How Long Will It Take to Sell My Dental Practice-2
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What are the most common delays that prolong a practice sale?
In general, the people who hold up deals are banks and landlords.
But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale.
Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.
They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline.
Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.
Topics Covered
Why it’s crucial to negotiate vendor contracts and talk to your landlord before you list your practice
What a seller can do to expedite the clinical due diligence of a practice sale
What a buyer can do to accelerate the timeline for a practice sale
4 ways to determine the price of your practice and how the list price impacts the closing timeline
Common delays in closing a practice sale associated with banks and landlords
Why it’s the seller’s responsibility to negotiate the lease terms a buyer might need
How much faster you can close a practice sale if it’s staged well
How Practice Orbit accelerates the process of selling your dental practice
Why you need a ballpark valuation of your dental practice and how to get it done for free
The legal documents a seller needs to prepare for a practice sale
2 reasons you might use Practice Orbit to sell your dental practice
Connect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Dr. Kevin Kenny on the Dental Board Room Podcast
The Role of Escrow on the Dental Board Room Podcast
Excerpt
What are the most common delays that prolong a practice sale? In general, the people who hold up deals are banks and landlords. Listen in as Dental Attorney Matt Odgers and host Wes Read discuss steps buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
Email Promo Guest
What are the most common delays that prolong a practice sale?
In general, the people who hold up deals are banks and landlords.
But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
On the latest episode of the Dental Board Room Podcast, I wrap up my conversation with Wes Read on how to expedite the sale of your dental practice.
We discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.
Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.
Social Blurbs Guest
Twitter –
Enjoyed discussing the common delays that prolong a #dentalpracticesale on the #DentalBoardRoom #Podcast. Listen in on my conversation with Wes Read on how landlords and banks hold up deals—and what to do about it!
Other Platforms –
Honored to have the opportunity to continue my conversation with host Wes Read @PracticeCFO on the #DentalBoardRoom #Podcast! Listen in as we discuss how banks and landlords can prolong a practice sale and what you can do to prevent these delays and shorten the timeline for your #dentalpracticesale!
Social Blurbs Host
Twitter –
What are the most common delays that prolong a practice sale? Listen in as Dental Attorney Matt Odgers explains how landlords and banks can hold up deals—and what you can do about it! #DentalPracticeSale #DentalBoardRoom #Podcast
Other Platforms –
What are the most common delays that prolong a practice sale? In general, the people who hold up deals are banks and landlords. Listen in as Dental Attorney Matt Odgers explains what buyers and sellers can do to prevent these delays and shorten the timeline for a #dentalpracticesale! #DentalBoardRoom #Podcast
Email Promo Host
What are the most common delays that prolong a practice sale?
In general, the people who hold up deals are banks and landlords.
But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!
On the latest episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers returns to continue our conversation on expediting a practice sale.
We discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.
Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.
Quotes
Matt—
“When you start to think about selling your practice, even five years out, or if you think it's coming in the next decade, try and start negotiating contracts with vendors that can be terminated with 30 days’ notice, or alternatively, that can be assigned to the buyer.”
“What the buyer can do to get a closing on time is start the conversation with the bank as soon as you start looking for practices.”
“On the seller side, the earlier you can start that conversation with the landlord, the better. And the earlier you can get your lease reviewed by your attorney (ideally at the time that you sign the lease or extension) to make sure that you're able to assign the lease on reasonable terms, that's going to speed the process up.”
“Keep in mind, if you're the seller, that the lease is your problem. Don't push that off on the buyer to say, ‘Jump in there and start negotiating.’ Do what you can to facilitate what the buyer needs.”
“What delays transactions is the party's lack of knowledge or lack of planning. The Practice Orbit platform takes away that variable, and through the checklists and through the document uploads, it streamlines everything that can be streamlined, and then tees up everything that needs a professional to come in.”
Wes—
“It might be a good idea to have a dental supplier come in and go through the operatories and list out the health of the equipment on site [before you list your practice for sale].”
“Make sure that, as a seller, you have done the analysis of whether you are financially ready to sell, meaning … after your taxes, debt and selling costs, do you have enough to say, retire or to pivot to that next phase of your life?”
“Lenders look at two things—the seller's cash flow and your universal debt and credit score.”
“Even if you're not looking to sell now, and you may sell 10 years down the road, it's always a good idea to know what is the value of your dental practice.”
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