Learning how to sell a dental practice can help you better understand the overall process and hopefully alleviate the overwhelming aspects of transitioning your practice. However, if the community knows that a dentist is considering selling their practice, there can be benefits to that transparency. On the other hand, if you're currently trying to sell your practice and are disappointed because it's taking such a long time, read on. Like real estate, the age-old adage "LOCATION, LOCATION, LOCATION" is an important factor in determining how long a dental practice sale will take. But hiring experienced, professional brokers and planning early are the key to having a quick and stress-free practice sale. Bill works with several agents at Oxford as well other agencies.
Sale purchase contract. Too often, deals fall apart because one side simply wasn't ready. In most cases, declining an offer without any form of a counteroffer is a sign to the potential buyer that you are not interested in that individual taking over your practice. After the seller accepts the buyer's offer to purchase, the parties will need about two extra months to prepare for the transition. So, before you make the decision to sell, it's best to think through what transition you are wanting to make, and the best way to go about that transition. In fact, it will be up to the buyer to negotiate an assignment of the existing lease or negotiate a new lease with the landlord. Much of this paperwork will be the same no matter what route you choose—for example, you will need to compile financial statements, growth projections, personnel records, pricing, and HMO/Medicaid statements. Just because it took one of your peers six months to sell it doesn't mean yours will. We can do the same for you when you considering selling a dental practice. These are typically referred to as academic and real-world value. Learning how to sell a dentistry practice takes time, and can often take as long as the sale itself. The goodwill of the practice is important because it maximizes patient retention after the sale. If you're asking yourself how long it takes to sell a dental practice, it's a safe guess that you are either considering doing so as part of a transition plan, or you've already put your practice on the market but are disappointed in the time it is taking to find a serious buyer.
The percentage of your sale price associated with the assets could change the amount of income a seller is liable for with the IRS. But you must be realistic about the practice's deficiencies and correct or improve what you can. Areas to focus on, include: - Review all expenses and pay strict attention to overhead. However, as mentioned in the pros list, you do have a range of sale options to help overcome this challenge. Research suggests that insurance acceptance and convenience (location and hours) are the most common reasons that patients switch practices. Well, that's where we hit our first con. Best case scenario would be that CQC processes your application within the usual 10-12 weeks, but if you need to give notice to the NHS that could add on a further four weeks to your end date. Creating a sales and transition plan with these factors in mind can help support a faster sale and smoother transition. You could even sell a percentage of the practice at first and then sell the remainder at a future date. Some practices can be on the market three or more years waiting for the right person to come along. It makes sense that dentists would, at some stage in their career, want to take a step away from the daily activities involved in running a practice. Every dental practice is different. Making sure potential buyers qualify for financing is a critical first requirement, as there's no point in investing your time and effort trying to sell your practice to individuals who are unable to acquire a loan to buy it.
It's important to thoroughly analyze your own goals and vision for your career and practice and identify the market opportunities to optimize the sale of your practice. If you prefer to sell more quickly, you'll need to prioritize showings and appraisals and be flexible in your scheduling. You are going to be responsible for the maintenance, repair, and operating expenses of the property. Be especially open about location. As a former dentist and current dental practice broker, Dr Gary knows dentists don't like facetious answers, they like facts and data. Once you've established your transition goals, team, and overall plan, the next step is to determine what your practice is worth. Dr. Bill Lossef graduated from NYU Dental College in 1980. As you plan to sell your dental practice, it is important to plan for the amount of time the sale could take to be completed. They are: - Your readiness to sell. Their existing patients are their most effective marketing. It is also imperative to protect confidentiality by finding the right time to introduce the buyer to your landlord while not jeopardizing the closing date. Make sure the financials for your practice are accurate, detailed, and up-to-date. You may think to yourself, "Yes, but I will need to manage the dental practice, and this will create a continued amount of stress.
There are multiple factors that affect the overall taxation of a dental practice, but for this example, assume a 30% tax on the sale. Don't be shy about hiring experts who can help you get your office into top shape. Brokers can identify any equipment upgrade opportunities that you can slowly implement to improve your appraisal. A good buyer won't be looking at just your practice; they will look at several practices and buy the best one in their price range. Especially if you feel you're running low on energy.
Once a deal has been struck and deposits have been taken, it is often much easier to track your sale as to where it should be in relation to the average sale. What if confidentiality is not as central to this process as you have been told? Want to Reduce Your Legal Fees? What you can do however, if you want a general ballpark estimate, is to break down the component parts of the process and look out for key milestones that indicate you're heading in the right direction. This includes, but is not limited to patient data, furniture, supplies, equipment, and the non-compete covenant. Our dental practice brokers know how to sell a dental practice and have helped dentists in all 50 states find the right buyer for their dental practice and complete successful, stress-free transactions. Unless you own the property and plan on selling it along with the dental practice, your next step is to introduce the buyer to your landlord.
This is one of the most valuable aspects of hiring dental brokers. During this process, your dental broker will be able to suggest things that will improve your dental practice to make it even more valuable. Reasons could be that you cut back a day a week or you took off six weeks for surgery. Pros: This option provides you with a good amount of flexibility and allows you to transition on your own timeframe.
What should I look for when buying a dental practice? Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. Finalizing the Transaction. When selling your small business, a broker will guide you on what you need to do to maximize the value of your practice. As an ADA Advisor who helps ADA Practice Transitions members navigate their transitions, I wish I could supply a definite answer – but it just isn't that black and white. These include: You're almost there! For others, the timeliness of completing a sale by a certain date is more important. Not likely without help from a competent broker. Buyers and Sellers appreciate his hands-on approach that helps get deals from the starting line to closing.
The experience of the dental broker you choose to use for this important transition will play a large role in the speed of your sale. This is a good time to see what else needs to be cleaned up or just removed to make the best possible impression. This could contribute to a decline in annual gross collections and, in effect, the desirability of the practice. Identify your lawyer and accountant before you need them. See our tips on preparing for negotiations. )
So, what options do you have, and what are the pros and cons of each? If the asking price is outside of what the market prices are, most buyers will not want to pursue these practices. Maintain Full Practice Operations. Your advisor can then help you identify the right listing price by using one of the common valuation methods: Seller Financing Options May Increase Sale Value. Consider recruiting the help of these experts as part of your team and keep them informed on all of your decisions and considerations when transitioning your practice.
It is much easier to take the time to find the right professionals – who have navigated the intricacies of dental practice transitions – now, before crunch time. Want Free Sales Tips? Identify what you see for yourself in the transition process and align your timeline around that. You can learn a lot with a 15-minute chat, and you may discover that this candidate is actually quite right. Dentists find that these advisors are well worth every penny in the long run. Do you have other assets that can supplement your income? Many doctors have commented to me recently that if they were going to sell, now might be the best time. Once the paperwork and lease (if necessary) have been agreed, the buyer's bank is happy and the CQC application is complete, completion can take up to a month. As you might have guessed securing practice finance isn't a walk in the park either. A dental practice is unique and each practice has distinguishing characteristics such as location, size, and type of equipment, philosophy of practice, etc. Whether you have a stock portfolio, real estate, or a dental practice, someone must manage it. Buyers look at several practices when going through the purchase process — and their offers can be withdrawn before they are accepted by the seller.
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