Whether retirement is in the not too distant future or you’re looking for a change in location there may come a time when you need to sell your practice. Here are five things you should know before taking that plunge.
You need to understand the market
Don’t decide to sell on a whim. Do your research. Know what’s selling. If the market for dental practices is in a slump wait a bit to sell. Pair up with an expert in dental realty. He or she will be a huge help in knowing the right time to enter the market (and, of course, how to handle everything that comes after).
Keep things fresh
Just because you love the look of your office doesn’t mean potential buyers will. Make sure the look and feel of your office, as well as the technology you have, is up to date and not too personal to your tastes. This is particularly important if you’ve owned a private practice for years. Too much of your unique personality, no matter how winning it is, probably won’t help sell. Potential buyers should be able to imagine themselves practicing there.
You will need to continue practicing
The sale of your practice will not be a quick turning over of keys. Instead there will be a transition period where you will need to work with the new owner to make sure everything is in place. This will help ensure the new owner and the current staff and patients have a solid foundation on which to build their new relationships.
Get your practice appraised
Knowing where your practice value is at is vital to listing it at a fair sell price. Also, if the appraised value isn’t as high as you’d thought you can take the time to work on increasing the value before it hits the market. So find a trusted professional who has valuation experience in the dental field and uses a certified evaluation process and let them do their thing.
Your reviews matter
Before you decide to sell, make sure your practice is in good standing with your patients. Bad word of mouth or online reviews can negatively impact your sale. After all when you sell your practice you’re often leaving the new buyer with your current patient list. If they’re not totally happy with your current practice, instead of sticking around during the sale, they’ll simply look for dental care elsewhere, making potential buyers much harder to come by.