If you’re near retirement or simply want to turn over a new leaf and spend more time with your family, then selling your practice is always an option. However, selling your practice is not something you should do on a whim, as it requires a lot of planning. There are also some common pitfalls you want to avoid if you want to get the best offer and make sure that the selling process goes as smoothly as possible. In this article, we’re going to give you a few essential tips for selling your dental practice the right way.
It’s surprising to see how many practice owners think they’ll be able to sell theirs overnight. It’s important that you have realistic expectations when selling your practice so you can set a proper timetable. It can sometimes take months to sell a practice. However, this can be accelerated if you work with a broker.
Ideally, you want to work with a team that has the ability to market your practice to both corporate and private clients. You should also make sure that the broker’s fee structure is favourable to you. Some will charge you for things such as registration fees or due diligence, but you have to work with a broker that will put some of the fees on buyers as well. Services like www.retiring-dentist.co.uk, for instance, will make sure that the buyer pays acquisition fees, not you.
Prepare for the Due Diligence Process
Once you’ve found a buyer for the practice and you have agreed on the offer, you can expect them to go through the due diligence process. A lot of sellers are surprised and a bit overwhelmed when they find out how much information will be required from them. This is especially true when staff are unaware of the sale and you have to collect additional documents covertly.
Your broker will be able to advise you on which documents you’ll need. You should start making copies and indexing these documents as soon as possible, so you’ll have them on hand when the time comes.
Make Sure Your Practice is In Order
You also have to take a look at your internal processes and see if everything is on point. Review associate and employee contracts. Make sure that all contracts and practice policies are up to date. Make sure that you have all the licences and registration that you need.
You should also make an inventory of all of your equipment, and make sure that it’s in top shape. The more prepared you are, the greater the chances the deal goes well. A well-run practice with the documentation needed to back it up will sell much faster.
These are just some of the things you should be taking into consideration when selling your dental practice. Make sure that you get professional advice from the very start, and make sure that you are well prepared if you want to get the best deal possible.