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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 improved upon.
- 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 philosophy.
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.