You survived dental school, opened the practice of your dreams, but now are ready to start the transition process. You’ve worked so hard for so many years that it may only seem natural to want to take the sale of your business into your own hands. Whether you’re gearing up for retirement or just want to release managerial responsibilities, you won’t want to go it alone. After all, your time is money, and you’ll want to focus on keeping your staff and patient attrition rates up during this time. Here’s one example of how hiring Professional Transition Strategies (PTS) can make a difference in the long run.
The backstory
A single practice in a suburb of Portland, Oregon, was doing $2.5 million in collections. The doctor-owner had been approached in the past by dental service organizations (DSOs) about undergoing an affiliation. One DSO offered the owner $4 million for a joint venture model only.
The process
The dentist came to PTS to see how we could help lever up the deal and show him more options. Together we explored potential partnerships, associateships and more transition options to ensure the doctor was making the best decision for his transition goals. By hiring an experienced dental practice broker, he was also afforded more marketing opportunities for his practice in front of more qualified buyers than he could have on his own.
The outcome
We worked with the dentist to secure a joint venture/holding company deal for an enterprise value of close to $8.2 million from the exact same group that offered $4 million initially. By working with us, he received six other offers that not only leveraged up the various offers, but also gave him the ease of mind to understand market comparables and be more excited and comfortable about his decision.
The bottom line
This is just one of many reasons why you should hire a dental practice broker for the transition of your business. Contact the experts at PTS to learn more.