If you are buying or selling a dental practice, you can certainly benefit from professional expertise. Someone who knows both the economics and the industry can be an invaluable resource in your transaction. This is where a transition sales consultant will help.
A purchase or sale of a practice does not happen overnight. It takes planning to be in the right position for a transaction. You should contact a transition sales consultant as the first step when you are interested in buying or selling a practice.
How a Transition Sales Consultant Helps Sellers
Deciding to sell your practice is a momentous occasion for any dentist. There may be a stressful process between the time that you elect to sell until when you have a signed contract. Of course, you want to maximize the value of your practice while ensuring a smooth sale. These are all reasons to hire a dental practice transition consultant.
Dentists may only sell a practice once in their careers. They are, likely, either close to retirement or just want to maximize the value of what they have built. This is why they need outside expertise. They may simply not know how it is done and can stand to get advice from someone who deals with practice sales every day.
You Need Advice on Your Asking Price
One of the major issues with selling a practice is how much to ask for it. Practice prices incorporate a number of factors, including:
- Practice income
- Name value
- The level of fees
- Number of patients
All of these add together for the asking price of the practice, but you need someone with expertise to help price it the right way. Selling a practice is the same as any other major asset, where having the right asking price can maximize interest among buyers.
Maintaining the Practice While It Is Being Sold
While your practice is on the market, you need to not only keep up business as usual, but you also should maintain your business in a way that maximizes its value to prospective buyers. Transition sales consultants will give you tips about how you should be conducting business in the time that your practice is on the market while you are waiting for buyers or negotiating with them.
Scrutinizing Buyers to Help Decide Between Offers
Once you have people interested in your practice, know that not all buyers are considered equal. A transition sales consultant will assist you in screening the possible buyers, working with you as you zero in on the right one. The difference could be in terms of the buyer’s reputation or the terms of their offer. Like buying a house, there are some offers that are just stronger because of better financing or the ability to move more quickly.
Choosing the Right Buyer to Carry on Your Practice
The additional factor is that, as a seller, you are parting with something that you spent years building. Your practice has been your lifeblood for possibly decades, and you want to see it continue to thrive under new ownership. Your consultant may help you identify the best buyer who could maintain and grow your practice for years to come.
Expertise on Completing Transactions
Even after you have reached an agreement on the essential terms of the transaction, the sale of your practice is still far from complete. Like any business transaction, there are a host of legal and paperwork requirements. There will be contractual terms to negotiate and filings that must be made with the state. You may also be dealing with tax considerations.
While you will have specialized experts such as an attorney and an accountant, the dental practice consultant will discuss many of these issues with you. When selling your practice, you may not even know the steps of the process and what you need to do to complete the transaction.
How Transition Sales Consultants Help Buyers
Dental transition sales consultants are not only able to help practice sellers. Even buyers can benefit from these professionals for the same exact reasons. Buying a dental practice is a major investment, and you want to make sure that you are getting the best price and terms for the deal. A transition sales consultant can even assist in identifying the right practice for you to buy. They work with all types of buyers, including those purchasing a practice for the very first time.
Just as we said above, financing matters in dental practice transactions. The stronger offer you make, the more of a chance that you have of being successful. A transition sales consultant will work with you on assembling an offer that not only has the right price, but that has financing that can persuade an owner to sell to you.
The dental transition consultants at Henry Schein Professional Practice Transitions are ready to assist you whether you are a buyer or seller. Allow us to put our expertise to work for you today to increase your chances of success on your transaction.