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Your colleagues in the practice transition community (the community of specialists who help dentists sell or purchase a dental practice) will tell you that the dental practice sales process is an exciting yet complicated, and eventful endeavor that can be a great success if you come well prepared and do some forward-thinking and strategic planning. If you are a seller who wants to retire, or if you are a buyer who wants to grow your career, knowing the critical points can make the difference between good and less than good outcomes.

The Seller: How to Prepare the Practice for Sale

There’s more than just finding a buyer when selling a dental practice. It means attempting to make your practice as enticing as possible.

Evaluate Practice Worth: Initiate with a professional practice valuation that accounts for factors such as patient base, revenue, equipment and goodwill This action will guide you in determining a fair asking price.

Keep Records: Clear financial, legal and operational records are reassuring to the buyer. Having documentation- Passion and strive- Extreme and beyond

Enhance Office Appeal: Simple renovations to the workspace, or systems, can make your clinic more appealing to patients. It can do maintenance, and maintenance always is low-hanging fruit that can make it more marketable.”

For Buyers: Assessing a Purchase

If you plan on buying a dental practice, it is imperative to have everything in place beforehand.

Replicate: write down the long-term goals you have while doing a new practice — whether that be to deepen your skills, or expand your client base, or settle down with a community.

Review Practice Performance: Analyze financial data, patient demographics, and operational metrics to ensure a practice accomplishes your goals.

Understand the Transition Plan — Many sellers write a guide to what has been done during the life of their practice to keep patients and staff after the sale as a point of support.

Building Mutual Success

Transparent communication between both parties will help ensure a smoother transition, whether you’re selling or buying. For seller, a careful practice ensures a lasting legacy. For buyers, it’s a good solid pillar to develop your career moves to the next level.

When executed correctly, dental practice sales can be a win-win scenario for everyone involved if the appropriate planning and strategy is initiated.

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