Selling a dental practice may seem like a daunting task. 3. The most crucial tactic for successful dental office managers. For a dental practice to grow, a single dentist should be seeing 24-50 new patients per month. Here’s an example: In this example, your practice would be worth at least $375,000. In order to sell to dentists, you really have to walk in their shoes. We are able to call upon our past experiences. Start the marketing process early by listing your dental practice for sale on Clineeds. Some of these factors include growth potential, the reason for sale, and long-term trends. The most important point to realize for a dentist is that “Dentistry is a locally based profession.” So, treat the residents in the vicinity of your clinic as the most influential circle of patients. You have likely spent your entire career building a dental practice, but now you’re ready to move on. Dealing With Tragedy - What No One Talks About, PACIFIC NORTHWEST DREAM RECREATION DESTINATION, Dental Data Breach Affecting Over 1,000,000 Patients. Dental Plan Discounts. Congrats on selling your practice! Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. Their findings indicate that a high-performing practice has more to do with systems than extraordinarily gifted staff, among other factors. Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. You don’t want patients to leave the practice. Through various role plays and interactivity, I help sales teams really understand the mechanics of the dental office and what the dentists and their teams deal with every minute of every day. Dentists will generally look at anything that increase the value of their time. This is why we require all parties involved (sellers and potential buyers) to sign a nondisclosure agreement. Or maybe you own an entire office building and receive additional rental income from tenants? DSO companies are buying dental offices, and we know the current market. We do this by empowering dental professionals to focus solely on the needs of their patients while providing them with leading technology, professional development, ongoing education, and … It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary. But, based upon the feedback from our users, brokers tend to overpromise and underdeliver. We have “been there and done that”, so we know how to streamline the process. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. Work in tandem with the new physician for 30-60 days and personally introduce your patients to the new provider. And in order to attract new dental patients, a practice must offer a competitive product at competitive pricing, along with convenient quality services – all backed by a solid dental marketing plan. Remember, it’s all about supply and demand. There is a reason Invisalign has swept the globe. Activities that will increase the value include managing the dental office’s website, becoming active on social media, marketing to new patients, and improving the professional atmosphere of the office. Our easy to use form will make selling your used dental equipment a breeze. Before signing with any business broker, be sure to check their reputation. Salaries/ bonus structure of staff (last 3-5 years), Status and financing of office equipment (last 3-5 years), Patient encounters, services rendered, gross collections, bad debt (last 3-5 years), Payer mix (cash, third-party insurance, Medicare/Medicaid), Intangibles: clinic protocols, referral sources, online reviews. Myth:Advertising “growth potential” might seem like a great marketing pitch, but this is far from true. Have them ready and organized in a binder for review. If you’ve recently thought, “It’s time to sell my dentist office ,” there are a few factors to ponder before signing the dotted line. Discuss delegation responsibilities as well as protocol for ordering. 1. Overall, the best way to sell a dental practice is to work with an expert transition broker. #4: Referral Program. Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. Your dental practice is like any other business. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. WITH DENTALTOWN . You have likely spent your entire career building a dental practice, but now you’re ready to move on. Your equipment is safely and professionally transported. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. Learning from the best: Takeaways from dental practices performing in the top 10% Levin Group studied the top 10% of all dental practices, based on production. . 5. However, when it comes time to sell, if no one wants to practice in that area, forget about that premium. Site Raptor New Patient Marketing System, Special Offer For Townies: Free Website ($995 Value). It requires solid advice and sound guidance. One single event does not typically lead to … Not only does this protect the privacy of the seller, it ensures a smooth transition for everyone. So today we are going to talk about the best way to sell a dental practice. If dentists do things properly, they can sell their dental practices in a shorter amount of time. For years, Professional Transition Strategies has been a trusted qualified dental transition company because of our ability to: Sometimes dentists want to keep the news that they are looking to sell their practice under wraps to avoid alarming employees and patients. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. Ultimately, the best way to sell a dental practice is to work with a highly experienced transition broker. Myth:Many assume that an associate or even a student fresh out of dental school will jump at the opportunity to purchase their dental practice. This is a very well written post, my compliments. Discover what to do in order to create a successful transition. to customize the transition process to best suit your needs. From determining how to exit your business to ensure you maximize your return on investment, a considerable amount of thought should be put into your efforts of selling your practice. I liked that this article mentioned to bring your lease agreements and tax returns from the the 3-5 years. “Growth Potential” has little to no value, so stop marketing it! Have you taken any endo-related CE this year. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. for calculating how much your practice is worth. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. Don’t get us wrong, as some brokers have done a great job. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. I should be able to sell my dental practice for a huge premium. Once you’re ready to list your dental practice for sale, you’ll need an accurate assessment of the fair market value of your dental practice. Please enter your reasons in the textbox. A practice transition is not as simple as some doctors may believe. I am a temporary hygienist and work in many different offices. Which path i... A scratch practice that's completely out of network. Design, they have extensive experience in this field and know the key components every dental office needs to facilitate a successful practice. 1. Principal Dental Partners in Ohio is here to help you with one of the biggest moments of your career. The best way to sell a dental practice Posted on February 07, 2017 in Articles & Frank Taylor & Associates Lis Hughes, Managing Director of Frank Taylor Associates, outlines some of the most common mistakes when selling a practice…. There is a reason Invisalign has swept the globe. When marketing your dental practice for sale, highlight these competitive aspects! If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary eBook and contact us at any time. While buying or selling the oral practice, there is a need for clear-cut examination of every […] An Efficient Way To Sell A Dental Practice | Online Drifts: Guest Posting Site When the age of retirement comes people tend to sell their dental practice to a really good hand who can perform everything well. Remember, brokers are paid a percentage of the selling price. Want to sell used dental equipment? An upcoming case has this Townie weighing the choices for an elderly patient. I think the prices are extremely high. Peg Lateral as Abutment for a 3-Unit Bridge? We have “been there and done that”, so we know how to streamline the process. Here are a few tips for selling a dental practice. Dentists will generally look at anything that increase the value of their time. They have an incentive to lock in the sale as fast as possible. My neighbor is getting older and may retire soon, so I think this could help him sell his business. Potential buyers will comb through your financial documents prior to any sale. I’d recommend using a system designed to manage online contests. Just like a dentist cannot work without a handpiece, you will find it hard to work without your … ... Our experienced staff will arrange the best method for shipping. The sum of your life’s work is suddenly in the palm of your hand, and letting that go can be difficult. Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. You can have a dental practice that’s worth $1M dollars on paper, but if no one wants to practice in your area, it’s worth nothing. The top 3 DSOs in the US right now are Heartland Dental, Aspen Dental, and Pacific Dental … We are able to call upon our past experiences to customize the transition process to best suit your needs. Not only will they increase the probability of a smooth, successful transition, they will also decrease the possibility of post-transfer litigation. More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. In general, prospective buyers look for practices with favorable leasing arrangements, modern set-ups, and great reputations. My current dentist has about 20 people in the office staff in a huge new building. Don’t forget the laws of supply and demand. The key to keeping patients you have and to have them refer their friends, family, and coworkers is to let them know you appreciate them. Yes and no. Wholesale prices to dental offices have dropped considerably in the past few years. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Fact:Many buyers prefer a mature practice with a steady cash flow and constant referral base, rather than those with “growth potential.”. They definitely matter! Everyone is familiar with the idiom, “a picture is worth a thousand words.” Well, you can think of your dental practice’s office design in much the same way. A copy of this post will be emailed to the administrators. Start early. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. Selling a dental practice doesn’t happen overnight. Use the services of a qualified lawyer throughout the entire process. After all, it’ll take more than simply putting a “For Sale” sign on the curb. Your lawyer can help you draft a standard NDA. Talk to experts Research shows that DSOs are on track to grow in the Dental Industry by 13% every year. Have you placed an implant in the past 3 months? Do you have a great Yelp rating? Here are a few steps to follow that you can customize for your own dental office marketing: Find something that you can give away that is also a service you can sell to everyone who doesn’t “win” the contest. A number of companies offer such programs. Implementing Teledentistry into Your Practice, Dental Implants From Planning to Restoration: Guided Surgery, For Sale - Dental Equipment (Individual) > Implants, Bluelight Analytics Joins Forces with 3M Oral Care to Introduce Bluelight CheckUp, Dentsply Sirona Acquires Byte, a Direct-to-Consumer, Doctor-Directed Clear Aligner Company, Dentists Launch New Website, Smart Sleep Testing, NEW! Start the marketing process early with Clineeds! This article will give an overview of these two groups and discuss key considerations for dentists looking to sell to them. Practice Management & Administrative Forum, Claim Your CE Credits for Townie Meeting 2019, Oral Pathology, Pharmacology, and Cariology (27), Practice Management, HR and Accounting (120), For Sale - Dental Equipment (Individual) (623), For Sale - Dental Equipment (Supplier) (160), New Products Introduced Between April 1, 2019 - April 30, 2020, Practice Management, HR and Accounting (7). The more complicated and complex the transaction is, the harder the sale will be. Selling your dental practice is an emotional decision that every owner faces at some point. Banks are also EXTREMELY hesitant to lend large business loans to recent graduates given their mediocre credit scores. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. But selling a dental practice is much more than putting a For Sale sign on the curb. Finding and connecting with the right buyer is no simple task! Be sure to mention unique features and include professional pictures of your office. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. 8. I have a dental question. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. Remember, it’s all about supply and demand. Dentists are looking for ways to improve their profit margins and increase their hourly earning capacity. Consider these eight tips when selling your dental practice. Appraisers are just what the name says. The best way for you to help them achieve this goal is to generate qualified leads that are looking for high-priced dental services. This will determine ways to make your practice more valuable and in turn, more profitable. But selling a dental practice is much more than putting a For Sale sign on the curb. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. Host a meet-and-greet day for your patients to interact with the new provider. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. In terms of finding a new dentist. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. Sign up for our newsletter today and get regular updates on new listings in your area! This is difficult. Selling to a Dental Service Organization, or DSO. So today we are going to talk about the best way to sell a dental practice. Valuation check, plan check, structure check…now you need to get people looking at your practice. This makes it possible for patients to purchase the rinse through the dental office at competitive prices, while still allowing an excellent profit for the practice. It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. It is appropriate to ask the buyer to sign a non-disclosure agreement (NDA) prior to providing these documents. A dental rep who visits the office will get only a few minutes of my time, at best. You should always feel comfortable with asking questions of your product providers to enhance your presentation when selling to dentists. In order to encourage more patients to buy your annual dental plan, you can offer large discounts on expensive dental treatments to make them more affordable for your dental plan members. If you have issue with this specific blog post, then please report it to the administrators so that they can deal with it appropriately. Dental management organizations. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. 3. Patient referrals are key. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). CE WEBCAST: From Simple Occlusal Adjustments to Treating Occlusal “Neurotics”, Townie Town Hall on COVID-19 - Q&A with a panel of experts, CE WEBCAST: Efficient Workflow for Guided Implant Surgery, How to Make Durable and Aesthetic Temporaries, 3 Ways to Deliver an Outstanding Patient Experience. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. Here are some suggestions: Clineeds is an online platform designed to help healthcare professionals buy, sell or lease commercial office space or sell entire practices. When I … Think about things such as Invisalign, dental implants, and cosmetic-based dental surgeries. If you’re practicing in a small town with no other providers, congratulations on running a successful dental practice! One of the best ways for a dental rep to get everyone's attention is by a lunch-and-learn program. DMOs have been in the market for more than 20 years. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Likewise, you can find a generic template from the internet. Yet, we recognize that not every seller or dental practice is the same. Yet, we recognize that not every seller or dental practice is the same. I create a great listing that really helps me sell my practice. I have worked in offices where we did sell products and I have found it works best for the office and the hygienist if the products they sell either goes towards your personal production if you are working towards a bonus, or if you get a small portion of each product you sell (like 10%). But in the meantime, you can take a look at. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. Keep it simple! If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. The transition from an established provider to a new provider is an important and delicate process. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. Overall, the best way to sell a dental practice is to work with an expert transition broker. Some of these factors include growth potential, the reason for sale, and long-term trends. Make a name among the local population. At the office, I'm there to treat patients and we get pretty busy during the day. The Best Way to Sell a Dental Practice. . These are specialized accountants that will give you the fair market value of your practice. I feel like this will really help the buyer see what kind of income to expect from the business. The sale of a dental practice consists of the sale of the underlying assets, which may include supplies, equipment, furniture, operatories, and office space or real estate. Click here to learn more about practice valuation. Listing your practice on Clineeds is a great way to put your practice in front of thousands of healthcare professionals for FREE! Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. Your email address will not be published. NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®, Productive Replay - Producers and Pretenders. But selling a dental practice is much more than putting a For Sale sign on the curb. But consider staying on a little longer to smooth out the transition process. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. You can have an exciting, yet profitable, conversation when empowered with knowledge. Fortunately, you don’t have to take on the challenge alone. Setting up an ordering system is one way to help the office run smoother, and ensures excellent communication between all … This will determine ways to make your practice more valuable and in turn, more profitable. If not done correctly, it can be a very costly experience. We are discussing the best ways to attract new patients to your dental practice. Marketing does not have to cost a fortune. We’ve used Contest Domination and highly recommend it. Business brokers can help you by obtaining an appraisal, marketing, and eventually helping you sell. Your information really helps me out to grow my dental marketing. Transition professionals are there to address your specific concerns and guide you through the entire process. Don’t expect a premium by pitching “growth potential.” If you feel that your practice does have growth potential, be prepared to fully explain. Knowledge will help you keep your points in front of the dentist in the absolute best way possible. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Now, you are ready for the ultimate Team Leader tool that all successful dental office managers need! WRONG! Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. Local Awareness ads are a great way to reach a local audience, and you can now use the new map card to share locally relevant details about your dental business, like the address, distance to the business, hours of operation, and a “Get directions” link. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. We buy used dental equipment - working or not. Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. Here are four key considerations that you as a dental practice owner should be thinking about as you begin to mull a sale of your business: 1. Fact: Many recent graduates do not have the financial resources to purchase a practice. Your CTA can even be a call button, an easy prompt to make an appointment. Marketing from the inside out is the most effective and inexpensive way to get new patients. The right buyer is no simple task doctors may believe effective and way... Points in front of thousands of healthcare professionals for FREE to correctly structuring a sale an example in... Might be forced to sell to them the fair market value of these factors include growth potential, reason! Increase the probability of a qualified lawyer throughout the entire process practice that 's out! Prompt to make an appointment protocol for ordering way possible get everyone 's attention is by a lunch-and-learn.... 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Ways to make your practice in tandem with the right buyer is no simple task check…now you need to everyone...