If you are reading this, you have most likely started to think about selling your Colorado dental practice. Whether you are ready to sell for a personal reason or you want to transition the practice to a partner, you are probably feeling a little overwhelmed by the thought of selling your practice.
Wisely, you’ve turned to Professional Transition Strategies (PTS) who has effectively completed hundreds of successful transitions. Our team’s expertise, knowledge, and firsthand experience can help make this a smooth, successful transition. So, if you are thinking, “How do I sell my CO dental practice”, keep reading for a list of steps involved and some helpful tips to get you started.
How do I sell my CO dental practice?
Identify your goal
First, you must identify what you are trying to achieve and what is most important to you. Do you need to sell by a specific date? Is your ultimate goal to maximize your financial return? Or is the most important thing finding a buyer who will retain your staff? While sometimes you will need to compromise, it’s important to know what you won’t negotiate on.
Talk to experts
A considerable amount of thought needs to be put into your efforts of selling your dental practice. Fortunately, you don’t have to take on the challenge alone. The best way to sell a dental practice is to work with an experienced transition broker. Not only can they help increase the probability of a lucrative transition they will also decrease the possibility of post-transfer litigation. At the end of the day, it is nice to have experts on your side to address your specific concerns and guide you through the process.
Determine the value of your practice
One of the first things you will do with your transaction broker is conduct a comprehensive Practice Appraisal. This will determine what your practice is worth and tell you how to maintain its value until you are ready to sell.
Here at PTS, we use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Some of these factors include the location of the practice, growth potential, long-term trends, and the reason for sale. In the meantime, we encourage you to take a look at our tool for calculating how much your practice is worth.
Review your options
There are several types of dental practice transitions. Here are some just a couple of your options:
This is where the purchaser buys your dental practice for a negotiated price with a relatively short transitionary period. This is the quickest and easiest transition type.
This is when a specific buyer purchases a defined portion of the practice for a negotiated amount from Day One. In addition to a practice analysis, PTS will perform a personality profile to ensure compatibility. This is a great option for practice comradery. it’s a long-term approach that can expand your practice’s value.
This is when two existing dental practices combine to become one entity and operate normally as equal partners moving forward. This is an option that allows net-income to stay the same or even improve because there is no loss of business.
Overall, this is just touching on the topic of selling your dental practice. If you would like more information, check out our complimentary eBook. It covers topics like types of transactions, transitional periods, and ways to make your practice more valuable. If you are still wondering “How do I sell my CO dental practice?”, please contact us — we are here to help!