Henry Schein Professional Practice Transitions’ proven 7-step approach is designed to bring every transaction we facilitate to a successful close with not just a satisfied buyer and seller, but with the staff and patients, as well.
Step 1. Comprehensive Dental Practice Valuation
To get things started, a local dental practice transitions consultants will meet with you to discuss your practice, plans and our services. We like to see your office, as well, to get a feel for the facility and flow. Don’t worry – this is scheduled at your convenience and can be done confidentially without staff and patients in the building to ensure confidentiality.
From there, we suggest a formal, comprehensive, practice valuation be completed using multiple business valuation methods, to arrive at a market value. At the conclusion of this step, you will receive a 30+-page narrative report and analysis that we will use to help you set the right sale price for your dental practice. There are several benefits to this report, one of which is to help establish the right asking price.
Step 2. Marketing Your Practice Listing
As a subsidiary of Henry Schein, Inc., we are supported by the extensive resources of the world’s largest distributor of healthcare products and services to office-based dental practitioners for more than 75 years. We develop a customized marketing plan for selling your dental practice which includes listing it in our website’s searchable database of dental practices for sale.
We additionally market your practice through a broad range of targeted channels which may include journals, trade publication advertising, online marketing and direct mail.
No other transition firm has reach or breadth of marketing that rivals what we offer. We touch more potential purchasers on a regular basis than any one. Rest assured, though – we keep your information in strict confidence and make sure that your practice is not identifiable in any of our marketing.
Step 3. Identifying the Buyer
That expansive marketing funnels into qualified potential purchasers who are ready to purchase. To protect your and other Seller’s interests, we require all potential buyers sign a confidentiality agreement. We also ask them to fill out additional background information and/or provide an updated CV.
In nearly all cases, unless you request otherwise, we then do preliminary work to determine a potential purchaser’s actual interest in and ability to purchase your practice before approaching you for a discussion about the potential purchaser. We want to ensure that we match the right buyer with the right seller, and practice, so that your legacy is continued and your staff and patients are cared for.
Step 4. Negotiating the Deal
Once we have identified and interested purchaser, Henry Schein PPT works with both parties to negotiate a fair and equitable initial purchase structure, no matter the type of transition (buy-in, purchase, or co-ownership). Our work does not end there, though, throughout the entire process, we continue to work closely with both parties in negotiations, involving the accountants and attorneys of the seller and purchaser in order to ensure a successful transaction.
Step 5. Securing Financing
If requested, our Henry Schein PPT team can help your purchaser obtain financing for the transaction. Financing in the dental acquisition world is no longer a given. Dental school and education debt for young doctors is higher, credit scrutiny is more intense and funds are tighter. That said, due to our expertise and track record, in many, if not most, cases, we are still able to help many purchasers to find financing. We even have lenders who will finance up to 100% of a practice’s acquisition cost.
Step 6. Streamlining Contractual Details with Cost-Saving Templates
At no additional cost, we provide clients the contract templates necessary to complete the transaction. Our agreements were developed by attorneys knowledgeable and conversant in practice transitions. These agreements have been utilized for transactions and reviewed by some of the best attorneys in the country. Updates are made when required so we feel confident standing behind these draft documents in any transition for which we provide them. At the appropriate time in the process, agreements are sent to the respective attorneys for review, negotiation and, ultimately, signature.*
Step 7. To Closing.. and Beyond
We are on your team from start to finish, working with you and your potential purchaser, respective accountants, counsels and lenders. When the time comes, we can also work with your office team to ensure all goes as smoothly as possible and on day one with your new purchaser, to ensure patients are not impacted. There are never just two people in a transaction and we’re experienced and equipped to work with each and every person that the transition touches. The transaction isn’t complete until documents are signed, money changes hands and the listing is marked “closed”. But that doesn’t mean we go away. We’re still here to answer any lingering questions the day of and in the time following transition.
This sets a tried and true pathway from listing through closing. We encourage starting the valuation process as early as possible, even three to five years out, so that you set yourself and your practice up to maximize transition value.
You can read more about our valuation process here and contact us any time to find out more. Please note that these steps are general and many of the details, intricacies and important little pieces may vary transition to transition. No two deals are alike. It is easy for a sale to fall apart at the last minute, which is why you want to have an experienced transitions expert at your side. Peace of mind is invaluable.
When you work with Henry Schein PPT, you need not worry. We’ve got this. We’ve got your, and your practice’s back!”
It’s never too soon to get great advice!
Whether you’re ready to sell your practice or just beginning to investigate your transition options, call us today, 1-800-988-5674, or contact us online. Schedule a free 30-minute consultation with an experienced consultant at Henry Schein PPT, and get eye-opening answers and expert advice. We look forward to talking to you!
*Henry Schein Professional Practice Transitions is not, by means of providing these sample contract templates, rendering any legal or tax advice. Before taking any action that may affect your business, you should consult with a qualified professional adviser.