What You Should Know When Selling a Dental Practice
Selling a dental practice is a major decision; after all, you have devoted your time, money, and energy to building, running, and operating your business. Your practice may well represent your life’s work. If you have decided that now is the time to sell a dental practice, you need the very best professional guidance during the sale process to determine the right transition for your exit strategy. Working in tandem with a professional dental broker can mean the difference between just getting rid of your practice and selling a dental practice for the very best price and terms to a buyer who shares your core values and philosophy. The following are common questions asked by dentists who want to sell a dental practice.
How can a Southeast Transitions practice broker help sell a dental practice?
A dental broker is a professional who will facilitate the successful sale of your practice. At Southeast Transitions, our dental practice brokers not only help you price your practice based on dental practice valuation but also structure the sale so it works for both you and the buyer. We coordinate every step in the process of selling a dental practice, from finding the right buyer to assisting with negotiations to successfully closing the transaction. We also help the buyer with all details of the practice buying process.
Though Southeast Transitions can help you sell a dental practice, some things we cannot do. Our brokers cannot sell an overpriced practice--buyers will simply pass over your dental practice if it is priced out of their range. Understand that any practice can be sold if properly priced and structured, but only the marketplace can determine what a practice will sell for. The amount of the down payment you are willing to accept to sell a dental practice, along with the terms of seller financing, can greatly influence the ultimate selling price and also the success of the sale itself.
How long does selling a dental practice take?
Generally, it takes between two to six months to sell a dental practice. Keep in mind that this is just an average. The time it takes to sell your dental practice will depend on the practice type, its financial performance, price, terms, and local market conditions. Some sellers make the mistake of overpricing their practices, believing they can always come down in price. Unfortunately, most buyers will not consider overpriced practices.
Do I really need a broker to sell a dental practice?
Yes. Our dental brokers answer numerous calls and inquiries about the practice, identify the contenders from among the pretenders, advertise your practice, and locate qualified purchasers, all while maintaining a high degree of confidentiality. You have the option of selling a dental practice on your own, but keep in mind that controlling “snooping” buyers, who may be competing dentists, is difficult and prematurely exposing the sale to staff and patients is hard to avoid. Rather than wasting your time with indecisive buyers, your efforts will be rewarded if you focus on keeping your practice revenue flowing to maximize practice value and marketability. Let us go to work selling your dental practice. After all, would you consider performing a root canal on yourself because you thought you could save some money? Don’t put yourself through the hassle of going it alone. You need a professional on your side when it comes to selling an asset as important as your practice!
If you are interested in learning more about selling a dental practice, please do not hesitate to contact Southeast Transitions. Call us today at 678-482-7305 or submit comments and/or questions on our Contact Us page.
