There are many reasons why you might want to sell your dental practice. The top reasons dentists sell are because retirement is looming or they wish to relocate. Whatever your reason for selling is, the first professional you must consult is a business broker for dentists Orange County trusts. In addition to helping with the sale, the business broker will vet your reason for selling and help you set a fair selling price. In this post, the focus will be on how to make your dental practice more valuable before getting it listed.
New patient flow
Your biggest asset as a dentist is your patient base. As you prepare to sell, you have to look at your list of active patients. Keep in mind you will lose about 10% of those patients by the end of the year. This is common and happens even to companies with the best customer retention rate. You must, therefore, come up with a strategy of gaining at least 10% new clients every year. Your business broker for dentists Orange County depends on, will tell you right away that having a consistent flow of new patients in your clinic makes your practice more valuable and easier to sell. Besides, if you cannot attract new patients, how will the new owner predict the future success of your practice?
A business valuation will help identify your practice’s strong and weak points. You can use this information to make your practice more effective and attract more patients.
Adopt new technologies
Being old school as a dentist can only take you so far. Your lack of modern technology might be why you are losing patients and not attracting new ones. You don’t want to keep referring your clients to another dental office for X-rays, do you? If your clinic lacks digital X-ray sensors, an appraiser will deduct the cost of this investment from the final valuation figure. If it is not deducted, it will be added as a point of negotiation or contention with prospective buyers. You can avoid these issues by being up-to-date with the best technologies.
Buyers are not interested in clinics that have unqualified and inexperienced staff. Therefore, working on creating a strong team will significantly impact the value of your dental clinic.
First impressions do matter. If lots of upgrades will have to be made by the new owner, the cost of these upgrades will be deducted from the final figure in a comprehensive appraisal.
At the end of the day, the value of your dental practice will be greatly influenced by how profitable it is. Buyers focus on the financials. If you have been making losses or simply breaking even, your practice will not be as valuable. Focus on creating healthy operating statements.