PITFALLS TO AVOID WHEN SELLING A DENTAL PRACTICE By Ron Lebow, Esq. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. You will be redirected once the validation is complete. Considering these facts, many dentists will make the wise choice to entrust the responsibility of selling their practice to a professional who has the knowledge and experience to facilitate a successful transition … a dental practice broker. Yes and no. This process is automatic. You can learn more about us and the process on our, at any time. Waiting too long to sell has cost many dentists hundreds of thousands of dollars (and a few years off their retirement). The selling dentist should give you proper notice, or pay in lieu of notice, and he or she should honour their obligations to you under the law. Cast a large net to capture the most fish. There are many steps that come before selling your practice that can help you prepare for this transition. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). 02 Jun Should I sell my building with my practice? These are what the Economists call the “Baby Boomers”. Research suggests that insurance acceptance and convenience (location and hours) are the most common reasons that patients switch practices. If you are aiming to sell your business in 3-6 years time then now is the time to start discussing options. Unfortunately, since dentists typically only do this once in their lifetime, they do not have a chance to learn from previous mistakes. PARAGON’s Dental Practice Transition Programs make it possible to leave your practice in the hands of a compatible buyer who will pay a fair price with no negotiations and minimal hassle. For best results, plan early so that you can control the outcome. A Letter of Intent Should Include This When Buying a Dental Practice Why You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off. If you can devise an exit strategy, then you can start looking for someone to help you execute the plan. The service requires full cookie support in order to view this website. Some of the factors used include: The practice’s location, visibility and population of city or town, Type of medicine or dentistry, revenue sources, active patient base, Projected patient and revenue retention after the sale, Condition and age of medical and dental equipment based on wear and tear as well as technical advancement, Long term trends of the practice’s revenue and profit margin, Regardless of where you are at in the process of selling your practice, we are here to help. For example, specialty practices may take longer or shorter depending on the practice and location. Please follow and like us: Buying a dental practice Brian Hanks Negotiate the Accounts Receivable When Buying a Dental Practice 10.20.2016. Most brokers’ long-term business comes from referrals (this is good for you). At Professional Transition Strategies, we are here to provide you with that information and guide you through your transition. ReferralSearch EngineSocial MediaMedia Coverage, DEVELOPED BY THE DIGITAL MARKETING COMPANY, MARKITORS, There is a right kind of transition for everyone, and taking the time to understand each is the first step in making the best choice for you and your practice. The service requires full JavaScript support in order to view this website. David Hossein of Samera discusses the tax implications of selling your shares or the goodwill when selling your dental practice Often when we are hired to sell a dental practice, owners ask us if we think they should sell their building at the same time as their practice. There are dedicated agencies, which play a positive role in such situations. So if you're looking to sell your dental practice and would like to find out more, we'd be happy to hear from you. The longer you wait, the opportunity to plan and direct the course of the sale diminishes. While your current office may have been close to perfection in prior years, that might not be the case today. Here are some common questions asked and answered. Basically, this can be either you or the buyer. Those strings are details… and details matter more than multiples. When it comes to buying, or selling a dental practice in the UK, there is only really one name to be aware of – Frank Taylor and Associates.You are in the right place to get the help and advice you need when you want to buy a dental practice, or indeed, sell a dental practice. In most dental practice sales, the new owner will ask you to remain with the practice because you are a very … There are many steps and people that can make this huge life change much easier. At Professional Transition Strategies, we use the most effective method of calculating your practice’s worth by looking at both attributes and challenges and how they have impacted the success of the practice. Patients know that a dentist in their sixties is going to retire someday. Jan 16th, 2018 15 Feb 2019. Should I Move My Dental Practice? Ultimately, this makes the entire process run smoother. The first step in preparing is to have a comprehensive Practice Appraisal conducted to determine ways to make your practice more profitable and valuable. Our dental practice brokers have helped dentists in all 50 states find the right buyer for their dental practice and complete successful, stress-free transactions. If, when selling a dental practice, you and the buyer choose to not make accounts receivable part of the overall deal, you still have to have someone collect on those accounts. dentists that plan to sell their dental practice and retire. Selling a dental practice is a big task, so it's important to prepare both financially and mentally. The future is not that bright for The type of practice you are selling also plays a part in the time it takes to sell. February 2, 2015 We are in a golden period for selling dental practices of all sizes, especially ones that are a prime takeover target from a corporate entity, but it takes a bit of planning on your part. Aesthetically speaking, the more visibly appealing a practice is, the more a practice is likely to sell for. A 5 minute read by Martyn Bradshaw If you are thinking of putting your dental practice up for sale and selling direct to a Corporate then there are a few things to consider before you take the plunge. Fewer specialty services (in a general practice), less discounted fees or insurance (especially HMO/capitation), higher gross and higher net income yields more possible (and interested) purchasers, therefore higher value. Some dentists want to sell and retire quickly, while other want to continue to practice in their office for several years after transitioning ownership. There is no “right” time to sell a practice. Can You Retire from Your Dental Practice During a Pandemic? To learn more about the services we can provide, go to our, Professional Transition Strategies POWERED BY, Lease Renegotiation for Your Dental Practice. Please enable cookies on your browser and try again. Remember, it’s all about supply and demand. However, it may take as long as 3 years in smaller rural communities. Over that same 10 year time frame the Dental Schools plan on graduating only 45,871 new dentists, leaving a shortfall of over 3,500 new dentists. 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