Though you’ve worked hard to build and grow your practice into the successful business it is today, handling the selling process on your own can be challenging. While we understand that you’ve put all the hard work into its success and you know all the ins and outs of production and operation, it is in your best interest to leave the selling of your practice to the dental brokerage expert.
If you are looking to transition out of your current dental practice, there are a few steps to take in the preceding months to add more value to the business. If you are prepared, organized, and do things properly, you are more likely to sell your dental practice in a shorter time.
Here are a few focus areas that can increase your practice’s value:
– Managing Your Dental Office Website
Ensure that your dental practice’s website it frequently updated with accurate information, detailed content, and educational materials. We live in a modernized time where almost everyone turns to the internet for all of their needs. By ensuring you have a user-friendly website that promotes convenience for clients, you are already one step ahead. Online forms is a must; clients want the flexibility of contacting the office or scheduling an appointment without having to pick up the phone. If your dental office has an excellent and technology savvy online presence, it will increase your practice’s overall value.
– Marketing to New Patients
Every dental practice should have a business or marketing plan designed to attract new patients or bring in inactive patients. This plan should consist of referral programs for active patients, staff, as well as dental partners. If you don’t have the time to sit and create a plan or marketing is not one of your strong points, make the investment and hire a marketing expert. The small investment to have a plan and implementation strategy in place will pay off when it’s time to sell. Potential buyers look for practices with robust marketing campaigns and a steady flow of new client acquisition.
– Improving the professional atmosphere of the office
A positive professional environment is crucial to your practice’s value. First impressions not only count but they also last. It’s important that staff members are putting their best foot forward during every client interaction. It’s also good to actively engage with the local community. Establish social media pages like Facebook and Twitter. These social media platforms serve as another forum to communicate with current and potential patients.
Another important factor is making sure your practice is visually attractive. Take the time and make the investment to nicely decorate your office. Create a space that will be attractive to new clients as well as potential buyers. It’s important that the office has an inviting atmosphere, exceptional customer service plays a significant role in this area. The more time you take to plan in advance and make small investments in improving your practice, the higher your chances to receive the maximum value for your investment.
For more information on planning your transition out of dentistry, contact Ellen Dorner, the Managing Director of N/L Transitions. With over 25 years in the dental industry, Ellen’s experience will help guide you through the transition process from start to finish. She can be reached at 410-616-2042 or by emailing edorner@nltransitions.com.