to Discuss Taxes

Before putting up your dental practice for sale, discuss the tax implications of doing so with your accountant. This depends on the type of business, whether you have partners, etc.

4. Make the Necessary Repairs

Before selling your dental practice, make the necessary repairs to ensure buyers don’t find any issues. This is true for cosmetic repairs, structural repairs, and curb appeal.

5. Don’t Stop Working

Many dentists stop working or slow down work when selling their practices. However, this can stop attracting new patients and can affect existing patients. Thus, it can lower the value of your dental practice.

6. Make Sure Your Lawyer Has Dental Experience

Dental practice sales aren’t the same as other sales. Getting a lawyer with dental experience will help you navigate this transition smoothly.

7. Choose the Right Agent

It’s essential to choose an agent who has your best interests at heart. Ensure there are no conflicts, and the agent only represents you and not the buyer.

Selling a dental practice isn’t simple. It’s a complex process requiring a great deal of knowledge. CTC Associates are dental brokers with years of experience in the industry. We’ve handled numerous dental practice sales over the years. So, whether you have an endodontic, periodontic, or orthodontic practice for sale, we can help.

Contact our Colorado, Wyoming, Utah, Idaho, or New Mexico offices or submit an appraisal request here.

Posted on Feb 28, 2022
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File ID 30621167 | © Boggy | Dreamstime.com

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