Timing is everything . . . when is it the right time to sell?
Dentists that find themselves in a distress sale situation may have to take what they can get for the practice due to time or financial pressures. They are often forced to sell at a bad time for the practice and ultimately themselves. Instead of waiting for unfavorable conditions to force a sale, dentists should watch for the best time to put their practice on the market to maximize the return on their investment.
Before you decide to sell your practice, use one of our Transition Consultants to help you ask the right questions and aid you in developing the right transition plan that fits your retirement or expansion goals. We specifically help you focus on your true goals and objectives.
o Why do you want to sell?
o What will you do after you sell?
o What will you do with the money from selling your practice?
o How much money can you expect to net after the sale when you have paid your lawyer, your CPA, brokerage commissions and taxes?
o How long do you plan (or need) to work in your practice after the sale?
You should give these questions serious consideration before you decide to sell. You should seek the advice of your tax advisor regarding possible tax implications from the sale; likewise, you should speak with a Southeast Transitions Practice Sales Broker regarding the current market price of your practice as well as various tax saving deal structures available to you. Your Southeast Transitions Practice Sales Agent or Broker can discuss the market value of your practice and various deal structures that may be advantageous to you.
Don't put your practice on the market to "test the waters" or with an ambivalent attitude about selling it. Selling a practice is a major undertaking requiring a great deal of work on everyone's part, including yours, and unmotivated sellers are rarely successful in selling their practices.
Seize the Moment: Is this the "Right Time" for you?
If you have made the decision to sell your practice, the wisest first move is contact your qualified Southeast Transitions Practice Sales Broker professional, who can . . .
o Advise you on pricing and structuring the sale of your practice.
o Prepare the marketing strategy, using professional resources.
o Screen and qualify buyers for your business.
o Educate buyers in the practice-buying process.
o Keep you informed about market reaction and buyer interest.
o Present offers and point out strengths and weaknesses of each offer.
o Facilitate negotiations and structure the deal.
o Keep you informed, with regular communication about interested buyer feedback
When it comes time to sell, one of the best decisions a dentist can make is to continue managing his or her practice efficiently (and profitably), while depending on the services of your Southeast Transitions Practice Sales Broker to forge the steps of the sale. The practice broker professional is an invaluable advisor during the entire process, offering both objectively and negotiation skills honed through years of experience in the buying and selling of dental practices.
