Increasing Your Dental Practice’s Value at the Time of Sale | Dental Brokerage Baltimore MD
Dental Practice Sales & Transitions
As a dentist, you probably thought that one day you would eventually sell your entire practice. Have you ever considered that selling your practice could leave you with a hefty departure check? When selling their practice, dentists use a variety of strategies to maximize their ROI.
Considering selling your practice in the near future? Continue reading, as we’ll discuss key ways to make your practice valuable at the time of sale.
Don’t forget the little things.
Negotiations can be won or lost by small details, so you should never ignore them. The first step is to keep your practice up-to-date and fresh in order to avoid the appearance of rust and decline. This can be done by simply updating some of the older equipment, getting new carpet, setting fresh flowers, updating old furniture, and painting the walls.
The key to selling is to have a large patient base.
Goodwill and a patient base are the most valuable assets of any dental practice. It is not a wise idea to hold onto your practice beyond its productive years. We have all witnessed this. Over time, the practitioner who once worked a full schedule reduces his workload from 5 to 4 to 3 to even fewer days per week. In any business, this type of “erosion” simply affects profitability, activity, and ultimately sales.
Want to maximize the value of your dental practice when you sell it? You should sell your dental practice when it is vibrant, busy, and operating like a business rather than a hobby.
In addition to maximizing your return, our team can assist you in exiting the business when YOU choose.This is done while transferring operations to someone else, the business side to someone else, and the headaches and staff interaction to someone else. Cash out your equity and continue practicing!
Equipment plays an instrumental role as well.
Modern practices attract a broader range of potential buyers, and more potential buyers equals greater bargaining power.If you plan to sell your practice within a year or two, upgrading some furniture and equipment will yield a much higher return on investment.
The importance of staff
It is possible that how you rate your staff will differ from how someone else rates them. Potential purchasers also take a close look at the staff members associated with the practice. You should give a wake-up call to any member of your team who you feel is holding you back from reaching your goals. A potential buyer may also see staff turnover as a red flag.