Is Your Dental Practice Ready for the Next Phase? | Dental Practice Brokers
Dental Practice Sales & Transitions
As a dental provider, you pride yourself on offering exceptional care to patients. You are not only a provider; you are also a business owner. When the time comes, you may find yourself wondering if you are ready for the next phase, which usually means selling your dental practice. Whether you are thinking of retirement or entertaining the thought of a strategic business decision with financial gain, it is important to know how to achieve the most success when selling your practice.
Should I use a broker?
Selling your dental practice is a very impactful business decision that takes a tremendous amount of planning and negotiating. Many dental professionals may choose to use the services of a dental broker to relieve the burden of everything that goes into selling their practice. A broker can help you evaluate your practice and come up with a reasonable asking price, as well as handle any negotiations and contracts. They can also help you with the ease of transitioning out of your practice and/or assist you with any negotiated associate contracts if you choose to sell your dental practice to a corporation but still plan to provide patient care.
Is your practice ready?
One of the biggest questions most dentists may ask is how to evaluate whether your practice is in a good position to make a profit. The easiest way to answer this question is by looking at the average of your practice’s last few years of income and determining your fair market value. You will also want to evaluate your daily, weekly, and monthly production as well as research economic growth in the location of your practice. The overall size of your practice will determine how appealing it will be to potential buyers. A larger practice will appeal more to buyers as they will visualize a better margin for profit.
Marketing your business
As with any business, marketing is a necessity, and this can also help you with the sale of your dental practice. It is all in the presentation. If you market your practice correctly and to the right target audience, your chances of success in receiving high value will be increased. A larger practice may want to target corporate groups, while a smaller practice would appeal to dental professionals who are eager to own their own business. If you decide to proceed with the sale of your dental practice, make sure you have a strategic marketing plan in place to achieve better results.
The decision to sell your dental practice takes much research and careful planning, but if you create a plan by selling at the right time and to the right target market, you will have the foundation for greater success as you move forward. To arrange a consultation with an experienced dental broker, please contact our Best Maryland Dental Brokerage office today.