sale of dental practice
The most important document involved in a dental practice sale is the Asset Purchase Agreement, which serves as the legally binding document detailing the terms of the sale. Google Rating. FACT: A dentist will typically sell a dental practice only once during his or her professional career. We have a brand new opportunity with this start-up dental practice for sale in Michigan, located just east of Ann Arbor in Livonia, MI. To avoid these mistakes, we encourage you to contact us at least three years in advance of your practice transition. While the average sales price of a dental practice from a national perspective is approximately 65% of the most recent year’s revenue, there are a number of other factors that can influence value in either direction, including revenue trends, profitability, type of patient base, type of dentistry, location (urban vs. rural, high visibility vs. low visibility), quality and age of equipment, curb appeal, etc. McLerran & Associates employs numerous effective marketing strategies to ensure that we identify a buyer who is the right fit for your office in a timely manner and maximize the value you receive for your practice at closing. … As a medical professional, you also likely will have legal obligations related to communicating how your patients' medical records will be maintained in the future. While some practice owners may be able to identify a buyer who is interested in purchasing their practice with little difficulty, getting from that point to the closing table is the most challenging component of a practice sale. You bought that couch in the waiting room for $1,000, depreciated it over the last five years on your tax returns, and then valued it at $200 on your list of assets when you sold the practice. Another advantage of beginning the process three to five years before a sale is the ability to address and correct issues that could have a negative impact on practice value, thus ensuring that you maximize the value of your practice upon the sale and position the future practice owner for success. Ensuring that you both agree with the message is important. Young … Patient confidential information constitutes Protected Health … to help you navigate the process, protect/maximize the value of your practice, and ensure your transition is as smooth and successful as possible for all parties involved. Here are some of the key considerations you should take into account when planning your practice transition: For many doctors, their dental practice is one of their most valuable assets and the proceeds from the sale of their office will be utilized to fund a significant portion of their retirement. You will want to make sure employees, key customers and suppliers learn of the sale … Watson Brown is a full-service transition firm offering expertise in dental practice transitions, including practice appraisals, pre-sale consultations, financial advisement, and complete brokerage services.Dental practice … This typically involves meeting the selling doctor, reviewing patient charts and practice reports, inspecting equipment, and consulting with an accountant to evaluate practice financials. This dental practice is successful and established in a charming city in Maryland. H… There are over 1,000 active patients with a steady referral base. … If you plan to continue working in your office following the sale, are you willing to adopt an “associate mentality” and be accepting of change? NEW LISTING! By exclusively representing the Seller, clearly disclosing this fact to the buyer, and assisting both parties in building a strong team of advisers, we have the ability to represent the seller’s best interest while ensuring the buyer has proper representation and is positioned for success following the purchase. When a buyer makes initial contact with our office, our focus is to get to know them (background, career goals, practice philosophy, personal financial condition, etc.) Write a short, straightforward press release that can be sent to newspapers, radio stations, television stations or online sites that cover business news in your area. Our professional dental brokers facilitate and assist in the purchase and sale of dental practices, as well as provide assistance in obtaining practice acquisition financing, locating and negotiating dental … By asking yourself the above questions and dealing with these feelings prior to putting your practice on the market, you will be in the position to minimize your anxiety as you navigate the transition process. Handle all inquiries from potential buyers and their advisors regarding the practice, including conversations, email correspondence, and showing the office after business hours. By taking a more hands-on approach, our team can find a quality buyer in a shorter amount of time. Selling a dental practice is an emotional process for any doctor because of the relationships developed with their patients and staff over the years. Therefore, it is crucial for you to understand the key factors that influence the value and marketability of your practice to ensure that you are in the position to maximize the value of your office at the point of sale. In that situation, the doctor’s options are relatively limited in regards to the type of transition strategy they can utilize to sell their office. When writing a news release announcing the sale of the business, keep it brief but be sure to include information on how a reporter can contact you for more details. He has a Bachelor of Science in journalism from the University of Kansas and currently works as a government and business reporter for a daily newspaper. While navigating the financing process, the buyer will also be completing their due diligence on the practice. Once you have selected a transition strategy and prepared your practice for sale, you are now ready to initiate the transition process. That includes tangible assets like equipment, inventory, and possibly accounts receivable. Dustin Hill is the former owner and publisher of a Midwest business journal and has been reporting on small business since 1992. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the … You don’t want to leave money on the table or get shortchanged in the process. Begin the planning process three to five years in advance of a transition. Utilizing different methodologies builds confidence in the end value and identifies outlying financial or practice data that may cause a deviation. Maryland – Established Periodontal Practice for Sale. When buying or selling a dental practice, a key question to accurately answer is: How much is my dental practice worth? Am I ready to give up control of my practice? NW Washington, DC – Premiere, General Dentistry Practice For Sale In NW Washington DC. At McLerran & Associates, we work diligently to cultivate relationships with prospective buyers to understand their needs, goals, and skill-set then match them with the appropriate practice. Because we place a high priority on developing meaningful relationships with potential buyers, we maintain a strong pipeline of qualified buyers and can immediately reach out numerous doctors who may be the right fit for your office immediately upon listing your practice. Welcome to First Choice Practice Sales Inc. Over the past few years, market conditions have been favorable for sellers, as there has been strong demand for dental practice acquisition opportunities coupled with a limited supply of sellers and lenders have been providing buyers with 100% financing at historically low-interest rates. How strong is my emotional connection to my practice? Selling a dental practice starts with assessing the value. However, that is just the starting point. Send a letter to your patients. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a … It is also important to remember that selling your office is not synonymous with retiring, as there may be opportunities for you to continue generating personal income following the sale by working as an associate in your office or outside of the non-compete radius. 4.4 × 0330 088 11 56 A A A. Plan ahead for what you want to say to your employees, and be prepared to answer questions. When you sell a dental practice, maintaining confidentiality during the transition process is extremely important. and determine what type of opportunity they are looking for. Under this arrangement, the broker is obligated to share all details with both parties, including any statements made by either party concerning pricing or terms. We require all prospective buyers to sign a Confidentiality Agreement prior to receiving any information regarding your practice. 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