There comes a time for those running a dental practice to consider transitioning and ensure that the business is well positioned to attract buyers. Regardless of how profitable your practice has been, it is crucial to
When a buyer walks through the door, your office should showcase the practice which means it is crucial to tune up the equipment and clean up the facility. It is not necessary
Maintain Patient Numbers/Production
Obviously, the most important metric for buyers is the number of patients since this will indicate whether the practice is vital. In the current market, attracting new clients may require setting up a website, implementing a digital marketing plan, and having patients complete online reviews.
Additionally, heading into retirement, avoid the temptation to slow down or take a vacation and maintain your historic production levels.
As a general rule, fees should be evaluated and adjusted on an annual basis based on what the market bears in your location. If it has been more than a year, adjust your fees before putting the practice on the market
Selling a practice ultimately requires providing prospective buyers with a lot of financial information including financial statements, accounts receivable, credit balances for the prior three years as well as potential lease issues. In the
The Bottom Line
In the final analysis, it is never too early to plan for selling your dental practice. In fact, you are well advised to start preparing for the sale three to five years before taking it to the market to ensure a smooth and successful transition.