How To Successfully Sell Your Dental Practice

Making the decision to sell your dental practice can be overwhelming and stressful. We understand that this can be a difficult transition, so we’ve included a list of things that can help to make this process a little easier for you.

TIPS ON SELLING YOUR DENTAL PRACTICE

• Be Prepared – This is the time to make sure everything in your dental practice is organized and in its place. Potential buyers want to see that the practice runs smoothly.
• Set The Right Price – Your dental practice may be priceless to you, but being realistic about the selling price is very important. Your practice will be valued based on a few factors. These factors include the size of the practice, and its location, equipment, and the annual collections.
• Update Your Records – Make sure your finances are organized and accurate. This includes your profit and loss statements, tax documentation, and other financial information. This will make your practice more presentable, helping things to be clear and easy-to-understand for potential buyers.
• Do A Walkthrough – An important part of selling your practice will include a walkthrough from the point of view of a prospective buyer. Be aware of the strengths and weaknesses of your practice and make adjustments accordingly.
• Get Professional Advice – We understand that you know your practice better than anyone else. But now is the time to seek professional advice regarding the sale of your practice. This includes legal, tax, and broker professionals. This will not only help your sale happen more quickly and smoothly but can also end up saving you thousands of dollars by avoiding costly mistakes.
• Keep The Details Private – It’s a good idea to keep the sale of your practice to yourself for as long as possible. Otherwise, your staff may begin to get nervous about job security and your patients may begin looking for a new dentist.

For more tips on practice transitions, or with help on how to properly market your dental practice, please contact Pro Dental Designs today. For dental practice transition consultants please review National Association of Practice Brokers (NAPB)