Hooligans-The Game Others How To Sell A Dental Practice Quickly (And Still Get The Highest Price Possible)

How To Sell A Dental Practice Quickly (And Still Get The Highest Price Possible)

After more than a decade of helping dentists sell their practices, Dr. Gary has encountered all the life situations that can bring a dentist to the point of needing to sell their practice quickly. The most effective way of selling a dental practice quickly is to offer a slightly lower price than competing practices. A price reduction isn’t always warranted, but when it is, the broker you choose to handle your sale becomes even more important. To create interest in your dental office, Dr. Gary counteracts the slightly lower asking price with targeted and aggressive marketing to his network of seasoned and qualified buyers. Dr. Gary also relies on the expertise of his two on-staff dental accountants. These professionals specialize in the pricing and valuation of selling dental practices. They work hard to ensure your offering price is attractive to buyers but still fair to you. Practice valuation is as much an art as it is a science. Dr. Gary’s accountants have more than a decade’s experience in dental transitions and practice valuation.
Appearance matters and whyOnce Dr. Gary has promoted your dental practice to his network of ready, willing, and able buyers, he’s going to need to show your office. First impressions are extremely important. That means your office, especially your reception area, should be clean, uncluttered, and look as welcoming and up to date as possible so that it appeals to prospective buyers. You don’t have to go through a great deal of expense or trouble, but at least give your reception area a fresh coat of paint in a pleasing, neutral color. Dr. Gary also recommends thoroughly steam cleaning any carpets. It’s inexpensive to hire a cleaning service, and it takes only a few hours to complete the job. This is money well spent.How to move forward as quickly as possibleThe next step is to declutter the area. Magazines should be neatly stacked or placed in magazine racks. Remove any thumb-worn or old copies. It’s no longer necessary to have stacks and stacks of reading material in the waiting rooms. Many patients prefer to read on their cell phones or tablets. The appearance rules of the reception area should also apply to your personal office. Again, paint the walls and steam the carpets. Be ruthless in removing superfluous clutter. Get rid of stacks of paper, old trade magazines, and personal memorabilia. Throw it out or bring it home. You want your office to look welcoming to the buying dentist. Once the prospective buyer has a pleasant first impression of your office, they will want to delve into financial matters.Computerize your dental recordsYour potential buyer needs to analyze your dental records and extract the financial data necessary to put together an offer. They need to see a procedure code analysis because it reveals information about office production. Remember, the buying dentist wants to verify the practice you established is a proper match for them. They need to know how much profit the cost centers and the production centers create. Most buyers will need to finance their purchase. All lenders require computerized records. This new generation of dental buyers also finds computerized records more trustworthy. Banks and other lenders insist upon computerized software to make their analysis. Without the lender, the buyer can’t buy, and without the software, the lender can’t perform the financial analyses necessary to write the buyer a loan. If you don’t have your dental practices for sale, it’s an obstacle to getting your practice sold quickly. Dr. Gary has worked with this situation many times, however. He has enough familiarity with the different software vendors to help you find the best one and implement it promptly.Obtaining dental softwareSoftware packages today are very user friendly. Your staff can learn to operate the application through self-paced, online classes. Compared to the expense of creating records manually, computerizing your records is more cost-effective. Additionally, correctly imputed data is much more accurate than manual data because of the built-in checks and balances inherent in software design.Production reports within a week using dental softwareWithin the first week of using your dental records program, you’ll be able to review a production report that will identify and analyze the number of times procedures have been done, along with the total amount billed for those procedures. This can be a double-edged sword because it will also reveal possible fluctuations in income. Fluctuations are normal, but if the data analysis reveals that your revenue has been recently declining, that could have a disastrous effect on your sales price. You need to do everything possible to keep your revenue steady.Avoid declining revenueAllowing your revenue to decline because you are moving ahead with selling is a serious mistake that will kill the value of your practice. You will get a much lower price for your practice if your income has recently declined. This is because banks extrapolate forward and assume your business will continue to decline. They will presume the decline is a part of a trend. They won’t lend money today on a business they project will be worth less tomorrow. You must keep your income stream steady to get the highest price possible for your practice. Additionally, please start getting your financial documents ready.Gather the necessary financial documentsYou should be able to quickly obtain your previous three years’ tax returns and financial statements. If you can’t find them, call your accountant’s office and have a staff member email your records to you. A word of caution is necessary here. Please don’t tell your accountant why you need your financial records. Your accountant may be an expert in your financial affairs, but he or she is likely not an expert in the dental market.To make your sale as successful as possible, you need to have your financial data analyzed by an expert in dental accounting. That’s why Dr. Gary keeps two dental accountants on his staff. They understand the dental market and how to value your practice. Their job is to tell your financial story and mine any nuggets of gold within that data. That’s how you’ll get the best price possible no matter what location you practice in. Remember, since you want to sell quickly, we need to match you with a buyer who wants to buy quickly. If they have to wait while you locate financial records, they tend to lose interest in the sale. Then the process has to be restarted. This is a pointless waste of time, especially if your goal is to sell as soon as possible.Pushing forward with your saleAfter over a decade of helping dentists sell their practice, Dr. Gary has experienced all kinds of sales situations. Even if your practice is in distress, he will treat you with the same level of respect and care he treats all his clients. He’ll handle your sale from beginning to end and keep the transaction moving toward the ultimate goal of closing the deal and netting you the best possible price. He is offering you the complete opposite of what he experienced when he sold his own three practices.The Dr. Gary MissionDr. Gary was inspired to open his own dental brokerage due to the poor treatment he received from the broker who handled the sale of his practices. The broker simply didn’t deliver on what was promised in his contract. Dr. Gary had to handle almost all aspects of the sale himself, from showing the offices to handling the negotiations. The whole transaction was awkward and stressful, especially since he also needed to keep his three practices up and running.There are many moving parts in a sale. Each participant must perform on schedule, or the deal can fall apart. Dental practice brokers are integral players in keeping the transaction together. Due to legalities, only dental practice brokers can communicate will all the parties involved. When you are ready to sell, it’s extremely important to hire a broker who’s up to the task and takes responsibility for getting the deal done. In Dr. Gary’s case, his broker completely dropped the ball many times throughout the process. That will not happen when you hire Dr. Gary as your broker. He and his team are meticulous in performing their due diligence. Selling dental practices is Dr. Gary’s exclusive occupation and he achieves great satisfaction with each successful dental practice sale.Contacting Dr. GaryUnlike many dental practice brokers, Dr. Gary is available 24/7 every day of the year except Christmas and Easter. If you’d like to sell your dental practice, you can phone him at 201-663-0935 or email him at [email protected].

Leave a Reply

Your email address will not be published. Required fields are marked *