Are you a dentist that is getting ready to retire? Selling your practice can be a very exciting time, but also filled with worry and anxiety. Finding the right person to take over your practice as they move forward and you transition on can be daunting.
Every detail is important and each dental office is very different. Your needs may be very. different than that of the person who is coming in. Here are tips to help you sell your dental practice with grace and ease.
Focus on what you want
Are the type of dentist that really wants to have a hands-on approach to the transition? Do you care about who takes over your practice? After all you have a name and reputation that’s been built up in the community.
Is it more important to just retire and bow away gracefully?
Focus on your dream list of what you want. From the type of person, where they come from and what kind of values they have. This will help the transition and the appraisal process run smoothly.
Think about the value of your practice
Many experts will suggest the value is everything. From everything included into the office as well as the actual product and placement of your dental practice.
When you consider all finances and every account that has been reported to the value of your practice including the equipment’s worth you can put this together in an accurate assessment of the value of your entire practice. This will be important for practice appraisal. You can visit a professional service, they can help you make the most out of the transition.
There are expert practice brokers who specialize only in dental practice financing but buying and selling. This is most likely the type of practice appraisal companies that you want to work with.
Make a buy sell agreement
There are many types of common transitions. There’s the walk away, when you consider “I’m done and I’m ready to just move on.” Many senior dentists often are ready to retire and will just hand over their keys and say here you go. This is the cleanest and of course the easiest for every party involved, however there are dentists that are not ready for retirement. There’s also the dovetail buy sell agreement which can benefit both parties. This type of transition that can accommodate the needs of both the buyer and the seller is popular as well. The ultimate goal is of course the satisfaction of all parties to run a very smooth transition and make your practice very sellable.