Selling a dental practice is not a short-term sprint to the finish line but, with any luck, the culmination of a long, successful career. Each practice broker is different and comes with their own set of skills, experiences, marketing strategies, and expertise. A dental practice with a prime location will have greater resale value than a practice in a remote location will. However, sometimes the pressure can be too much. You may be wondering, why are these last two benefits if you plan on retiring?
This is due to how your practice originates new patients. Once you start thinking about retirement, it's tempting to cut back on your working hours or patient load. When you're ready to put a dental office for sale, one of the first questions dentists ask is "how long does it take? " Much of this paperwork will be the same no matter what route you choose—for example, you will need to compile financial statements, growth projections, personnel records, pricing, and HMO/Medicaid statements. How was this possible? This sale, combined with the sale of your practice, will almost always yield the highest dollar amount for the sale both together. The annual gross collection will give the potential owner a good feel for the amount of money they will be able to collect if they decide to purchase your dental practice. Set Realistic Expectations for the Purchase Price and Post-Sale Terms.
As a broker, I gather all the needed information in advance so that you only need to gather once. Hiring a dental broker will allow you to have the most successful and stress-free transition of the practice. Reasons could be that you cut back a day a week or you took off six weeks for surgery. You may want to finance part of the sale of your practice especially if the buyer is a recent dental graduate. What Buyers Consider When Evaluating a Practice.
In fact, being upfront with patients may prompt them to finish out a treatment plan before you leave because they trust you to do the necessary work. In doing so, not only will you want to know what your practice is worth today, but you'll also want to understand how to maintain its value until you are ready to sell. Most dentists who are running a thriving practice have no firsthand experience with what today's would-be buyers want. A young dentist with student loan debt will likely be looking for a practice with large collections but qualifying for financing will be a challenge. Unless you own the property and plan on selling it along with the dental practice, your next step is to introduce the buyer to your landlord.
Selling a dental practice is an involved process and the stakes for everyone are very high. As you prepare to put your practice up for sale, it's important to note that these key performance indicators will be reviewed for the previous three years or more. Another factor to consider is the tax ramifications of the sale of both. During the interview process, your list can guide a productive conversation that will help you ensure you are on the same page and can successfully work together. Their existing patients are their most effective marketing. A dental broker is experienced in selling dental practices. If your equipment isn't as modern or high-end, it may affect your appraisal.
In the build up to a practice sale it's natural to wonder about time frames and fantasise about the completion date. Upon introducing the buyer to your landlord, your next order is to ensure the details of the transition are completed before the closing date. You can create a bigger asset that increases, year after year. If you wish to hold on to the building and gain some passive income, the buyer may request an option to purchase in the future or the first right of refusal before you can sell the building to someone else. Finally, nearby dentists have the most to gain by opportunistically taking patients away. Be clear about your intentions if it is not a retirement sale. Work with that trusted accountant you already identified to prepare the reports and data the buyer's lender will require. Prospective buyers will want to see financial statements to get a better understanding of your practice's financial health. In general, the more narrow your search, the longer it will take. There are certainly a number of competent dental practice brokers in the market, but if your conversation with them begins with a stack of confidentiality agreements you should question who benefits most from that secrecy.
If you have three treatment rooms with no place to expand, they may not pursue it. "Some transitions will sell as quickly as one month, and some can take years. This security, along with your previous success and good credit rating, has great appeal to potential investors. Past performance is a good indication of whether a dental practice will be successful in the future or not. Often smaller practices do not have enough cash flow to support the buyer's obligations. Practice transition is perhaps one of the most significant decisions of your life as well as theirs, so give them what they need to complete their due diligence. Areas to focus on, include: - Review all expenses and pay strict attention to overhead. Lenders will require a down payment or for you to carryback the down payment. That's why it's best to call Dr. Gary when you're first thinking about selling your practice. The time it takes to agree the actual deal will vary, but for popular practices the terms are often settled in four weeks, after allowing time for viewings and a bidding process. Some potential issues that could hinder the sale of your practice include: Prepare Your Covenant Not to Compete for Contracts. You'll need to turn that dream into a concrete plan.
The perfect opportunity may not look like you expect it to. Which practice do you think is more likely to maintain momentum? Making the information available opens up so many more channels to bring potential buyers to you. 70 (after taxes) = $595, 000. Here are just three quotes from different sources: "The length of time it takes to sell a dental practice varies greatly depending on several factors. Determining the Value of a Dental Practice. Review the merits and weaknesses of your practice with your accountant and an unbiased, experienced professional. Your practice may be market ready even if you don't have the most up-to-date equipment or technology. They are also responsible for overseeing the transition process between you as the current owner and the potential owner of your practice. It's a family operation. If you have the facts to back up why your practice is valued at a certain price, you have a higher chance of selling your practice than someone who has their practice priced by someone unfamiliar with the dental market. However, if the community knows that a dentist is considering selling their practice, there can be benefits to that transparency. Bill works with several agents at Oxford as well other agencies. Let's take a look at the important aspect of the financial part of how to sell a dental practice.
Market value—This is the price that's most commonly paid for an asset at a given time. Don't be shy about hiring experts who can help you get your office into top shape. Use the "search" phase to interview three to five lenders. As a result, you should maintain full operations before and during the selling process. Enjoy the next step in your journey, wherever that might be! An experienced broker knows the intricacies of healthcare transitions, helping to secure financing and negotiate on behalf of the client while protecting the integrity of both buyer and seller. The Practice's Annual Gross Revenue. Preparations need to begin long before your practice is listed. If you haven't informed your staff of the transition yet, now is the time to do so. This is normal; just as you might make upgrades to your house before selling to help it move faster, it is common for dental practices to make upgrades to support growth before a sale, partnership, or affiliation.
These vary depending on the dental broker you talk to. It's a waste of the selling dentist's time to get overly involved in this area. Have written contracts in place with your associates. Assess the Appearance of Your Office Suite. The allocation of the asset purchase value determines the seller's financial tax obligation. He eventually sold his interest in the practice in 2017, retiring completely from chairside dentistry in 2018. Be especially open about location. Now that you have started getting offers, you'll move into the financial aspects of the sale. As you begin to consider selling your dental practice, you may think that you simply need an attorney and an accountant. However, dental practices in remote locations can be successfully transitioned!
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