Understand Your Options When Selling a Dental Practice
Selling a dental practice can feel daunting, but it doesn’t have to. It’s important to understand your options, research, and identify the right partners to prepare your business for a smooth practice transition. Consult with a trusted dental broker and be prepared when you’re ready to sell a dental practice.
Types of Transition Options
There are several different transition options. Your transition options are influenced factors such as size, location, ownership and lease agreements, and overhead of your business. It’s important to find the right financial partner to help you understand your transition options and help to get your finances in order before selling your dental practice.
The first transition option is selling your practice “turn-key,” and invloves selling the practice and preparing it for immediate use.
Sell a Practice to an Associate
Another option is to hire an associate and set a date for the associate to purchase the practice in the future.
Become the Buyer’s Employee
With this option, you can sell a practice, then become an employee of the buyer.
Sell a Portion of a Dental Practice
You divide your business and sell a portion of your dental practice, and is suitable option for larger practices.
A broker can work with you to guide you to the help you choose the transition option that best fits your practice and prepare you to sell.
Determine the Value of a Dental Practice
It is important to have an accurate practice valulation when selling a dental practice. A dental broker can value a dental practice and help you understand the financial state of your business. If your practice is valued too low, your practice will sell for lower than it may be worth. If your practice is valued too high, your listing can sit on the market for a long time.
Get a Dental Practice Valuation
To get a dental practice valuation, work with a dental broker experienced in dental sales to asses your practice. A proper valuation will involve answering questions about your practice including income tax information and other records to calculate the right price for your practice.
Once you’ve decided that a practice transition is in your future, get in touch with a dental practice broker to understand your options, determine the value of your practice, and prepare your practice to get the highest return.