How To Sell a Dental Practice
There are many factors to consider when approached to sell a dental practice. Research should be conducted on fair market value and the different types of sales. You can attempt to sell your practice on your own, or work with a consulting firm that specializes in the sale of dental practices.
Deciding to sell any business is a big decision with many factors to consider. Deciding to sell a dental practice can cause worry and stress that your patients will continue to be met. Here are some steps to take to get your practice sold.
- Do your research. You will need to determine the fair market value for your practice and then decide if you are comfortable with the sale price you realistically expect to receive.
- Decide what kind of sale you are interested in. You can either sell the practice now for present value or continue to build your practice and sell for a higher price down the road, when and if it is more successful. You can commit to a buyer now with an agreement to sell at a later date.
- Know your payment options. Options include the total purchase price paid in cash at closing, accepting payments with interest or having funds directly deposited into your retirement account.
- Consider what you want for your practice. You may just want to be done with it and are open to a new dentist taking it in a different direction. On the other hand, finding a dentist with a similar background and priorities to yours might be important in an effort to keep consistency among staff and patients. Knowing your feelings will help you evaluate offers.
- Put your practice on the market! A consulting service that specializes in dental practices can explain options to you and help determine the best choices to meet your goals. It is possible to sell your practice without hiring a consultant, but a firm with expertise in dentistry may be well worth investigating. Working with a realtor is another option. If you decide to sell the practice on your own, a strong marketing strategy is important. A broker that specializes in dental practices may be able to point to leads (for a fee). Contact dental associations and trade publications. Network with other dentists. Notify dental schools. Perhaps a recently graduated student is interested in purchasing a practice.
- Give your office a fresh coat of paint and thorough cleaning. Make everything appear as neat and attractive as possible. Ensure operations are running in a friendly, organized and efficient manner. You never know when a potential buyer is going to call or walk in!