Why Hire Menlo as Your Dental Practice AdvisorIn the past, few dentists used brokers to sell their practice, but the landscape has dramatically changed and today brokers are needed more than ever to ensure dentists reap the rewards and retirement that their practice should provide. Using a Menlo Dental Practice Advisor™ enables you to avoid the following pitfalls that often come with selling your own practice.
Dentists who sell their own practices cannot keep their intentions confidential. When word of an impending sale starts to circulate, dentists can lose staff and patients. This decreases their current profits and devalues their practice when it comes time to close a deal. With Menlo, the transaction can stay confidential until the sale, ensuring maximum profits and a smooth transition.
Most independent sellers undervalue their practice, use inexperienced advisors or out-of-date metrics to decide on current value. This process is risky and can end up costing tens of thousands of dollars. On the opposite side, some overvalue, which increases selling time and frustration, often resulting in a less ideal ending arrangement. Securing a professional appraisal through Menlo gives them the best chance of profiting from what their practice is truly worth.
Marketing the sale of a dental practice is an overwhelming task, and knowing where to go and how to start is a convoluted process that takes years to perfect. When a practice is listed with Menlo Dental Transitions, it is immediately placed on our website and in dental journals and advertising resources. Menlo’s reputation and extensive network attracts high quality prospects that are serious about purchasing. Our team routinely lectures at study clubs across the state, hosts podcasts, and spends countless hours volunteering within the local dental community. The contacts, traffic and interest we provide cannot be matched.
Trusting the dental practice selling process to professionals means dentists are protected during and after the process. Menlo ensures the correct steps are taken in the correct order to protect every individual and transaction. Nothing will be left unaccounted for or unresolved, and it’s easy to walk away with the peace of mind that every detail was taken care of and no issues, lawsuits or complaints will arise during retirement.
When a buyer and seller negotiate directly, it can be a contentious process that often kills deals, erodes goodwill between buyer and seller, or leaves one party feeling cheated. Intense issues arise during negotiations and productive communication can be difficult. By working with Menlo, dentists have the time, forewaring, and planning to think through all possible scenarios before committing to a sale and have access to industry knowledge that allows both parties to feel satisfied with the final arrangements. Having an intermediary for the tough conversations also allows the transition process after the sale to go much more smoothly.
Selling a dental practice is more than a few numbers and 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 significant amounts of time and headache. We have developed methods for keeping things confidential and strongly protecting the seller. We know what information needs to be shared and when, how to properly structure a sale, and how to secure lenders. Menlo makes selling a practice as seamless, profitable and simple as possible.
The most important thing a dentist can do during the selling process is to keep his or her business as successful as possible. When practices are evaluated, one of the major components in determining value is gross revenue (collections) over the last 12 months. A dentist steeped in learning the selling process takes valuable time, money and focus away from his or her practice, at the detriment of the final bottom line. Selling by owner often results in a lower valuation and lower sale price. Using Menlo will guarantee that the focus stays on what is most important in both the short and long term.