Tips on Selling Your Dental Practice the Right Way
The sale of your dental practice is not a process you should enter lightly. After all, you've been working your entire career, building up to this moment. It's important that you have your bases covered during the transaction. That's why working with a strong dental transition team is so critical.
You’ve spent your entire professional career establishing, nurturing and growing an amazing dental practice, but now it’s time to move on and enjoy the fruits of your labor. But before you slap a For Sale sign on the curb and walk away, take a moment to think about the actual process involved when it comes to selling a dental practice.
This is a big moment in your career and you only have one chance to get it right.
Determining how to exit your business can be just as important as the strategy you implemented when you set up your practice years ago. From ensuring that your nest egg is large enough to provide you with your desired retirement lifestyle to maintaining strong relationships with others associated with the practice long after you’ve taken your degree and licensure off the wall, a considerable amount of thought should be put into your efforts before forging ahead. Fortunately, you don’t have to take on the challenge alone.
CALL IN THE EXPERTS
If you are looking to maximize your return on investment, working with a qualified dental transition company is essential. Transition professionals, particularly dental practice sales experts who work exclusively with dentists, are uniquely positioned to address your specific concerns while effortlessly guiding you throughout the entire process.
For years, dental professionals have trusted qualified dental transition companies for sales assistance because of their excellent ability to:
IDENTIFY AN ACCURATE VALUE
Because of their extensive portfolio of completed transactions, dental transition companies are oftentimes the go-to resource for market insight, best cash flow practices, location assessment and practice valuation expertise.
ENSURE CONFIDENTIALITY
Oftentimes, dentists want to keep the news that they are selling the practice under wraps until just the right moment to avoid startling employees and patients. Dental transition experts are in a unique position to effectively balance your need to market the practice, answer calls and evaluate potential buyers while maintaining business as usual.
CALL UPON PAST EXPERIENCES
Practice transition companies are well-versed when it comes to properly structuring a sale. Because they have “been there, done that,” they know how to streamline the process without putting additional burden on the seller. Furthermore, they are sure to easily clear the many hurdles that tend to arise along the way.
PROVIDE HIGH-QUALITY REPRESENTATION
Because of its fantastic ability to provide you with current income while building equity over time, your dental practice is easily your most valuable asset. Therefore, you are going to want to be sure to have someone on your team who is capable of adequately negotiating its value on your behalf.
MAXIMIZE THE SELLER’S RETURN
Your business is worth more when it’s taking on new patients and maintaining full office hours, so don’t be tempted into slowing down. Ensuring that your practice is fully functional amid the selling process is incredibly important if you want to realize your practice’s full value. A dental transition professional can help make sure you don’t miss a beat while your practice is on the market.
Still not sure if it makes sense to get a dental transition company involved in the sale of your practice? Visit the PMA Practice Transitions website at or call Matt Scherer at 330-335-9042 to learn more.
