Excerpt
Once a dentist makes the decision to sell their practice, they want it done yesterday. So, how long does a practice sale usually take? What can you do to accelerate that timeline? Listen in as Dental Attorney Matt Odgers joins host Wes Read to explain how to stage your dental practice for a fast sale!
Email Promo Guest
Once a dentist makes the decision to sell their practice, they want it done yesterday.
So, how long does a practice sale usually take? What can you do to accelerate that timeline?
On the latest episode of the Dental Board Room Podcast, I sit down with Wes Read to walk you through a typical timeline for selling a dental practice.
We discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.
Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice!
Social Blurbs Guest
Twitter –
Enjoyed discussing how long it takes to sell a #dentalpractice on the #DentalBoardRoom #Podcast! Listen in on my conversation with Wes Read and learn how to shorten the timeline for a #dentalpracticesale.
Other Platforms –
Honored to have another insightful conversation with host Wes Read @PracticeCFO on the #DentalBoardRoom #Podcast! Listen in as we walk you through the typical timeline for a #dentalpracticesale and explain how to stage your practice in a way that accelerates the process.
Social Blurbs Host
Twitter –
How long does a #dentalpracticesale usually take? Listen in as Dental Attorney Matt Odgers shares a typical timeline and explains how to fast-track the process of selling your #dentalpractice. #DentalBoardRoom #Podcast
Other Platforms –
Once a dentist makes the decision to sell their practice, they want it done yesterday. So, how long does a practice sale usually take? What can you do to accelerate that timeline? Listen in as Dental Attorney Matt Odgers explains how to stage your #dentalpractice for a fast sale! #DentalPracticeSale #DentalBoardRoom #Podcast
Email Promo Host
Once a dentist makes the decision to sell their practice, they want it done yesterday.
So, how long does a practice sale usually take? What can you do to accelerate that timeline?
On the latest episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers is back to walk us through a typical timeline for selling a dental practice.
We discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.
Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice!
Quotes
Matt—
“If you bring your attorney in early to do the due diligence as early as possible, that extra runway allows for thoroughness, and you're not making decisions based on the target close date. You're making them based on a complete understanding of what's going on.”
“The longer that transition timeline is open, the more potential there is for issues to arise that could derail the deal.”
“There's no reason why a seller can't already prepare all that information the second they start thinking about selling the practice and have it packaged and ready to go, so that upon the LOI being signed, they can just hand it over.”
Wes—
“There is this point at which [the dentist has] decided to sell, and as soon as they've crossed that point, they want the sale to occur yesterday.”
“The negotiations don't get fully real until the attorneys and the CPAs have had a full evaluation of the numbers and the legal terms in the contract. That’s why the sooner you can bring them in to start having those conversations, the fewer surprises you're going to have after the LOI is signed, and the faster it can go.”
“There's just a lot of impatience. It's already an emotional period … because the seller is letting go of this thing that's been so important to [them] for so long, and they've mentally made that decision, and now they already have one foot in that next phase of their life.”
“The more time you give the buyer, the more opportunity there is for cold feet.”
“If, at the point of LOI, the buyer is having to ask for the documents for due diligence, like production reports and bank statements and payroll reports, and then it takes time for the seller to gather that, you're already eating into the due diligence timeline, and it's not fair to anybody.”
“One of the most common reasons why the process [of selling a dental practice] takes a long time is just getting all the documents to the buyer's team.”