Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. Five Things You Need to Do to Maximize the Value of Your Dental Practice. You'll receive the highest price for your efforts when your practice is firing on all cylinders. So, how long does it typically take to sell a dental practice? Analyzing Annual Collection and Profit Margins. He eventually sold his interest in the practice in 2017, retiring completely from chairside dentistry in 2018. However, if the community knows that a dentist is considering selling their practice, there can be benefits to that transparency.
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This idea is heavily promoted by dental brokers and has been embraced by many dentists. The guaranteed stream of income from the lease will allow you to sell your property for top dollar to an investor. Buyers may be concerned if your revenue appears to be declining without explanation. What to Do Before You Sell Your Dental Practice. It requires solid advice and sound guidance. Some ways to increase the value of your practice include: If you still a few years from selling your practice, determine whether if you would like to: If you plan to sell sooner than three to five years, consider: Additionally, if you are thinking about selling to a DSO, read our article on Dental Practices that DSOs Value the Most. Consider an office makeover, especially if it's been years since your last remodel. In both situations, the practice sells for the same amount of money. The guidance of a dental practice advisor can certainly absorb much of the workload, all while helping market your practice to a much wider network of potential buyers. In most dental practice transitions, there are three primary factors that determine how long the sale will take: Location, Annual Gross Collections, and Representation by an experienced dental practice broker. A dental practice can sell as quickly as six months or it could take five years.
Lastly, protecting the goodwill of the practice is essential and that includes communicating the transition to your team members, while also training your team to communicate this transition in a positive light to your patients. If you are looking to sell quickly, you could potentially accept an offer that is lower than your practice is worth. A dental broker is responsible for appraising your dental practice. Before taking any action that may affect your business, you should consult with a qualified lawyer or accountant. Your next step is to market the sale of your practice. And remember the 5 Musts for a Successful Dental Career. The first six months of the year can sometimes work in your favor as doctors with families ideally purchase in spring and summer and especially if the purchase will require a move.
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When selling your small business, a broker will guide you on what you need to do to maximize the value of your practice. "In a good area, the transaction can happen in as few as 6-12 weeks after the valuation is completed. For more information on making the announcement of your sale, read our blog, Communicating Dental Practice Transitions to Your Team and Patients. Your active patient count is a key asset for the value of your practice.
If you are not yet digital, consider installing a system — especially if you will not be selling in the very near future. Promote Benefits of Your Community. Should You Sell Your Building With Your Practice? Or, talk to a dental support organization that has a specialization in transitions. Transparency should begin long before the transaction itself and include patients, the dental team and even dental colleagues. This will include financial performance, staff management, new patient flow and the total number of active patients. Your ability to retire will directly impact which option you choose. A good buyer won't be looking at just your practice; they will look at several practices and buy the best one in their price range. It can also potentially diminish the value of your practice if you do eventually decide to sell it. Understanding the factors that affect the sale of your dental practice is important even if you're a few years away from listing it for sale. Will your staff leave when you announce you want to sell? Simply look at the projection an advisor may have given you for retirement.
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If you need assistance, ask for it. After the appraisal, they will offer suggestions on ways to improve your practice in ways to promote it's sale successfully. A teaching and/or research gig? Upon valuing your dental practice, your next step is to consider hiring a broker or another professional to assist with your sale. The allocation of the asset purchase value determines the seller's financial tax obligation. Questionable or unclear financial documents can be a deal killer. 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.
Where do you see yourself in three, five and 10 years? And begin assembling your file while things are relatively calm. Typically, once these systems are built out, you will have the same benefits, i. e., the margin of time and money that you were hoping to have in retirement. 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. Skip down to the section with our sample timeline for dental practice transition. If your equipment isn't as modern or high-end, it may affect your appraisal. Selling a dental practice is an involved process and the stakes for everyone are very high. In fact, in rural areas or smaller towns, we encounter dentists who desperately want competing practices to stay open to provide adequate access to care in their communities. Practices with equipment less than three years old have a leg up on practices with equipment that is old or needs to be replaced.
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But you will want to make sure they also understand your new role in the changing practice. Influencing Factors on the Sales Process. The area surrounding your practice will dictate the new owner's professional future and possibly influence the purchase of a new home. Many dentists I have worked with have tried this approach. First impressions matter, especially when selling a dental practice. However, there are some states that require the owner of the dental practice to be a licensed dentist. Marketing a Dental Practice for Sale.
They are trained to oversee the transition of your dental practice as well as the small details which may be overlooked. For example, if you are trying to sell a fully updated practice in a highly desirable area with strong financials (and you have all the documentation in order), you may be able to sell in just a couple of months. It's best to get expert advice on what, if anything, needs to change. So, what options do you have, and what are the pros and cons of each?
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Plus, by respectfully declining candidates, you are freeing them up to find their perfect match. You may also opt to stay active in the practice or slowly phase into retirement as you step away from daily activities. You could do a stock sale, which has the added benefit of better tax treatment on the sale. Assist with financing options and availability. Practices are valued within a wide range of 60% to 85% (sometimes more) of annual collections. If your practice has a high volume, this won't be as much of a con, as they can take on excess patients. ) Dental practices in many states are governed by the corporate practice of medicine, which prohibits corporations or individual investors from owning a dental or medical practice if they are not a dentist or medical physician. A well-prepared answer will give a buyer a level of comfort, encouraging them to pursue the opportunity to buy your practice. However, know that you will have to put in significantly more effort. Is it full retirement? To make sure you don't miss out on any offers — or that the buyer doesn't lose interest — you should respond to all offers within a reasonable amount of time. During this time, both parties finalize negotiations and draft the purchase agreement. Once a deal has been struck and deposits have been taken, it is often much easier to track your sale as to where it should be in relation to the average sale. All communication must go through the buyer's and seller's lawyers.
Whether you have a stock portfolio, real estate, or a dental practice, someone must manage it. It is much easier to take the time to find the right professionals – who have navigated the intricacies of dental practice transitions – now, before crunch time. This could contribute to a decline in annual gross collections and, in effect, the desirability of the practice. After getting your practice valued, you should consider hiring a broker or another professional for assistance on the sale of your practice. As long as you are not involved in providing dental care, you are able to own the dental practice. Curious about dental practice valuations? Your practice may be market ready even if you don't have the most up-to-date equipment or technology. Go through each room of your office suite, organize everything, and look at it from a purchaser's point of view.
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At our core, US Dental Transitions was founded by a dentist with more than 25 years of experience, so we truly understand the complex, emotional and financial ramifications of perhaps the biggest change in the life of a practitioner. If you have a super practice and good credit rating, you should consider selling the property to a third-party investor. Appraise Your Equipment & Replace or Remove Older Items. Involve your spouse or partner in your thought process to make sure you are on the same page. While these terms are non-binding, the document ensures that you and the buyer are on the same page, and once you agree to the LOI, your next of business is to negotiate and agree to the Asset Purchase Agreement (APA). The last thing a buyer wants to do is redecorate after they paid a fair value for your practice. Present yourself well "on paper, " look at your financials from the perspective of your buyer, rethink all those "perks" and hidden assets, and make sure the financials are easy to understand.
Considering Offers and Negotiating. You can transition as gradually or as quickly as you desire.
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