Selling a Dental Practice
Why Sell Your Dental Practice?
There are many reasons why you may want to sell your dental practice; retirement, desire to move to another region, seeking more opportunities, a change in life status, or downsizing to a smaller practice.
Deciding to sell your dental office can be beneficial to you, but many dentists are caught off guard by how much is involved in selling a dental practice, and how long it can take. The process can be daunting, but with an experienced dental transition consultant on your side, the process of selling a dental practice can be a seamless one.
Who Wants to Buy Your Practice?
Many dental school graduates are looking to own and operate their own dental practice. While this isn’t possible until after they’ve had two years in another practice, they will eventually seek out a dental practice all their own. Also, dentists looking for opportunities for growth, or dentists moving into a new area of the country might consider purchasing your dental practice.
Selling a dental practice is a lot like selling a house—buyers are looking for a dental practice with curb appeal, great aesthetics, a helpful, supportive staff, and a practice with potential for profit. In order to make your dental practice appealing to prospective buyers, you need to do a thorough and detailed overview of the interior and exterior of the dental office, and a detailed and thorough financial analysis.
What are the Steps to Sell My Dental Practice?
Before and during the process of selling a dental practice, a NAPB dental transition consultant can help you with the following:
- Initial consultation for the dental practice valuation and appraisal
- Gathering data (staff, practice needs, financial statements)
- Analyzing market value and evaluating assessment options
- Creating a plan of action so that seller needs are met
- Reviewing and matching seller goals with the ideal buyer
- Detailed planning of the transition process
- Writing up and reviewing agreements between the seller and buyer
- Pre-closing interviews with staff, accountants, and the banks
- Maintaining business connections to ensure that all parties are happy with the transition
As a dental professional, knowing how to sell a dental practice might not be your area of expertise, but it is ours, and we’re here to help make the process of selling a dental practice easier and more profitable.
How Can NAPB Help Me?
The decision to sell a dental practice is a turning point in any dental professional’s life. If you’re retiring, planning a change of venue, moving forward into a new career or lifestyle change, you can rest assured that the dental transition consultants, CPAs, attorneys, real estate professionals, and dental practice brokers at the National Association of Practice Brokers have the knowledge and commitment to help you sell your dental practice—from start to finish.
What Services do you Offer Practitioners Selling A Dental Practice?
Because we are a full service dental practice brokerage, we can offer dental practice sellers only the best and more effective services, including:
- Property and dental practice valuation and appraisal
- Property listing on our webpage and other local and national listings
- Finding the right buyer
- Negotiating the best purchase price
- Drafting the asset purchase agreement
- Drafting the dental practice transition plan for seller and buyer
- Negotiating the lease reassignment
- Obtaining transition financing for the buyer
To learn more about how to sell your dental practice, or to get the process of selling your dental practice started, contact NAPB today.