How to Sell a Dental Practice:
Steps to Take for a Successful Dental Practice Transition
By now you have decided that selling a dental practice is the right decision for you; however, this realization raises a newer, even more complex question — how to sell a dental practice?
Talk to a Dental Practice Broker and a Financial Advisor
The first step in looking at how to sell a dental practice is to talk with professional advisors like a dental practice broker and a financial advisor. Partnering with consultants experienced in dental practice transitions like a CPA, financial advisor, and dental broker are the best place to begin.
The expert dental brokers with ADS Dental Transitions have helped dentists across the country with their dental practice transition needs.
Get a Dental Practice Valuation
The second step in our guide on how to sell a dental practice is to get a dental practice valuation. A professional dental practice valuation should be completed by a trusted dental practice broker with experience in dental practice transitions.
Marketing a Dental Practice
Once the dental practice value and price has been determined, marketing a dental practice will be the next step. A dental broker will help create marketing material to share everything about your practice with potential buyers.
Creating a Prospectus (material that shares both narrative and financial information) will be key to highlighting what makes your dental practice special. This material should be marketed to dentists looking to buy a dental practice in dental practice listing directories.
Determine Which Type of Dental Practice Transition is Right for You
The dental practice sales process can be customized for what is best for you. Common types of dental practice transitions and purchase options can include a “Phased Buy in” where you have room to hire an Associate for a year or so, and then sell them 50% or 100% when they are ready.
Another type of dental practice transition is the “walk away” sale where you find the right buyer and execute a reasonable transition period – then walk away without further obligation.
Additionally, group dental practices and DSOs are becoming more popular with multiple practitioners sharing overhead and expanding hours and services. It’s worth determining what your practice can afford before determining the best type of dental practice transition or purchase option for you.
Determining How to Sell a Dental Practice is Easier with
an Expert Dental Broker
Your dental broker will help craft the best custom exit for you. Each decision you make might create a few more that you didn’t expect. An experienced dental practice transition consultant can see these obstacles and challenges early and ensure you stay on point as the process becomes more complicated.
Remember, your dental practice transition expert relies on years of experience navigating complicated transitions. Your patients may not understand every nuance of a complicated dental procedure, but they trust you, with years of specialty experience, to guide them. ADS Dental Transitions will be committed to the same support on your journey – lean on us, partner with dental brokers you can trust.