Are you in the process of winding down your long dental career? Then you are probably planning on selling your dental practice. It can be a long and involved process to sell a dental practice that can take anywhere from a few months to several years. Here are a few tips to help you gracefully exit your successful career as a dentist and ease your way into the golden years of retirement.
Obtain an Appraisal for your Practice It is very important that you get an expert appraisal of your practice so that you are provided with an accurate valuation. This way, when you’re beginning the process of selling your dental practice, you will know what price to list it at. Fair market values of dental practices can differ considerably across the United States as many factors will either raise or lower the value of a dental practice. You can find a professional appraiser in your area quite easily by simply conducting a search online.
Consider Using a Broker
Selling you dental practice involves a whole lot of work, knowledge and patience. This is why you might wish to use an approved dental practice broker to help sell your practice. A broker can help you prepare your practice for sale, create a summary and detailed practice profile for buyers and show the practice to potential buyers. He or she will work to aggressively market your practice so that the listing is seen by a great many prospective buyers.
Getting Your Dental Practice
Ready for the Sale There are several things you can do to make your practice more attractive to potential buyers. First and foremost, are your dental chairs and reception room furniture in good shape? If not, have them reupholstered. You don’t need to invest in new equipment as the cost will be too high but making simple, inexpensive cosmetic improvements can really enhance the appearance of your dental practice. Something as simple as a fresh coat of paint when you’re selling your dental practice can go far in making a prospective buyer sit up and take notice.
Consider Putting your Staff and Associates under
Contracting important part of your dental practice is your staff and associates. Buyers like to see staff on contracts that can be terminated with notice. If you don’t have your staff on contracts, consider doing so as it can go far in selling your dental practice quickly. You should know that it’s common for a buyer to successfully reduce the purchase price of a dental practice because there were no contracts in place.
Get Your Patient Records in Good Order
An important aspect of selling your dental practice is making sure that your patient records are up-to-date. It’s a good idea to check with your state dental society for information on record keeping. Before you can transfer your patients’ records to another dentist, your state may require that your patients consent to the transfer.