- When is the best time to transition?
The best time to begin planning your transition out of dentistry is as soon as possible. Early planning gives you time to identify your sale goals, access your financial needs, and work with your dental broker to maximize the value of the revenue generated from your dental practice sale. Planning early also gives you the flexibility of having options, so you’re not pressured into taking an unsatisfactory deal due to time restraints. Most importantly, planning ahead allows you to transition on a timeframe that works best for your schedule.
- Is the buyer qualified?
Verifying if your buyer is qualified is an important step to take before talking with them about purchasing your dental practice. If the buyer is not approved or has to wait for approval, you may lose out on working a deal with another prospect who may be ready to move forward. Your practice broker should be handling this for you. A reputable broker will be sure to screen and qualify the potential buyers, so qualified buyers are considering the purchase of your practice.
- Will making updates to my dental equipment improve my chances of selling my practice?
If you’re not planning to sell until five or more years from now, it may be time to consider updating your equipment. Old or outdated dental equipment could have an impact on your dental practice sale, making it less attractive.
- Do I need to re-organize before selling?
It’s important to purge old files or old office equipment collecting dust. Take the time to reorganize so important documents are easily accessible. Having a well-organized practice is also attractive to buyers as it leaves the impression that they’re purchasing a practice that is in order.
- It is beneficial to patients if I stay on and continue practicing for at least a few months after selling my practice?
It is common practice for the seller to stay on for a period of time to help the new owner transition. The amount of time is agreed upon between the buyer and seller. In some situations, the seller stays on to introduce the new doctor to patients and to transfer trust to the new doctor. In other situations, when the seller is not ready to totally retire from dentistry, the seller may stay on as an associate for a period of time which is negotiated between the buyer and seller.
Written By: Ellen Dorner
Ellen Dorner is the Managing Director of N/L Transitions, the premier dental practice sales broker in the Mid-Atlantic. With over 25 years in the dental industry, Ellen’s experience will help guide you through the transition process from start to finish. To get started on your transition plan today, give Ellen a call at 410-616-2042 or email firstname.lastname@example.org