Figuring out how to sell your dental practice is a process filled with important decisions and questions to be answered. Just as you implemented a strategy to build your practice, you’ll need a plan in place for a successful exit.
It’s not as straightforward as finding a buyer, receiving a check, and closing the deal. You’ll want to look out for your staff and patients, as well as yourself. Getting the highest value for the sale can help secure your retirement and plans for the future. Before you put up the “For Sale” sign, use these three tips for maximizing the sale of your dental practice.
1. Maintain Full Operations
Once you start thinking about retirement, it’s tempting to cut back on your working hours or patient load. However, this can negatively impact your practice valuation. Your active patient count is a key asset for the value of your practice. A strong base of active and returning patients indicates ongoing cash flow for the practice.
Cutting back on office hours, procedures, and insurance plans will also have a negative impact on the value of your practice. As a result, you should maintain full operations before and during the selling process.
2. Monitor Your Online Reputation
Negative online reviews left unresolved can hurt your dental practice. Reviews are often used in the valuation process because they give evaluation-based insights on how you run your business.
Great reviews are connected to great patient loyalty. Positive comments and reviews of your practice on social media, your website, and other platforms will amplify the worth of your practice.
Even great dentists get bad reviews, so it’s important to promptly and professionally respond to them. This gives you the opportunity to resolve issues, which in turn can generate an updated, positive review.
3. Work with Transition Experts
Dental transition companies know what will influence the value of your practice. They’ll guide you through the sales process, ensuring that your needs are met and your legacy is preserved.
Meeting with potential buyers and taking their calls can negatively impact how much time you devote to your practice. Trusting this process to dental transition experts ensures confidentiality while allowing you to focus time on maintaining your business.
Your practice is your most valuable asset. A transition advisor will market it to qualified buyers, manage the purchase offer process, and negotiate the terms of the sale to maximize the value you receive. Dental advisors will also help you develop a transition plan for what happens after the sale.
Trust US Dental Transitions
Selling your dental practice is a delicate process that requires expert handling. US Dental Transitions was founded by a dentist with more than 25 years of experience, so we truly understand the complex, emotional and financial ramifications of perhaps the biggest change in the life of a practitioner. If you intend to continue your legacy by selling to a dentist who will honor your desire to care for your patients and staff, we’re confident we can connect you with a buyer that can meet your selling criteria.