Target These 5 Potential Buyers to Sell Your Dental Practice Fast! | Baltimore Dental Practice Sales
Dental Practice Sales & Transitions
You may be considering selling your valuable dental practice, or you may have already started the process, but the sale isn’t proceeding nearly as quickly as you had hoped. The right circumstances will highlight your practice in the right light and elicit the desired results for your dental office and years of goodwill. For your convenience, we have compiled a list of the five most suitable buyers you can target.
A “fresh” buyer
The latest graduates may be years away from committing to anything long-term. The goal here is to reach buyers who might otherwise not consider your practice a target. You need to use different marketing tools to accomplish this, but more importantly, you need to highlight the different features of your practice “differently” every time. One advertisement might emphasize your years of goodwill, another might emphasize your specialty treatment, and a third might highlight your commitment to key employees. Each new wave of ads or promotions attracts different buyers to the same solid dental practice. Those are only a few of the decisions a dental practice broker makes every day when listing a practice.
Corporate or group buyers
Despite your opposition to selling your practice to one of the larger conglomerates, it is often the group with 5–15 practices that more aggressively pursues adding another practice. Consider leveraging if you have a group practice interest. By selling to another company, you may be able to consummate the sale or secure better terms. Taking advantage of this “leverage” now puts the decision to sell your dental practice squarely in your hands!
Merger transactions have become commonplace over the past decade! A practice (telephone number, goodwill, patient charts, and selected equipment) is moved to another existing or ongoing practice and “combined” or merged into it. There is the possibility of merging the buyer’s practice with yours, but that is not very common. In order for this to be a viable option, your lease and facility must qualify.
The second-hand buyer
These dentists have their own practice but would consider opening an additional office either to increase their workload or generate additional revenue. After the sale, you might be asked to stay on as an associate within your practice—you’d reap the benefits of selling while securing employment! Likewise, “these” buyers are marketed differently than others.
Absentee owners and buyers
Lastly, the dentist or investor is the last type of buyer to be discussed. This buyer’s interest lies in the financial stability and suitability of their overall plan(s). Additionally, this buyer ensures that you will be able to find employment after selling. Young retirees can benefit from a slower entry into retirement and additional household income, but care must be taken not to disrupt their highly ingrained daily practice delivery routines. These transactions require more paperwork for protections to be put in place. If handled correctly, this is a routine process. However, it is important to note that not every practice is suitable for this type of sale.
Ultimately, when selling your dental practice, every buyer may produce the desired result, but not all buyers respond to the same advertisement or email blast. We are here to help. We invite you to schedule a consultation with our dental brokerage office by contacting us today.
Schiff Dental Brokerage
Phone: (410) 321-7707 Ext #1205
100 West Road Suite 410
Towson, MD 21204