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Steps to Sell Your Dental Practice

Steps to Sell Your Dental Practice

The decision to sell your dental practice is one of the biggest decisions you will make in your career. You may be preparing to retire, changing careers or looking to join a dental service organization. Once you decide to sell, here are the steps you need to take:

Prepare Your Practice

Start thinking about your transition three to five years before you plan to sell your dental practice. During this time, you should assess the integrity of your building. Consider making simple upgrades such as installing new furniture, upgrading the fixtures or repainting the walls. You should also review your financials, evaluate your staff, improve your website and integrate the latest practice management software to ensure your business is attractive to potential buyers. 

Hire a Broker

Don’t go through the transition process alone. Hire a practice broker who knows the market, has a large network of potential buyers and can negotiate on your behalf. By partnering with a seasoned broker, you will secure the best possible buyer for your practice at the best possible price. 

The following video provides additional insight on the benefits of hiring a broker:

Know the Worth of Your Practice

You should have a clear understanding of the value of your dental practice. Consider receiving a formal appraisal that takes into account industry data and your financials. The value of your practice will help you determine a competitive sales price.

Market Your Practice

To get your practice in front of potential buyers, utilize digital and traditional marketing methods. Marketing tactics could include basic practice information online, in industry publications and in emails directly to your target audience. Interested parties will request more information and a time to tour your practice.

Negotiate a Contract

Interested buyers will submit Letters of Intent outlining their proposed terms. Once you decide on your preferred buyer, you will begin negotiations. Your attorney will help draft the contract, which will be reviewed by the buyer, before everyone signs. 

Transition Ownership

Once the deal is completed, you will transfer utilities, licenses, etc. to the new owner. You will also need to notify your staff and patients of the transition. Most practice sellers remain available for a short while to answer any questions the new owner may have. Then you can begin to enjoy your next stage in life.

Menlo Dental Transitions specializes in practice appraisals and sales. Our team of experts will help navigate the transition process, freeing up time and energy for you to focus on providing quality care to your patients throughout the remainder of your dental career. Contact us today to get started.

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