When economic forecasts are cloudy for coming years, people are generally skeptical about spending money. If you’re selling a dental practice, you may think this means you’re stuck for a while. That’s not necessarily so. Build a sure sale dental practice and the economy won’t stop you.
Even in a slow economy, people are trying to succeed and invest in their futures. There are dentists looking to buy practices. In fact, the start-up costs of building a new practice make buying an established one even more attractive. You just need to know how to sell a dental practice so potential buyers can’t refuse.
- Have all your paperwork in order.One of the aspects of buying or selling a dental practice everyone hates is gathering and analyzing paperwork. There are certain documents your buyer’s lender will want to see before they will approve the sale including several years’ tax information, payroll records, yearly profits, benefits paid and owed, etc. Talk to your bank or accountant and find out what all you will need and get it ready in advance. Put it in an easy to read format and highlight positive trends and good numbers. Add other information that will be helpful for your buyer such as lists of equipment, holidays taken, open hours, contributions to 401K, etc. This could save you a month of during the sale.
- Keep your practice up to date.If you were buying a dental practice, you would look at the initial investments you’d have to make right off the bat. Does the charting system use the latest technology? Is equipment up to date? Are the building and parking lot well-maintained? It may take some time, but modernizing your practice will ensure you a higher sale price and quicker sell.
- Set up an easy transition.Beginning a new business is much less stressful if you come in with an established clientele and your staff is knowledgeable and excited to move forward. If you can ensure this, it will be a huge selling point. Build up your client base as much as possible and promise ringing endorsements for your replacement. Prepare your staff for the change so the new owner can hit the ground running. Offer to spend some time training your buyer before you leave. A smooth transition will disburse much of the discomfort that comes along with a huge purchase.
If you make your practice something you’d want to buy yourself, you’ll attract serious buyers. This is how to sell a dental practice no matter what the economy is like.
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