Baltimore Dental Brokerage | How Quickly Can You Really Sell Your Dental Practice Brokerage
Dental Practice Sales & Transitions
Selling a dental practice can be a lengthy process. After all, you are not just selling a practice; you are selling a collection of assets. So there are many factors and moving parts that can affect the time it takes to sell your practice.
Sometimes, however, everything goes well and the dental practice sale goes smoothly. By working with an experienced dental broker – a specialist in dental-specific transactions – you should be able to avoid many of the common, time-consuming problems that can arise. Here are a few main factors that may impact the selling process.
Factor #1: Location
Practices in prime locations have greater value and are in higher demand. Often, this means it takes less time to sell. Businesses in more remote locations can still be sold successfully, but it may be a slightly longer selling process. Other factors include the neighborhood in which the practice is located and how accessible the building is from major streets.
Factor #2: Tangible Assets
This type of asset includes the physical equipment that will be included in the sale of the dental practice. Some buyers specifically look for modern, up-to-date equipment and are willing to pay a higher price for it.
Factor #3: Annual Gross Collections
How much does the practice make? Annual collections give potential buyers a feel for the amount of income they can expect to make if they buy your practice. For this reason, selling time can be dramatically reduced if you begin the transition process while your practice is thriving. By keeping collection numbers up, patient retention rates high, and establishing a strong, positive reputation, you can expect the practice to be in higher demand, therefore shortening the time needed to sell.
Factor #4: Your Dental Broker
Another factor in the speed of your sale is the experience of the dental broker you choose to handle the transition. These professionals are responsible for appraising your practice and assigning it a fair sale price. They also meet with buyers and handle negotiations. Less experienced dental brokers can potentially take longer to find buyers and negotiate effectively.
When you choose Schiff Dental Brokerage for your dental practice transition, you get exceptional experience. Allen Schiff has more than 35 years in dental practice management and transitions. He and his team have helped hundreds of dentists successfully sell their practice. They have the confidence and knowledge to locate qualified buyers and negotiate with your interests in mind.