What To Know When Selling Your Dental Practice

Here at CTC National, we know that making the decision to sell your dental practice can be difficult, emotional, and overwhelming. Luckily, there are a few things you can do to help ease your anxiety during this time, and make the transition easier for everyone.

Tips For Selling Your Dental Practice

• Prepare – Now is the time to start organizing and making sure everything is in its place. This will show potential buyers that your practice is running smoothly, is well organized, and successful.
• Be realistic – When setting a price for your practice, don’t allow your emotions to factor into your price. The value of your practice is based on many different factors including location, equipment, size, and annual collections. Be sure to work with a broker who is familiar with the market.
• Update your information – Make sure all of your information, including taxes and profit & loss statements are organized and up to date. This will help you to present your practice to potential buyers.
• See things from the buyers’ perspective – Assess the strengths and weaknesses of your practice and work on anything that needs some help. Do a walk-through or ask a family member or friend to do a walkthrough to help you see the practice from the eyes of a potential buyer. Make a list of things that need to be improved upon.
• Keep the details private – If your staff or patients get wind of a potential sale before any papers have been signed, they may begin to switch to other dentists or put in their two weeks’ notice. It’s best to keep this decision confidential until everything has been worked out.
• Don’t do it alone – When selling your dental practice, seek the advice of professionals to avoid making costly mistakes. Find legal, tax, and broker professionals to help guide you through the process.

CTC National is here to help make your transition as easy and pain-free as possible. For more information on selling or buying a dental practice, or to speak with a dental consultant, please contact our office today.