Are you a dentist selling a dental practice in today’s marketplace? If you’re considering putting up your dental office for sale, you’ll need to adequately prepare. To do so, you’ll need to check a few key things off your list. Read on to learn three things you should do before putting up your dental practice!
1. Work With a Dental Broker
Perhaps the top key step in preparing to sell your dental practice is working with a dental broker. A dental broker is going to have the expertise, knowledge, and insight into the dental market that general dentists simply don’t have. They’ll be able to advise you throughout the process, give you reliable advice, and help facilitate the financials. According to Dental Economics, before you sell your dental practice, you’ll need to calculate its economic value. A dental broker is here to help you do exactly that, including appraising your practice. The right dental broker for you will save you time and money.
2. Don’t Slow Down
Just because you’re putting up your dental office for sale, that doesn’t mean you should slow down on work. Consider continuing to accept new patients, as this can continue to drive up the value of your business. When you stop accepting new patients or current patients opt for a different dentist after you’ve sold your office, you devalue your practice. Lowering the value of your practice just before you sell can hurt you when it comes time to close.
3. Be Realistic
Your dental practice may not sell the moment you put up a listing. It’s important to be realistic and patient. As with any property, the selling process takes time. Continue to prepare for when your dental office is bought. Identify the next steps for you and your employees. Communicate with them about your expectations for the next few months, and give them a realistic and accurate idea of how they should be proceeding.
If you’ve been considering selling a dental practice, you’ll need to make sure you are organized, motivated, prepared, and realistic. Working with the right dental broker is going to make the process much smoother for you. To learn more about our team of experienced and professional dental brokers, reach out to us at Professional Practice Sales. We’re here to help you as you put up your dental office for sale!