Valuation check, plan check, structure check…now you need to get people looking at your practice. The Best Way to Sell a Dental Practice. Remember, it’s all about supply and demand. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. Do you have a great Yelp rating? One of the best ways for a dental rep to get everyone's attention is by a lunch-and-learn program. Dentists are looking for ways to improve their profit margins and increase their hourly earning capacity. Design, they have extensive experience in this field and know the key components every dental office needs to facilitate a successful practice. At the office, I'm there to treat patients and we get pretty busy during the day. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. 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. An upcoming case has this Townie weighing the choices for an elderly patient. You don’t want patients to leave the practice. Have you placed an implant in the past 3 months? Consider these eight tips when selling your dental practice. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. Fact:Many buyers prefer a mature practice with a steady cash flow and constant referral base, rather than those with “growth potential.”. Think about things such as Invisalign, dental implants, and cosmetic-based dental surgeries. You have likely spent your entire career building a dental practice, but now you’re ready to move on. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. 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. Start the marketing process early with Clineeds! for calculating how much your practice is worth. Don’t get us wrong, as some brokers have done a great job. 3. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. Keep it simple! I should be able to sell my dental practice for a huge premium. These are specialized accountants that will give you the fair market value of your practice. My neighbor is getting older and may retire soon, so I think this could help him sell his business. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. They definitely matter! Start the marketing process early by listing your dental practice for sale on Clineeds. So today we are going to talk about the best way to sell a dental practice. 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…. Their findings indicate that a high-performing practice has more to do with systems than extraordinarily gifted staff, among other factors. Business brokers can help you by obtaining an appraisal, marketing, and eventually helping you sell. You should always feel comfortable with asking questions of your product providers to enhance your presentation when selling to dentists. It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. This is why we require all parties involved (sellers and potential buyers) to sign a nondisclosure agreement. Discuss delegation responsibilities as well as protocol for ordering. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. There is a reason Invisalign has swept the globe. Myth:Advertising “growth potential” might seem like a great marketing pitch, but this is far from true. If not done correctly, it can be a very costly experience. 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. 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 are able to call upon our past experiences to customize the transition process to best suit your needs. I feel like this will really help the buyer see what kind of income to expect from the business. Your email address will not be published. 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. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. Site Raptor New Patient Marketing System, Special Offer For Townies: Free Website ($995 Value). 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. 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. Likewise, you can find a generic template from the internet. In order to sell to dentists, you really have to walk in their shoes. 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. We buy used dental equipment - working or not. In general, prospective buyers look for practices with favorable leasing arrangements, modern set-ups, and great reputations. A dental rep who visits the office will get only a few minutes of my time, at best. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. #4: Referral Program. One single event does not typically lead to … 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. Click here to learn more about practice valuation. ... Our experienced staff will arrange the best method for shipping. 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. 1. If you’re practicing in a small town with no other providers, congratulations on running a successful dental practice! But consider staying on a little longer to smooth out the transition process. More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. Marketing from the inside out is the most effective and inexpensive way to get new patients. Transition professionals are there to address your specific concerns and guide you through the entire process. We’ve used Contest Domination and highly recommend it. “Growth Potential” has little to no value, so stop marketing it! But in the meantime, you can take a look at. Talk to experts If dentists do things properly, they can sell their dental practices in a shorter amount of time. to customize the transition process to best suit your needs. Not only does this protect the privacy of the seller, it ensures a smooth transition for everyone. WRONG! Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. 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. A copy of this post will be emailed to the administrators. They have an incentive to lock in the sale as fast as possible. DSO companies are buying dental offices, and we know the current market. A practice transition is not as simple as some doctors may believe. 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. I have a dental question. Work in tandem with the new physician for 30-60 days and personally introduce your patients to the new provider. Before signing with any business broker, be sure to check their reputation. Fact: Many recent graduates do not have the financial resources to purchase a practice. This article will give an overview of these two groups and discuss key considerations for dentists looking to sell to them. Overall, the best way to sell a dental practice is to work with an expert transition broker. 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. . It requires solid advice and sound guidance. Sign up for our newsletter today and get regular updates on new listings in your area! Listing your practice on Clineeds is a great way to put your practice in front of thousands of healthcare professionals for FREE! Please enter your reasons in the textbox. Selling to a Dental Service Organization, or DSO. We have “been there and done that”, so we know how to streamline the process. My current dentist has about 20 people in the office staff in a huge new building. I liked that this article mentioned to bring your lease agreements and tax returns from the the 3-5 years. I think the prices are extremely high. 5. Potential buyers will comb through your financial documents prior to any sale. Our easy to use form will make selling your used dental equipment a breeze. 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. A number of companies offer such programs. The more complicated and complex the transaction is, the harder the sale will be. Dentists will generally look at anything that increase the value of their time. Banks are also EXTREMELY hesitant to lend large business loans to recent graduates given their mediocre credit scores. Some of these factors include growth potential, the reason for sale, and long-term trends. Some of these factors include growth potential, the reason for sale, and long-term trends. After all, it’ll take more than simply putting a “For Sale” sign on the curb. 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. But selling a dental practice is much more than putting a For Sale sign on the curb. Discover what to do in order to create a successful transition. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. Use the services of a qualified lawyer throughout the entire process. Remember, brokers are paid a percentage of the selling price. But selling a dental practice is much more than putting a For Sale sign on the curb. Your information really helps me out to grow my dental marketing. 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). Just like a dentist cannot work without a handpiece, you will find it hard to work without your … Research shows that DSOs are on track to grow in the Dental Industry by 13% every year. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. Have them ready and organized in a binder for review. In terms of finding a new dentist. The top 3 DSOs in the US right now are Heartland Dental, Aspen Dental, and Pacific Dental … The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. Marketing does not have to cost a fortune. Make a name among the local population. But selling a dental practice is much more than putting a For Sale sign on the curb. The transition from an established provider to a new provider is an important and delicate process. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®, Productive Replay - Producers and Pretenders. I am a temporary hygienist and work in many different offices. Or maybe you own an entire office building and receive additional rental income from tenants? Overall, the best way to sell a dental practice is to work with an expert transition broker. 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. Don’t expect a premium by pitching “growth potential.” If you feel that your practice does have growth potential, be prepared to fully explain. 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. Want to sell used dental equipment? We are able to call upon our past experiences. 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. Selling a dental practice doesn’t happen overnight. This is difficult. 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. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. This will determine ways to make your practice more valuable and in turn, more profitable. 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. 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. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Yet, we recognize that not every seller or dental practice is the same. Be sure to mention unique features and include professional pictures of your office. 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. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. 8. 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 have “been there and done that”, so we know how to streamline the process. 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. Host a meet-and-greet day for your patients to interact with the new provider. Finding and connecting with the right buyer is no simple task! Which path i... 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