Making the decision to sell your dental practice can be tough. Maybe you are being forced to sell due to a lifestyle change that requires you to move. Or maybe you simply want to retire, but don’t want to just shut the business down. No matter what your reason, selling your dental practice will require some work on your part.
Selling a dental practice is not at all like selling a home. It requires different tasks, steps, and processes, and it can take much longer to do. If you’re looking to move on, the following are XX tips to help you sell your dental practice.
- Learn What It’s Worth
Before you can put your dental practice on the market, you need to first know what it’s worth. Hire an appraiser to tell you exactly what they think your dental practice will sell for. Knowing this information will ensure that you price the practice in such a way where people will want to buy it. If you price it too high, you will deter investors and buyers, and you could find yourself with a for sale dental practice for a very long time.
- Keep Accurate Records
The individual or individuals that buy your dental practice will want to make sure they’re making a smart investment, which is why it’s extremely important you keep accurate records of your business. Show them how much money it truly costs to upkeep the establishment as well as how much profit you bring in every month or year. If you don’t have accurate records to show the potential buyers, it could inhibit your chances of selling the business.
- Upgrade and Repair
It takes money to make money, and if you want to sell your dental practice for a good amount of money and sell it quickly, you’ll have to invest in upgrades and repairs. Most buyers don’t want to take on a project, so give them a move-in ready practice to utilize. Give the practice a new coat of paint, fix any chips or dents in any furniture or walls, upgrade to newer equipment, and make any necessary changes that will add value to the business. Not only will these investments get you a higher price for your practice, it could help you complete the sale more quickly.
- Keep the Business Operational
One of the biggest mistakes you could make is to stop caring about the business before it’s sold. If you want to interest buyers, you have to keep the business running efficiently and making a profit. Cutting your hours, cutting clients, or even closing down will hurt the profit margin of the business. It will be harder for you to find a buyer willing to buy the business after patients have left and it has stopped making money. No matter your situation, keep the same clients and the same hours as normal, and keep ensuring the practice is profitable.
- Hire the Right Help
There’s no reason to go at selling your business alone. If you truly want to make a quick sale for the right price, you need to hire the right help. A professional dental consultant can help ensure you’re making smart business decisions before, during, and after the sale, and they can even help you locate a potential buyer. Having the right people on your side can eliminate some of the stress and help ensure you make smart business decisions regarding the sale of your dental practice.