After years of hard work, the time has come: you’re preparing to sell your dental practice. Coming to the decision to sell your practice is difficult. Preparing to sell it is a whole different ball game. When you have the help of Henry Schein’s dental transition consultants at your side, with their expertise, and your personal insight, selling will be easier than you think. Take a look at the following steps to take when trying to sell your dental practice to make the transition a smooth one:
Establish why you’re selling
Every dental practice owner has their own reason for wanting to transition their practice. Some owners want to retire and spend more time with their families, and others want to maximize their financial return when their practice is producing a strong revenue stream. From monetary to personal, each seller has different priorities, and those priorities will affect how they approach the selling process. The dentist looking to retire by a particular date, for example, will have a goal and timeline than the dentist looking to make the biggest profit selling their practice. Identify what is the most important reason and factor in selling your practice. It usually breaks down into time or money, which can change the selling process.
Don’t go through the process alone
An important step to take when trying to sell your dental practice is getting expert, professional help from a dental practice broker. Rather than shouldering all the work, take advantage of the expertise of a professional, it will help the process more smoothly. There are a number of benefits Henry Schein’s consultants offer sellers, including:
• Assistance obtaining an accurate practice valuation
• Help pricing your practice to achieve your goals
• Finding the right buyer for your practice
• Guidance of maximizing the value of your practice
Best of all, the consultants at Henry Schein are experts in the field. All of them have experience as practicing dentists or have been in the dental field for many years. They know all the nuances of the dental industry, so they can help guide you through the transition process.
Learn the ins and outs of your valuation
Practice sales start with an up to date practice valuation which takes into account both tangible and intangible assets. Using our practice appraisal guide, you can learn how the practice value is determined, the best ways in which to increase that value, and how to use that success to your advantage before putting your practice on the market. When you chat with your consultant one-on-one, you’ll get a complete rundown on your practice valuation, and you’ll learn what that means in terms of moving forward in the selling process. Having as much information on your side as possible is always important, and a valuation is the best way to achieve that.
Find ways to elevate your practice
Once you’ve gotten your practice valuation, you may notice areas where some major growth could happen. There’s no better time to take your practice to the next level than right before selling it. This could mean purchasing something as simple as painting your waiting room or something more significant like upgrading equipment. Even just sprucing up your practice’s appearance can make a huge impression on potential buyers, so leave no stone unturned when it comes to your practice’s look and functionality. Your broker will help you determine which investments are worthwhile and which are not.
Marketing is a must
Once you have all this information, you’ll know your practice’s true worth. The next step is to show potential buyers your dental practice’s value in all senses of the word. Marketing is necessary to spreading the word about your practice, and there are a variety of ways to do it. Since confidentiality during a sale is usually critical, you need to rely on your Consultant to market you practice for you so that you maintain your practice’s value during the sale process. At the same time, you want to maintain your website and social media presence to keep your practice at its peak.
Know your practice inside and out
You can never be too knowledgeable about your own practice, especially when you’re chatting with potential buyers. They’re going to want a wealth of information, and having revenue and cost numbers at the ready is in your best interest. Buyers will be interested in information such as the number of active and new patients you have, what equipment you’re using and how new it is, your staff’s salaries and benefits, referral programs you may have in place, and so much more. Put yourself in their shoes to get an idea of what information they may be itching to know. The more readily you can answer their questions, the more interested they’ll become in the practice.
Be patient, but stay determined
No two selling experiences are alike, but it’s safe to say that they all come with their own sets of highs and lows. Even if you start to get discouraged, keep hope and remember why you’re making this transition. Whether it’s to make the switch into retirement or to have the freedom to move away from your current location, what matters is that you’re doing this to better your life in one way or another. With the right help by your side and a wealth of information in your pocket, you’ll be sure to find the right buyer.
Few things are as exciting—and sometimes as frightening—as change. When it comes to selling your dental practice, you’ll want to do everything you can to make sure the process goes as smoothly as possible so that you can truly enjoy what comes next. By utilizing the expertise of the professionals at Henry Schein Professional Practice Transitions and by knowing your own goals, the transition can be seamless. It’ll bring you one step closer to a new, exciting stage of your life.