You’ve worked in your dental practice for many amazing years, and now it’s time for you to retire. As you begin this new chapter, it’s important to take the right steps to get the most out of your business. After all, selling your business can offer financial benefits for you while keeping your office operational. Here are a few steps you should take to prepare to sell your practice.
Step One: Gauge Its Worth
Dental Economics notes the importance of calculating your practice’s economic value before you sell it. This step is critical because your practice might be worth more or less than you imagine, and you need to know exactly what you can get out of it. Thankfully, there are expert firms that can estimate your practice’s value before you sell it to ensure that you get the best results possible.
Step Two: Find a Buyer
Next, you’ll need to put your business up for sale on the medical market and start taking bids. Try to find a buyer who can not only meet your price but also has the same values as you. This is important because you want to give your patients access to a skilled and trustworthy dentist who has their needs in mind. It also minimizes unnecessary complications and personality conflicts.
Step Three: Inform Your Patients
Once you’ve found a suitable party to buy your dental practice, it’s critical to let your patients know exactly what’s happening. They deserve to hear this news from your mouth rather than suddenly getting a flier from the new owner explaining the situation. Tell each of your patients as you meet with them or contact them via telephone or email and give them a heads-up.
Step Four: Prepare Legal Documents
When transferring ownership of any business, you need to sit down with your lawyers and talk about this process. They can explain matters like copyright, who owns your practice’s name, and much more. Furthermore, good lawyers can also ensure that you transfer your business legally and minimize any financial complications that may make it less than effective.
If you’re interested in selling your dental practice to prepare for retirement, contact Professional Practice Sales today to learn more about this process. Our team of professionals will sit down with you, explain what you need to do, and make sure you understand everything. Our goal is to give you the best overall results for your business transfer and make you great money in the process. We look forward to working with you!