Marketing Your Practicezafar2019-12-02T14:38:06-08:00
How PPS Prepares Your Listing and Markets Your Practice
Selling a dental practice—the right way—begins with a careful analysis of the practice. Then it’s followed by preparation of a solid listing package (prospectus) and an effective marketing strategy.
This page addresses how we approach compiling practice data for the prospectus and what we do once it’s prepared.
Compiling Your Practice Data
Selling a dental practice requires detailed information. Our experience has proven that, with the proper data, you are more likely to shorten the sale timeline and enjoy a higher selling price. Here’s how detailed data supports that outcome:
Better data helps us produce a more effective marketing package,
Which helps generate quicker buyer response, and
Supports buyers’ ability to complete their “due diligence” review in swift order, often leading to
Multiple competitive purchase offers, soon followed by a
Ratified purchase offer where a buyer can get
Financing approved more quickly, followed by the
Purchase contract being finalized and a
Closing scheduled soon after that!
Most of our sales are concluded within 90-to-120 days of our entering into a listing because we take the time and effort to assemble the needed information for the project at the very onset.
What Happens without the Right Information
Without the right information, practices languish in the marketplace. Why? Buyers can’t form a clear understanding of the practice in their initial investigation. They, along with their advisors, are unable to complete their analysis, and lenders have a difficult time processing the loan request.
If you want to sell your practice, it is counter-productive to make buyers jump through hoops to get the requisite data. If complete information is not available, buyers will abandon their review and simply walk away. They simply will not spend their money investigating a practice that is not properly prepared for its intended sale.
In addition, a practice listed for long periods of time can experience value erosion as it inherits the stigma of being stale. Should offers come along, they are likely to be less than the asking price. There is also the risk that the practice’s “For Sale” status becomes public information—which can create other issues for its owner.
Unique Marketing Strategy
Once we create a solid listing package, the next step is to get it in the hands of “the right” prospective buyers. At PPS, we do this with a marketing plan tailored to the individual practice.
This helps generate an immediate response in the marketplace with our client meeting with serious prospects shortly after engaging our services. Our intent is that you realize multiple purchase offers within a short time frame so you have the luxury of comparison when deciding which party is best suited for your practice.
At PPS, we don’t believe that getting a full asking price offer is the real measure of our success. We feel that we have provided “added-value” when you are able to select a successor from a pool of qualified candidates who have tendered full asking-price offers or better!
“As a dental practice transition attorney, I have worked with Practice Sales of the Great West, and in particular, Ray Irving, on a number of practice transitions. I have been impressed with their extremely detailed approach to marketing dental practices and then selecting and working with the best buyer for a practice sale.
It is clear that Ray puts in an enormous amount of work before a practice even reaches the market so that questions from buyers can be addressed ahead of time. During the transaction itself, Ray and his team remain very involved to ensure that the process flows smoothly and the transaction closes successfully.”
—Robert Sanders, Esq. Law Offices of Robert Sanders, El Dorado Hills