Retirement is the goal of every person’s time spent working. Retiring while owning a business is a difficult decision to make, but a necessary one. If you have no one to pass the business to, however, selling can be more complex than it is worth. When looking to sell your dental business, the key to a safe and smooth transition is hiring a dental practice broker for their services.
Valuation
According to Investor Junkie, businesses where the owner is actively-involved typically sell for 2-3 times the annual earnings of the company. If you are actively working in your dental business, this is a good sign for you. If not, that’s okay. Instead of hiring a certified valuator to evaluate your practice and tell you the general selling price, hiring a dental broker is a better decision.
Dental brokers are trained in all services related to the buying and selling of dental practices. With this comes the understanding of valuation. A dental broker will be able to provide you with the value of your dental business, along with extra assistance along the path of selling your practice. Providing you with a precise value of your business for selling purposes is only one of the many services a dental broker will provide for you.
Negotiation and Contracts
Offers will be given quickly after your business is put on the market. Your dental broker will be able to manage the influx of offers and handle negotiations on your behalf. Once you discuss what you are looking for in a sale and a buyer, they will take the task of negotiations out of your hands, providing you will all of the benefits for none of the effort.
Once an agreement is made between you and a buyer, your dental broker will take the next step. They will create a contract and consult you on the terms, making sure you are briefed on all of the terms and that every part is reviewed. Once everything is settled, the contract will be offered to the potential buyer. If they sign, you have successfully sold your business.
Transition
It can be overwhelming to hand your business over to someone else. There are plenty of preparations that need to be handled to make the transition smooth. Your dental broker will be by your side the entire way, ensuring everything is handled right, saving you time and money along the way. They will make sure everything that the transition is risk and worry-free. A lawyer will be unable to do this job for you. If you are looking to transition everything as smoothly and quickly as possible, a dental broker is what you need for your dental practice.
If you are looking to sell your dental business or find a new dental practice to purchase, call Professional Practice Sales today. We know the process inside and out!
