As you consider selling your dental practice, you will want to ensure your business stands out from others on the market. Practice buyers often have specific criteria in mind when evaluating potential practices. Here are a few ways you can better attract dental practice buyers.
At the very least, your equipment should be in good working order. Buyers will likely enlist a third party to evaluate your equipment to verify that it functions properly. You also want to ensure that your equipment is clean before the buyer sees it.
Some dentists may want to upgrade their equipment before putting their practice on the market. Investing in new equipment may help you attract dental practice buyers and will also increase the value of your practice.
Dentists should maintain the integrity of their building, as structural soundness ensures the property is safe and also adds value in an appraisal. New furniture, remodels or other interior upgrades may not drastically increase the value of your dental practice, but potential buyers will appreciate the updated feel. They will also note that the practice has been well taken care of.
What do your insurance payments, payroll taxes and retirement benefits look like? Are your profit and loss statements and balance sheets prepared? Can you readily describe your overhead expenses, outstanding debts and reimbursements? You will want to have all your finances in order to demonstrate that your practice will be a good fit for potential buyers.
You should update your filing system with new technology. Many young dentists won’t even consider a practice unless it has gone paperless. Upgraded and organized systems communicate to buyers that your office operates smoothly.
With retirement approaching, some dentists coast to the end of their careers—a big mistake. Buyers want to see that you have a healthy stream of new patients coming into the practice. Evaluate how you are reaching out to new patients and strengthen your online presence to better attract practice buyers.
Menlo Dental Transitions understands the competitive marketplace and will help you develop and implement a strategy to attract your ideal buyer. We also have a large network of potential buyers that we will market the strengths of your practice to. Contact us today to discuss your practice and transition goals.