Want to sell a dental practice that will stand out from the crowd? Think the way a buyer would. If it was up to you to choose from a sea of potential dental practices, what would you be looking for? Though not an exhaustive list, here are four important factors that buyers will want to see in your practice:
1. Dental equipment in good condition. At the very least, buyers will want an equipment evaluation done by an independent third party to see if the parts run smoothly. You want to ensure that your equipment is clean and in good working order.
2. A fresh, updated office building. It isn’t necessarily a given that new furniture and remodeling will increase the value when you sell a dental practice, but buyers will appreciate the updated feel and will take note that the practice has been well taken care of. Maintaining the integrity of the building is also an important task, as structural soundness will go toward safety as well as value in an appraisal.
3. A streamlined order of financial affairs. What do your insurance payments, payroll taxes, and retirement benefits look like? Is your profit and loss statement and balance sheet ready to go? Have these documents ready for future buyers to help them determine whether or not your dental practice is a good fit for them to purchase, along with a full description of current overhead expenses, outstanding debts, reimbursements, and other assets.
4. Organized and cutting edge office technology systems. Though it may take some doing, but having an updated filing system with new technology can make a difference in landing a sale these days. It communicates to buyers that your office process operates smoothly for your patients and company staff on a regular basis, which means a consistent stream of healthy revenue.
5. A healthy stream of new patients. It may go without saying, but showing that you are continuing to attract new patients speaks volumes to potential buyers. How are you reaching out to new patients? Do you have a solid online presence? These are definitely things you will want to present when selling your practice.
At Menlo Dental Transitions, we understand that there can be competition when you want to sell a dental practice. But being strategic and ensuring the value in your practice can help you make the sale. Contact us today for more information about how we can help you get the most for your practice.