A dental practice will usually be one of a dentist’s most valuable assets and the money from its sale should make a huge difference in the lifestyle and choices that are available to the vendor post-sale. As with the sale of any asset, if you want to maximise your results, timing is everything.
12 ways to show potential buyers that your practice is a safe bet
When a practice owner is looking to sell their practice, they will often put off telling their staff for as long as possible. Their reasons for this are usually to do with:
One of the more common conversations that we get into with practice buyers surrounds the potential post-sale role of the vendor. Many vendors aren’t looking to retire right away; they would just like to give up the burdens of ownership. Should they be offered to stay on in an employee or contractor capacity?
There is a reason why world records are set in a race environment, rather than by a lone runner on a track. People strive to do better when there is a competitor nipping at their heels.
After years as an employee dentist, Bill had finally been able to save and borrow enough money to realise his dream of owning his own practice and becoming his own boss.
Sellers are known to be secretive and play their cards very close to their chests. Sure, they want to sell their practices and make the most of the assets that they have created, however there are also often confidentiality concerns and emotional components to the transaction that are overlooked by potential buyers. The more the buyer is able to empathise and get on the same wavelength as the seller, the more forthcoming and welcoming they will find that the seller becomes.
When a person is considering entering the market to buy a dental practice there is an urge to get out there and start looking at practices and talking to sellers. However there are a number of things you should do beforehand that will save you time in your search and negotiation and maximise your chances of success.
When a potential buyer is looking at a practice for sale and deciding the price they are willing to pay, one of the key things that they will look at is the profitability of the practice, and the outlook for that profitability into the future.