How to Sell A Dental Practice
Selling a dental practice is a process, not a singular event. Relocating your business or transitioning into retirement requires extensive preparation, assessments, consultations and effective communication between all parties involved. For this reason, ADS dental practice brokers are dedicated to making the process as straightforward and stress-free as possible. Here's a brief outline of what to expect if you're planning on selling your dental practice.
The Initial Consultation
Before we can proceed with selling your dental practice, one of our brokers will meet with you to get some background information about you and your business. During this meeting, we'll talk with you about your goals and your ideal timeline, as well as any other special considerations our brokers should keep in mind.
To customize our sales approach, our team will start by gathering data about your business. This includes creating a professional practice & personality profile, obtaining financial statements for the practice, and assessing the patient flow and acquisition potential of the practice.
Every selling dentist deserves to receive an accurate valuation of their practice. To do this, our brokers will consider all of the variables which affect a practice’s worth including goodwill, tangible assets, location, personality, competition, market data, capitalization of earnings, prices, and reputation
Market Value Analysis & Exploring Options
After our experts have a good idea of what your practice is worth, they will start evaluating your potential options and talking with you about the current market conditions. During this stage, your broker will talk with you about potential sales options, such as pre-sales, walk away, equity partners, associates, mergers, and more.
Design a Plan of Action that Meets Your Needs & Goals
At this stage, our team will design a personalized, targeted plan of action that addresses all of your sales goals. This includes establishing some target dates, pre-transition guidelines and seller portfolios.
Marketing Your Practice For Sale
Marketing means making your practice as visible as possible to potential buyers on the market, which is easier said than done. Fortunately, ADS Transitions maintains a rock-solid marketing team that can help you to reach as many qualified buyers as possible.
Locate & Review Prospects
Finding a dentist who wants to buy your practice is only one step. Our team will review the prospect’s personality as well as their goals and objectives to determine if they would be a good match for your practice’s patients and employees. We will also review their financing potential. If they will be a good fit, we will send them an offer to purchase.
Design Transition Plan
Once you’ve found a good match for your practice, we will work with the buyer to obtain financing and discuss everyone’s responsibilities during the transition process. We will also consult with accountants and attorneys to prepare the transition.
Putting Together the Agreements
The next step in selling your dental practice is drafting the paperwork and contracts for the transition and having attorneys review the paperwork. Ultimately, we want to create a win/win situation for both you and the buyer.
Closing Review & Completion
At this point all parties involved (seller, buyer, attorneys, accountants, banks, etc.) will need to review the transition paperwork and sign the contracts, financial settlements, competition agreements and other documents.
ADS is here to help with a smooth and profitable practice transition.
ADS Transitions: With You the Entire Way
ere at ADS Transitions, we are with you the entire way—even after the sale is complete. We can advise you regarding your involvement after the deal has closed, including notifying patients of the change, handling financial considerations, and understanding your legal responsibilities regarding the new practice. We want to make sure your transition goes as smoothly as possible. To get your complimentary initial consultation, contact one of our expert dental practice brokers today.