There are a variety of factors that can affect the ability of a business to sell for a profit. When trying to understand dental practice sales, these factors can mean the difference between selling to break even and selling beyond the asking price. There is a lot more to selling a dental practice than throwing it on the market and hoping for a buyer.
How Is the Practice Performing?
The first thing to consider with dental practice sales is how the dental practice for sale looks in the market. The opinions of the customers and the patients that have worked with the office can leave a lasting impression on the business. Dental offices for sale with large and loyal customer bases look better to potential buyers than a business that has had little to no clients.
How Involved Are You?
The next thing to consider with dental practice sales is how active you as the owner are with the patients. Businesses, where the owner is more actively-involved, tend to sell for double or triple the annual company earnings, according to Investor Junkie. When selling a dental practice, be sure to highlight the impact you have on patients to strengthen the value of the acquisition.
Why You Should Hire a Broker
Another decision to be made when attempting to sell a dental practice is hiring a dental broker. A dental broker specializes in all forms of dental business transactions, such as selling, buying, appraising, negotiations, and drawing up contracts. For the best return on investment, consider working with an expert in this field.
A dental broker’s fees can deter people from wanting to hire them, as people want to focus on making the most money possible when selling their dental practice. However, dental brokers can actually help people save more in the long run. The process of dental practice sales comes with a lot of hurdles, such as finding out the value of the practice and having the proper forms filled out. With a dental broker, these hurdles are easier for the seller to overcome, expediting the process.
There is good profit to be made if the practice is proven to have value. Understanding the steps of the process, as well as understanding how to determine the practice’s worth takes effort and goes much smoother with a dental broker. Contact us today at Professional Practice Sales to save you time and money when selling your practice.