Selling Your Dental Office • Thinking of selling your dental practice in the next few years or perhaps someday? Dental practices can command varying prices depending on several factors. • As much as possible, you’ll want to fetch a good price for your business. • That being said, it helps to know some tips on how you can prepare for the transition and make the sale a profitable one.
Stay Silent About Your Plans • Keep your lips zipped about your future plans of selling the practice. • You don’t want to see your valued team members and clients move to another office, one by one, even before you put your office up for sale. • If you must let your family know, be sure they understand how important it is to stay silent about your plans.
Take Care of Your Employees • When dental valuation professionals assess a practice, they don’t just look at the latest annual performance, they go back to five years back and maybe even longer, depending on the circumstances. • If you have had the same employees since you started, that will help your practice get sold faster. • Take good care of your employees and they are less likely to leave even after you sell the practice.
Keep Your Office Updated • Ensure your office looks fresh and welcoming during the transition. Invest in simple renovations or maintenance, such as painting the office walls and caring for your landscaping. • If you will still be working for five years or longer before selling the office, then it’ll be worthwhile to invest in the latest technology. • Potential buyers will also favor an office with updated equipment and facilities.
Continue To Market Your Practice • You don’t want potential buyers and clients to think that you’re slowing down. • Continue to join or organize community events. Keep your website content updated. If you’re on social media, be sure someone is monitoring your pages. • Find ways on how you can grow your client list while keeping your existing clients.
Evaluate Your Personal Finances • Consider your annual spending, along with your overall assets and liabilities. It helps to pay all your debts before selling your practice. • You don’t want to end up using all you’ve earned from the sale for your dues. • When you have a clear understanding of your personal finances, you’ll be able to decide better whether to sell your practice or not.
Check These Out! • Practice Solutions provides dental industry consultancy, specializing in the brokerage, valuation and management of dental practices in Canada. • We are committed to the success of our clients and aims to build long term relationships with them. We work with our clients to help make their dental practice a success. • For more info on dental practice brokerage Check out: https://practicesolutionscanada.ca