If you own a dental practice and are currently looking to sell your office to new management, it’s crucial that you ensure your business is appealing to potential buyers. To do so, you’ll need to know what people are looking for when buying a dental practice. There are a few aspects you should pay attention to as you prepare to list your business. Check out these three questions you’ll need to be ready to answer as you work with potential buyers.
1. Do You Have a Lot of Competition?
When someone is looking to purchase a practice, they don’t want to be surrounded by a plethora of competitors. That’s why potential buyers may inquire about local competition or offices with similar services. The more competition, the less likely folks will be to race to purchase your office. According to our experts, most dental practice sales can be made within 150 days of listing. However, if you’re operating in a highly saturated or competitive area, this may take longer.
2. Are You Working With a Dental Broker?
Not only does working with a dental broker make your life infinitely easier as you navigate the selling process, but it also gives you more credibility and offers potential buyers a sense of security. Working with a dental broker is ideal because they can provide you with market insights, advise you throughout, offer sound advice, and keep the process organized.
3. Are You Taking Your Team With You?
Some dentists plan to sell their practice but bring their team with them on their next endeavor. Other professionals are happy to sell their offices and keep their staff there to work with the new owner. It’s important that you know what you want and have a plan in place, regardless of what it is, in order to provide your current employees and potential buyers with the most up-to-date and accurate information.
If you’re looking to sell your dental practice, it’s important to be prepared for those potential customers to ask you the hard questions. Make sure you’re ready for this by knowing your market, working with professionals throughout the entire process, and having a plan. Whether you’re selling or buying a dental practice, it’s important to work with a dental broker. To learn more about our services or how we can help you, contact our team at Professional Practice Sales today. We look forward to assisting you!