8 Ways to Successfully Sell Your Dental Practice
Selling your dental practice can be stressful and overwhelming! We’ve
put together a list of things that should make the transition a little
smoother for you.
- Prepare for the transition – It’s important to make sure that
everything is in its place. This is the time for organization! Potential
buyers like to see that the practice runs smoothly, and helps reassure
them that the transition will be smooth.
- Set a reasonable price – Dental practices are valued based on many
different factors, including size, location, equipment and annual
collections. Make sure you’re working with a broker who is familiar with
the local market.
- Update your financial information – Make sure all of your finances,
including tax documents and profit & loss statements, are accurate
and organized. Be sure to present your practice well and keep everything
clean and easy to understand.
- Put yourself in the buyer’s shoes – Be realistic about your
practice’s strengths and weaknesses. This is also a great time to do
some spring-cleaning. It’s a good idea to do multiple walk-throughs from
a buyer’s perspective and make a list of things that need to be
- Keep the details of the sale private – In order to lessen the stress
put upon your staff, it’s best to keep all information regarding the
sale of the practice confidential. If the news leaks, you may have
patients switching to new dentists and your staff may become nervous
about job security.
- Seek professional advice – It’s true that you know your practice
better than anyone. However, seeking and listening to professional
advice can save you hundreds of thousands of dollars by helping you
avoid costly mistakes. Seek a tax, legal and broker professional to lead
you through the sale of your practice.
- Prepare for negation – It’s important to remember that the right
buyer may sometimes be more valuable than the right price, especially if
you’re financing the sale. Make sure you’re paying attention to factors
that may offset the purchase price, including a higher interest rate or
payments, a consulting agreement or a buyer who embodies your practice
For more information regarding the sale of your practice, or to learn
more about purchasing a practice, please contact CTC Associates,
servicing Colorado, Utah and New Mexico.