Top 5 Questions Asked By Dental Practice Sellers
Concerned clients ask us many questions and a lot of them seem to be of a similar vein. We’ve decided to put together a list of the most frequently asked questions regarding the sale of your dental practice in order to keep you well informed during what can be a stressful time.
- How do I know if selling is the right choice?
It seems like a cop-out to just say, “when you know, you know” but there’s some truth in that answer. You should also take into account your health, your age, your finances and your future plans. But in the end, you’re the only one who will really know when it’s time.
- How long will it take to sell my practice?
This depends a lot on your practice, your motivation and the current market. Some practices have had offers within the week; others can take over a year. This is a question whose answer depends on many factors.
- What do I tell my patients and staff during the sale?
Before documents are signed and the sale is final, say nothing to your staff or your patients. The consequences of discussing the sale prior to finalization can have incredibly counterproductive results.
- What will it cost to sell my practice?
In order to make sure you’re being as responsible as you can about the sale of your practice, it’s important to hire an accountant, an attorney and a broker or a consultant. The best way to be cost efficient when hiring professionals is to make sure you’re doing cost comparisons and making sure you’re receiving a fair price.
- Are there steps I can take to make the sale easier?
Of course! You can begin taking steps to make the sale of your practice as smooth as possible, even years before you sell. The specific things you should be doing are specific to your practice, so consult with a professional if you’re planning to sell.
If you have any other questions regarding the sale of your dental practice, please contact CTC Associates, available to help those in Colorado, Utah, and New Mexico.