Why Hire Menlo as Your Dental Practice AdvisorIn the past, few dentists used brokers to sell their practice, but the landscape has dramatically changed. Today brokers are needed more than ever to ensure dentists reap the rewards that their practice should provide and enjoy a relaxing retirement. By hiring a Menlo Dental Practice Advisor™, you avoid the following pitfalls that often come with selling your own practice.
Dentists who sell their own practices struggle to keep their intentions confidential. When word of an impending sale starts to circulate, dentists can lose staff and patients, which decreases their current profits and devalues their practice when it comes time to close a deal. With Menlo, transactions stay confidential until the sale, ensuring maximum profits and a smooth transition.
Most independent sellers undervalue their practices. By using inexperienced advisors or out-of-date metrics to determine current practice values, dentists can risk losing tens of thousands of dollars. On the other hand, some dentists overvalue their practices, which leads to an increased selling time, lots of frustration and often a less-than-ideal ending arrangement. Menlo's professional appraisals provide dentists with an accurate idea of what their practice is truly worth.
Marketing a dental practice can be an overwhelming task for busy dentists. The Menlo Dental Transitions team has refined the marketing process and utilizes a variety of tactics to place your practice in front of hundreds of active buyers. All listings are immediately marketed on our website, in dental journals and in other advertising opportunities. Menlo’s reputation and extensive network attracts high quality prospects with high buying power and intent. Our team routinely lectures at study clubs, hosts podcasts and spends countless hours volunteering within the dental community. The contacts, traffic and interest we provide can’t be matched by other firms.
By entrusting the dental practice sales process to professionals, dentists are protected during and after sale. Menlo ensures the correct steps are taken in the correct order to protect every individual and transaction. No aspect of the sale will be left unaccounted for or unresolved. You will find peace of mind knowing that every detail was taken care of and will avoid issues, lawsuits or complaints during retirement.
When a buyer and seller negotiate directly, the process can be contentious, which often kills deals, erodes goodwill between the buyer and seller, or leaves one party feeling cheated. Intense issues can arise during negotiations, and productive communication can be difficult without a broker as a mediator. BY working with Menlo, dentists have the time, forewarning and planning to think through all possible scenarios before committing to a sale. Dentists also have access to industry knowledge that enables both parties to feel satisfied with the final arrangement. Having an intermediary for the tough conversations also enables the transition process after the sale to go much more smoothly.
Selling a dental practice is more than crunching a few numbers and ending in a handshake. Finding the right buyer is a highly involved process. Menlo knows where to find prospective dental buyers and how to interview and screen qualified prospects, saving the selling dentists significant time and stress. We have developed methods for keeping sale details confidential and strongly protecting the seller. We know which information needs to be shared, how to properly structure a sale and how to secure lenders. Menlo makes the process of selling a practice as seamless, profitable and simple as possible.
The most important step dentists can take during the selling process is maintain the success of their businesses. Gross revenue (collections) over the past 12 months is a major component in determining practice value. By selling your own practice, you take valuable time, money and focus away from your practice, which affects your final bottom line. Without the expertise of a broker, dentists often receive lower valuation and lower sale price. Our team will handle the sales process, so you can focus on providing quality patient care