5 Tips to Selling Your Dental Practice at a Good Value

1. 5 Tips to Selling Your Dental Practice at a Good Value

2. Dental Practice • You’ve worked hard for years to establish your dental practice. Now that you’re considering to sell it, there’s no way you can take the process lightly. • Selling your dental office takes as much work, and perhaps even more, as starting it. You need to be sure you will earn a decent amount and at the same time ensure that your dental clinic will continue to operate as usual.

3. Here are tips to take note of before putting up that for sale sign on your dental office.

4. Start with your Plans Early • This is going to be a big decision. So before you sell your nest eggs, ask yourself whether you are ready for its consequences or aftermath. • You may have to downsize your assets or live a more modest lifestyle. Either way, you have to be wiser now more than ever how you’re managing your finances, both on short term and long term basis.

5. Don’t Broadcast your Intention just yet • You don’t want to startle your employees or clients nor do you want to compromise business operations. Wait for the right moment before breaking the news to everyone in the office. Until you are sure you’re selling the practice, keep your plans off the radar. • If anything, once you already have found dental transition professionals, this phase should be more manageable. You’ll be able to handle client and employee inquiries as well as calls from interested buyers, all while ensuring that operations are running as usual. This takes us to our next tip that is to find reliable dental practice sales partners.

6. Partner with Experts on Dental Practice Sales • Not all dental practice owners are skilled in business management so you’ll want to call in experts that can help you out. Dental practice sales professionals will help ensure that your clinic is sold at your own terms. • They will take care of listing your practice and finding qualified potential buyers. They’ll also assist you in completing necessary paperworks and all legal requirements while keeping costs at a minimum, for you and your buyer. Most important, they will also be able to represent you to ensure a smooth sale and transition process.

7. Ensure your Equipment and Facilities are Updated • Reduce tendencies of buyers coming up to you with a low-ball offer. You don’t have to make extravagant purchases just before selling your dental practice, but you’ll want to make necessary improvements to ensure that your assets are updated. • This way, you’ll also be able to command a good price for your practice. Buyers will be more willing to pay for they see that the office is well taken care of and that drastic changes or repairs are no longer necessary before they can take over.

8. Set Realistic Expectations • Talk to professionals about the sale profit you can expect from selling your dental practice. This will also help you prepare further should you need to look for additional funding to support your daily needs. • Note that you will still have to look into deductions such as taxes before you can realize your actual earnings.

9. Check these Out! • Take note of these tips before selling your dental clinic. Remember it’s always best to work with a professional if you are unsure how to go about your business plans. Dental practice sales experts will be there for you every step of the way, as you’re planning the sale to when you're turning it over to its new owners. • Brought to you by Practice Solutions: dental practice for sale canada . Practice Solutions provides dental industry consultancy, specializing in the brokerage, valuation and management of dental practices in Canada.