Serious About Selling your Dental Practice? Don’t Hire an Order Taker!
Your dental practice is unique. Your service profile reflects your standard of care, your patient pool has its specific demographics and the payor mix reflects your patient following. However, ultimately how your dental practice should be priced comes down to the following factors:
- The current trends in the marketplace
- The location
- The property
- Terms of tenancy
- Office Design
- Delivery systems
- Staffing components
- Your finances
- Your relationship with Delta Dental
In selling your dental practice, you require a third party critique from someone who understands today’s buyer demands for your practice based upon close scrutiny and how it’s positioned in its service area. In selling your dental practice, you require an experienced dental broker who has the pulse of today’s market and understands how your practice fits within this dynamic based upon hard-learned empirical knowledge.
You require someone who spends time discussing your objectives and most importantly provides you with the critical feedback you need so you can make the right decisions in going forth in selling your dental practice. Who you engage is critical. There are firms with slick websites broadcasting that can get you the best price for selling your dental practice.
Some websites offer you an estimate of what your dental practice is worth based on some simple questions.
However, pricing your dental practice isn’t that easy. Many firms are located out-of-state and incorrectly profess they know what your practice is worth when they’ve never concluded a dental practice sale in your area.
One of the largest firms in California outsources valuations to a third party back East. The local rep handling that “For Sale” practice never valued the dental practice. The back East appraiser never shook hands with the dentist selling their dental practice. They reviewed the financials and data provided and cranked out a number. The local rep is simply walking in prospects.
This would be the Order Taker.
In selling your dental practice, you shall be best served by engaging with a dental broker who has sold practices in your zip code and who has weathered the many changes your profession has and continues to endure. Engage with a dental broker who understands all of the nuances of selling your dental practice from “concept-to-sold.” A dental broker in California who drills deep to understand your practice, sets a price point that shall attract serious interest, and creates an Offering Package that is detailed and properly frames your opportunity whereby immediate interest is realized.
Choose that dental brokerage California Dentists trust to interface with buyers; assemble a complete toolbox for prospects, advisors, and lending banks; write offers; open escrows; order title searches; offer tax strategies; draft expert purchase agreements for review by legal counsel and get the job done efficiently and effectively.
In selling your dental practice with an experienced and professional California dental broker, you’re choosing to engage with a firm whose unique credentials evidence that they understand this exercise and can get the job done. Experience is priceless when selling your practice so it gets SOLD!
Professional Practice Sales of The Great West
Ray Irving blogs at Professional Practice Sales of The Great West PPS on topics of interest to dentists considering dental office transitions.