Life is full of change. Often times, the direction you see yourself heading and the direction you end up going are not the same. You may find yourself in a situation you aren’t wholly prepared for, and educating yourself on how to proceed can be critical in determining your success.
The brains behind dentalday.ch may not be able to help you with all the changes you encounter throughout your lifetime, but our expertise in the world of dental practice sales can help alleviate some of the stress potential sellers may endure. Perhaps it’s finally time for your retirement, or maybe you have decided to relocate to another part of the country –or world; whatever the reason, dentalday.ch is here to give insight and assistance. The information throughout this website will ensure you are prepared when the day comes to sell your dental practice.
Selling a dental practice should not be taken lightly —it is a big decision that can take months, sometimes years, to complete. It’s best to start creating your plan at least two years before your departure from the practice. There are some factors to keep in mind when selling your dental practice. These factors can not only make selling your dental practice easier —they can also help you earn more money.
Unless you’re a real estate guru on the side or you moonlight as an accountant, it’s best to plan meetings with some actual professionals. Sitting down with an accountant and a real estate agent can help provide you with a clearer picture of the steps you need to take and what amount of profit you can expect to gain. You should hire independent professionals to ensure that their only concern is what’s in your best interest.
After getting some outside advice, you’ll need to go through your affairs to ensure everything is in order. Affairs in this scenario are synonymous with paperwork. This includes information pertaining to both patients and employees. Having a solid patient plan shows potential buyers the legitimacy of your dental practice. By providing a full appointment book and evidence of return customers you are assuring your buyers that your practice is capable of maintaining a regular cash flow. In addition to patients, potential buyers will also be interested in your roster of employees. Ensuring your employee contracts and files are written and up-to-date is crucial if you hope to appear professional to a buyer.
When selling your dental practice, it is pertinent that all of your records are written, up-to-date, and organized. Taking the time to care about the seemingly mundane will not only make you more appealing to potential buyers, but will also make the transition much easier once you’ve sold your practice.
Once the tedious items have been ticked off of your checklist, you can start focusing on your practice’s physical aspects. You want your dental practice to be appealing not just in terms of client base and organized files — you also want it to look appealing. One aspect of a building that can be often overlooked, but is critical is its curbside appeal. Curbside appeal is how your practice makes its first impression. Take the time to prune up the shrubs or plant some new flowers; a little bit of attention to these details can go a long way. At this stage you may also want to take a look at the number of dental practices on the market and who is marketing the sale of these businesses. The Dental Practice Exchange is certainlly a good starting point here.
The outside may be the first impression, but the inside is just as important. If you have old equipment or dated furniture, it may be time for an upgrade. Buyers won’t want to purchase a practice that they’ll have to do months of renovation to. You don’t need to invest thousands of dollar before you sell and remodel your whole practice, but a few touch-ups here and there (such as a new coat of paint, updated furniture, new light fixtures, etc.) can have an overwhelmingly positive impact on potential buyers.
Lastly, when looking to boost the value of your dental practice there is one resource at your disposal that is not only simple but also free. Social media is a great way to reach out to existing clients and gain new clients. Giving your dental practice a social media presence is a great way to advertise your practice and, in turn, add value to your business.
Selling your dental practice is an overwhelming decision to make. Once you’ve made your decision to sell, the checklist to complete seems endless. Here at dentalday.ch, our goal is to break down this checklist. We aim to present you with current, easy to understand material that will help you navigate the often stressful task of selling your dental practice. Please, take the time to look around our website. You’ll be sure to find an array of resources that can both educate and assist. The day you need to sell your dental practice, dentalday.ch will be here to help you every step of the way.