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The Importance of Planning When Selling Your Established Dental Practice

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The procedure of putting a dental practice up for sale is similar to that of getting any other business ready to be taken over by new owners. The approach involves a great deal of thought and consideration. Unfortunately, poor planning in this area can lead to a number of problems that may cause the sale to either fall through or be undervalued.

Here are some crucial factors which highlight the importance of planning when getting ready for the sale of dental practice that you own:

Planning Ahead of Time Has Its Benefits

Planning your exit is essential and always requires a thorough investigation. It is advised to begin preparations and start planning at least one to two years in advance. There will be occasions when you encounter obstacles like unreliable purchasers, undervaluation, and last-minute cancellations. Keep your motivation high.

It also gives you time to prepare your paperwork. With the help of attorneys and business assessors, you'll need to show thorough documentation for the sale of dental practice. Be sure to prepare all the necessary paperwork well in advance. It also allows you time to not rely solely on offers from large corporations, as these firms may have vested interests that lead them to make conservative offers.

Helps You Hire a Reliable Agent

Never undervalue the advantages of working with a reputable agency. Whether selling to a corporation or a business partner, a dependable agent for the sale of dental practice can successfully lead you through the process. Make sure you hire one as soon as you start thinking about selling your practice.

An important factor to consider as well is whether your property is freehold or leased. Make sure your lease is still in effect for at least 10 to 15 years. This will assist you in obtaining the market's finest price. You can obtain assistance in discussions and other negotiations too. Never try to enter a negotiation without first consulting your agent, as there is a potential that you will be outwitted.

Conclusion

Make sure you are ready for the transition process and what follows if you are looking to sell your dental practice. Contact CTC Associates as soon as possible for more details or to help you through this process.

Posted on Sep 26, 2022
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