Once the question of “how to sell my dental practice” has been answered, many sellers are concerned with what the practice will be like once they leave. You’ve built valuable relationships with your patients, employees, and many service providers of your business. Advising the new owner on how to move forward could be the difference between protecting the people you’ve built relationships with or putting them through the ringer.
One of the best ways to consult with your new owner is by helping him understand the marketing you have in place and its trajectory. Here are some things to have your buyer consider about marketing once you’re gone.
Run the Numbers
The first step in understanding the effectiveness of a marketing plan is by understanding what facets of your strategy that are most effective. Calculate how many customers each of your marketing aspects are bringing in and how much each avenue costs. Having diverse advertising platforms is important, but if one method is particularly ineffective, you may want to advise the new owner to cut it.
There is always turnover associated with a transition to a new owner. It is important to have a dental CPA create an in-depth cash flow projection, so the new owner understands what kind of marketing budget is affordable. The marketing plan you had in place may have been effective, but the new owner may not be able to afford the same strategy.
If the budget needs to be cut a bit, use the information you acquired about which advertising is most effective and begin to trim the lower performing marketing strategies. Overextending into an expensive marketing plan the company can’t afford can quickly bankrupt a business.
When making budget cuts or strategizing your marketing plan, it is tempting to only focus on customer acquisition. New customers are certainly important, but it is equally important to retain your current customers. A lifetime customer is much more valuable than a dozen customers who visit once and don’t return because they didn’t see the unique value of the services provided.
No matter how limited your budget is, be sure to allocate at least a small portion of funds to sending out content showing new services and reminding customers of the importance of dental check ups to help build a consistent client base. This advertisement will also remind your current customers they are still important to the new business owner.
Letting go of a dental practice you worked hard to build is a difficult, emotional process. However, you don’t need to be afraid of damaging the relationships you’ve built over the years; just be sure to screen any potential owners, and make sure they value the people around them as much as you do. Then, advise him to help the office be successful.
US Dental Transitions has helped thousands of practices transition from one owner to another. When you hand off your legacy, you’ll have peace of mind that it’s in good hands. With over 25 years of experience, we’re confident we can connect you with the perfect buyer for your selling criteria. For any transition questions, or help in selling or purchasing a practice, contact us today at 678-482-7305 or info@goUSDT.com.