Selling your dental practice is not going to be easy. Unfortunately, selling dentists do not always make prudent decisions concerning this important event. By identifying common mistakes, you can avoid making them. Here are four of the most common mistakes dentists make when selling a dental practice.
- No one knows my practice better than me. I will handle my sale. You have no idea of the myriad of intricacies and risk management applications that need to be employed. This event needs to be taken very seriously. The advice, counsel, guidance and direction required from concept-to-sold shall not be provided by those whose practices are maintained by hourly billing.
- Not properly preparing yourself in advance of selling your dental practice. Most dental practice sales can be completed within 150 days once marketing starts. To sell a dental practice quickly, you need to prepare yourself well in advance. You need a solid game plan before you commence selling your practice. You need a thorough toolbox to respond to inquiring parties quickly. Long protracted discussions will exhaust you, be expensive, may not conclude the sale and cause you to lose focus on your practice. Efficiency is important. How do you make the biggest splash when selling your dental practice? It is the seller’s responsibility to make all disclosures. It is paramount to understand the proper steps in selling your dental practice so your sale does not come back and bite you in your butt.
- Not having realistic expectations. Selling your dental practice shall be difficult as you try to separate your subjective feelings from the objectivity of the market. By selling your dental practice, you have commoditized it. Do not let emotions keep you from having realistic expectations. Your target price may not be the market price when selling your practice. The market is in constant flux. It is important to have realistic expectations. Proper pricing is essential as buyers are kicking many tires.
- Not hiring a dental broker. When selling a dental practice, you are doing more than placing dental practice listing ad. Your intent is to create a competitive response. How will you respond to a multitude of inquiries in the same window of time? How many of these dentists do you know? You are naked when you handle your own sale. You risk this event becoming public knowledge. You do not have a 24/7 advocate guiding you down this treacherous path.
This is a full-time job! Staging your practice, creating the splash when entering the market, responding to inquiries, Disclosure Packages, generating and analyzing Offers, negotiating contracts with proper risk management features, negotiating allocations to maximize capital gains, title searches, tax clearances, releases, securing financing in short order, keeping everything on track, etc.
For someone who has not done this hundreds of times before, selling your dental practice shall be challenging and time consuming. Do you want two jobs? How can you create competition without becoming distrustful? An experienced dental broker has the experience you need when selling your dental practice. The commission paid is your insurance policy your sale was handled properly. A great advocate shall save you considerable money in legal fees, achieve a better tax result and conclude this event as efficiently as possible.
Looking for an experienced dental broker to sell your dental practice? We got you covered. Professional Practice Sales of The Great West is that broker you need. To learn more about our services, contact us today.