Dental Brokerage Towson | How Long Does It Take To Sell A Dental Practice?
Dental Practice Sales & Transitions
Selling a dental practice can be a lengthy process. There are many factors and moving parts that can affect the time it takes to sell your practice. Sometimes, however, the stars align and the practice sale is smooth is effortless. By choosing an experienced broker, you’ll be able to avoid many of the common, time-consuming pitfalls 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, shortening the length of time needed for the sale. Business in more remote locations can still be sold successfully, but it may be a slightly longer selling process.
Factor #2: Annual Collections
Annual gross collections give potential buyers a feel for the amount of income they will be able to make if they choose to buy your practice. For this reason, the 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 #3: Tangible Assets
Tangible assets include any physical pieces of equipment that will be included in the sale of the dental practice. Some buyers look for modern, up-to-date equipment.
Factor #4: Broker Experience
Another factor in the speed of your sale is the experience of the dental broker you choose to handle the transition. Dental brokers are responsible for appraising your practice and assigning it a sales 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 enlist the help of Schiff Dental Brokerage for your transition, you’re getting one of the most experienced brokers in the business. Allen Schiff has over 35 years of experience in dental practice management and transitions. He and his team have helped hundreds of dentists successfully sell their practice, and have the knowledge and confidence to find qualified buyers and negotiate with your interests in mind.
If you’d like more information about our practice sales services, contact Schiff Dental Brokerage today.