Once you’ve decided you want to transition to a new stage of life, the next step is answering the question, “How do I sell my dentist office?” However, focusing on yourself, rather than potential buyers, can lead to a lengthy and tumultuous transition.
Prospective buyers aren’t worried about your future—they’re worried about theirs. You should know the answer to the question, “What do buyers want and need?” Once you can answer that, position to sell your dental office accordingly. Here are some of the most important factors dentists consider when looking to buy a practice.
A Patient Seller
Being patient is one of the hardest and most important things to do in the selling process. It’s understandable that you want to get your practice in good hands, and the stress gone as soon as possible. However, rushing a sale could do quite the opposite.
Your patients’ and staff’s wellbeing is at risk when you’re selling to a new owner, so taking care of them should be a priority. Meet with potential buyers to learn if your practice is what they’re looking for. Aligning expectations results in a seamless transition. You don’t want to sell to a new owner who will change everything and run your business into the ground.
On the other hand, if you find a good candidate to purchase your office, don’t rush them. This is their first, and potentially only, office they will ever buy. Their future hinges on choosing the right practice. Be helpful and understanding as they decide what’s best for their future.
Your Location’s Benefits
Where your practice is located is not something you can control. However, you can investigate and share the advantages of your location. The area surrounding your practice will dictate the new owner’s professional future and possibly influence the purchase of new home.
If you aren’t aware of the area’s qualities, do some research. How do the schools rank? Are there any nice parks? Is there a high population density? Is there good food and entertainment nearby? These are all great selling points to a buyer. Discover them, and include them in your marketing.
Have Data Ready
Your potential buyers are going to do their due diligence. Knowing that, prepare any useful data that future owners may request. Gather all financial information from at least the previous three years, including tax returns.
Additionally, an accurate projection of what you expect the business to accomplish in the next 5 to 10 years can be encouraging to someone looking to start their career. Be careful and honest with your paperwork; a misstep will almost always result in any potential deal falling through.
Selling your dental practice can be a difficult process, but taking the time to consider what dental practice buyers are looking for will make the process much easier. Consider these factors throughout the selling process to position your practice in the best position to be sold.
If you’re looking for help transitioning your practice to a new owner, or have any questions, contact one of our transition specialists today at US Dental Transitions. We’ve helped thousands of dentists go through this process, and we promise to match you with the best buyer for your needs.