should i sell my dental practice

www.dentistryiq.com is using a security service for protection against online attacks. Can You Retire from Your Dental Practice During a Pandemic? Some of your options are: 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. Selling a dental practice is a big task, so it's important to prepare both financially and mentally. They paid me TEN times for my business.” If the numbers seem unreal, then that means there are strings attached. Selling a dental practice can take some time and part of our role is to preserve confidentiality until the deal is well progressed and then help manage the introduction of the buyer to your team. Unfortunately, since dentists typically only do this once in their lifetime, they do not have a chance to learn from previous mistakes. If you can devise an exit strategy, then you can start looking for someone to help you execute the plan. Please enable cookies on your browser and try again. Every doctor that owns a practice should eventually plan to sell. “I sold my group dental practice for $50,000,000. A buyer who, presumably, will own a practice for decades should be much more willing to pay top dollar for a practice with demonstrated low overhead and high cash flow. Here are some common questions asked and answered. 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. 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. There is no set time when selling or transitioning a practice. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a dentist's career. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). 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. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. www.dentistryiq.com is using a security service for protection against online attacks. You will be redirected once the validation is complete. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. 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. Most brokers will work hard to sell your dental practice. However, you should try to set the sale of your practice as a carefully planned event. Waiting too long to sell has cost many dentists hundreds of thousands of dollars (and a few years off their retirement). Research suggests that insurance acceptance and convenience (location and hours) are the most common reasons that patients switch practices. At Professional Transition Strategies, we are here to provide you with that information and guide you through your transition. Please enable JavaScript on your browser and try again. Whether you decide to sell outright and then retire from the profession, wish to remain working in the business, or sell to a dental corporate body, we can help you with your exit strategy. 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. PITFALLS TO AVOID WHEN SELLING A DENTAL PRACTICE By Ron Lebow, Esq. For example, if two orthodontic practices, both collecting exactly $1,000,000 a year in collections, have different overhead – one at 50% and one at 60% – the better run practice, with 50% overhead should command a premium and sell for a higher price if all other things are equal. However, you should try to set the sale of your practice as a carefully planned event. 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. If you wait too long or a personal crisis dictates the sale, the sale becomes more difficult with greater risk of lost revenue. Find the Best Channel that can make the Transition Smooth. There is no “right” time to sell a practice. For a practice in a major metro area it will normally take from 6-12 months. Selling your practice? 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. Posted at 18:56h in Selling a Dental Practice by Gary Ballard Selling your practice and your building at the same time will likely result in you losing tens of thousands of dollars in sales proceeds! Others will miss opportunities because of fear or misinformation, and net only a fraction of the worth of the practice. The future is not that bright for You can learn more about us and the process on our, at any time. Frank Taylor & Associates – Expert Services For Those Who Wish to Buy or Sell a Dental Practice. Before buying or selling a dental practice, great care and planning should be taken to consider the tax consequences regarding the allocation of the sale price to the various assets involved in the transaction. Most brokers’ long-term business comes from referrals (this is good for you). For best results, plan early so that you can control the outcome. You can learn more about the different kinds of transitions on our eBook! Speak to one of our dental practice consultants about your individual requirements … Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. There is no “right” time to sell a practice. You should considering selling, if not now, in the future, and plan for that sell far in advance so that you are able to get the best value for your practice. Buyer RepresentationSeller RepresentationPractice AppraisalsLease vs Buy AnalysisLease RenegotiationPractice RefinancingTransaction ManagementEmployer ContractsAssociate Search/ContractLegal ServicesComplete ConsultingQuarterly Performance SurveyNew Start UpsRelocation, How did you find us? While your current office may have been close to perfection in prior years, that might not be the case today. If you wait too long or a personal crisis dictates the sale, the sale becomes more difficult with greater risk of lost revenue. In today’s market, dentists have several options to sell their practices yet most don’t know where to start or what is involved. When you want to sell your dental practice, it’s important to have a team that is well-versed in the dental industry. Some dentists want to sell and retire quickly, while other want to continue to practice in their office for several years after transitioning ownership. 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. Cast a large net to capture the most fish. You can learn more about the different kinds of transitions on our. Yes and no. Basically, this can be either you or the buyer. Posted by HJT Design. Typically, the group of assets that would be sold between the selling party and buying party would include dental supplies, furniture, fixtures, and equipment used in the practice, patient files, and goodwill of the … Busy Virginia Beach General Practice for Sale, Arlington, Texas Periodontal Practice for Sale. There are dedicated agencies, which play a positive role in such situations. SHOULD I SELL MY DENTAL PRACTICE TO A CORPORATE? Should I sell to a Body Corporate? The service requires full JavaScript support in order to view this website. Might not be the case today frank Taylor & Associates – Expert Services for Who... Process run smoother lost revenue it will normally take from 6-12 months to their dentist.. Protection against online attacks full cookie support in order to view this.... Most practice owners come across at some point in their sixties is going to retire to their dentist clients eBook... 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