Best Dental Brokerage | How Much is Your Practice Really Worth?
Dental Practice Sales & Transitions
Determining the value of a dental practice requires a careful analysis of assets and expenses. Identifying these assets prior to a dental transition can be confusing, but Schiff Dental Brokerage, LLC has a team of experts ready to help. Here are assets we want you to consider when preparing to sell a dental practice.
The cost of overhead may not always be considered an expense. If your overhead costs are less than your profits, this may be considered an asset. Talk to our team at Schiff Dental Brokerage, LLC to determine whether your overhead costs are assets or expenses.
To determine the value of your practice, it is important to the buyer to know whether profits will continue. A major determinant of continuing success is patient retention. Therefore, your patient files may be considered an asset when selling your practice.
Over time, your practice earns a reputation. Positive feedback and patient loyalty can only spell success for the buyer. Therefore reputation, expressed as practice growth, good reviews, and patient retention, may also be considered an asset.
The location of your practice can greatly affect your buyer’s continued success because it determines patient mix, among other things. Other factors that help determine if your location is an asset are parking and visibility. Having a convenient location is also considered an asset when valuing your dental practice.
An obvious practice asset is the equipment obtained over the course of ownership. Along with equipment, the procedures you perform at your office can be considered an asset. This allows for the buyer to offer the same procedures and potentially continue earning the level of profits that you’ve established.
Lastly, and some may say most importantly, is your team. Your staff has gained a vast knowledge of dentistry while working with your practice. They’ve also come to know the community and patients that visit your office. An experienced, friendly staff is a valuable asset to any dental practice. It is important to consider them when valuing your business.
Knowing your assets is the most important first step in practice valuation. Quantifying all the factors that make your office unique may seem daunting, but with the help of our specialist team at Schiff Dental Brokerage, LLC, we can walk you through it successfully. Contact us now to learn more about our expertise in dental practice valuation.