Let’s face the facts; no matter how good a dentist you are, you can’t run your practice forever. There will come a time when you grow tired, become incapacitated to meet the needs of your patients, or you will want to try other things. So the first professional you should speak with is a business broker for dentists San Diego trusts. The broker will answer any question about selling and help you get your clinic ready for acquisition or mergers. But how exactly do you sell a dental practice the right way?
Plan early for the exit
Waking up one morning and choosing to sell a dental practice is the wrong route to take. You need to plan your exit early. That way, you will have ample time to weigh your options thoroughly as well as get your clinic to the level that gives you the returns you want. When you involve a business broker for dentists San Diego recommends, the broker will give you crucial information such as how to make your practice more valuable, which transition style will be best and who your best buyer is. This information from a business broker will help you close fast and for the right price once your clinic is listed.
Get a business valuation
Most people assume the valuation will be quick and straightforward when valuing a dental practice. However, numerous considerations must be made, especially if your practice falls below or above the average. Numerous factors will be considered, including the procedures your dental office offers, your practice’s reputation, and the current regulatory environment. When performing a valuation, you should look at your dental office as a whole. Look at the cash flow levels, tangible and intangible assets and how your practice fairs against other dental offices in your area.
There is no one standard approach to valuing a dental practice. It takes real-life experience to come up with an accurate valuation. Again, an experienced business broker for dentists will have a good knowledge of the industry and help you get an accurate valuation.
Timing is everything
Although circumstances may force you to sell, if you have time, you need to hold back until it is the best time to get your dental clinic listed. The best selling time is when your dental office has experienced, and qualified staff and the premise is visually appealing. Consider selling your practice when it is thriving. That way, you will have no trouble attracting the best buyers.
The above are the key steps you must take when selling your dental practice. But, to avoid mistakes, don’t do it alone. In addition to working with an experienced business broker for dentists in San Diego, you will need a transaction attorney, financial consultant, and an accountant on your team.