Should a buyer determine that your practice is a good fit after reviewing the profile and visiting the office, a follow-up meeting will likely be arranged to allow both doctors to get to know each other. When announcing the sale of a business, timing is important. Young … You also will want to coordinate the announcement with the new owner to ensure that you both present an appropriate message. There are countless ways to sell a dental practice. In doing so, you will gain valuable insight regarding the current value of your practice and the key factors that impact practice value and marketability. At McLerran & Associates, we feel that it’s imperative to play an active role in the local dental community in order to keep a pulse on current market conditions and cultivate relationships with potential buyers and sellers. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Solely represent the seller’s interest throughout the process – While our goal is to put together a win-win transaction for all parties involved, our responsibility is to solely represent the seller’s best interest during the transition process. Confidentially market the practice to qualified buyers and advertise the practice on a local, state, and national level via the web, print ads, seminars, trade shows, etc. While market conditions remain favorable at the moment, we are expecting several changes to occur over the next few years that could have a significant impact on practice value. Maryland – Established Periodontal Practice for Sale. Make sure your staff is prepared to answer questions when patients come into the office. In an asset sale, the buyer purchases some or all of the assets of the dental practice. Home. The current doctor has a great reputation and is looking to retire. Since 1993 First Choice Practice Sales Inc. has provided California with dental practice transition and brokerage services; including all aspects of buying dental practices, selling dental practices and appraising dental practices. Selling a dental practice is an emotional process for any doctor because of the relationships developed with their patients and staff over the years. When you sell a dental practice, maintaining confidentiality during the transition process is extremely important. Average annual earnings Typically, historical financial information of the practice is utilized to produce the calculated value under these scenarios. I can not say enough about how excellent my experience was with the sale of my practice. An existing practice offers instant cash flow. We look forward to working with you! 2019 Revenue was … Each practice transition is unique and presents its own set of challenges to overcome during the transition process. This approach doesn’t cut it! By taking a more hands-on approach, our team can find a quality buyer in a shorter amount of time. Because we place a high priority on developing meaningful relationships with potential buyers, we maintain a strong pipeline of qualified buyers and can immediately reach out numerous doctors who may be the right fit for your office immediately upon listing your practice. We also oversee all communication with potential buyers and their advisors and handle initial practice showings after office hours. At McLerran & Associates, we require all potential buyers to complete a confidentiality agreement prior to receiving any information regarding your office. Ensuring that you both agree with the message is important. Google Rating. When writing a news release announcing the sale of the business, keep it brief but be sure to include information on how a reporter can contact you for more details. If you deal with a large number of suppliers, a letter alone is appropriate. While it is important to understand the role of a practice broker and the importance of utilizing their services, it is also imperative that you hire the RIGHT broker to represent you in the sale and facilitate a smooth transition. As practice brokers, we are often contacted by practice owners on the day they are ready to sell. Once you have determined that you are financially prepared to sell your practice, it’s time to move onto considering the emotional implications of the sale. Send a letter to your patients. Asset purchases can also … We accomplish this initiative by regularly attending and sponsoring local dental society and dental study group meetings, hosting seminars to educate buyers and sellers on the transition process, and networking with professionals who serve as valuable resources for our clients (attorneys, accountants, consultants, equipment reps, etc.). DENTAL PRACTICES FOR SALE Find your perfect practice from our listing of dental practices for sale. Selling a dental practice starts with assessing the value. Patient confidential information constitutes Protected Health … To sell a dental practice, many brokers will simply list a description of your practice in various journals and on their website with the hope of coming across a buyer who is a good fit. This information will also provide you with sufficient time to develop a customized transition strategy to meet your individual needs, make changes to your office that will enhance value, and avoid mistakes that may negatively impact value. Utilizing different methodologies builds confidence in the end value and identifies outlying financial or practice data that may cause a deviation. Therefore, it is crucial for you to understand the key factors that influence the value and marketability of your practice to ensure that you are in the position to maximize the value of your office at the point of sale. If you plan to continue working in your office following the sale, are you willing to adopt an “associate mentality” and be accepting of change? Here are our primary responsibilities as your practice broker: As you can see, our team plays a vital role in the transition process. My PARAGON consultant was exceptionally helpful throughout the entire process. 4.4 × 0330 088 11 56 A A A. The team at ADS … This contract circumvents the current … We require all prospective buyers to sign a Confidentiality Agreement prior to receiving any information regarding your practice. As a dental office, you should have easy access to the addresses of your patients. Since most buyers will require 100% financing, it is important for your buyer to work with lenders who are familiar with dental transactions. The sale of a dental practice is one of the most significant events in your professional career. Therefore, it is imperative to be educated about the process and employ the services of experienced professionals (McLerran & Associates, attorney, accountant, etc.) NW Washington, DC – Premiere, General Dentistry Practice For Sale In NW Washington DC. Begin the planning process three to five years in advance of a transition. Check with your state licensing agency to determine what forms of notice the law requires. McLerran & Associates has the experience and expertise to help you navigate the transition process from start to finish, including developing a customized transition strategy for your individual situation, finding a buyer who is the right fit for your practice, and maximizing the value you receive for your practice. What interests or hobbies do I have to keep me busy following the sale? Provide draft contracts including the Letter of Intent and Asset Purchase Agreement. While some practice owners may be able to identify a buyer who is interested in purchasing their practice with little difficulty, getting from that point to the closing table is the most challenging component of a practice sale. We also volunteer our time and make considerable monetary contributions to charitable dental organizations such as the Capital Area Dental Foundation. Buyers are especially interested in a fair answer to this question as … Contact us by email at: info@dentaltransitions.com, TREC Information About Brokerage Services. McLerran & Associates employs numerous effective marketing strategies to ensure that we identify a buyer who is the right fit for your office in a timely manner and maximize the value you receive for your practice at closing. Dental Office – General Dentistry. The reason for this is simple: to protect the goodwill of the practice. Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. We also offer dental practice … to help you navigate the process, protect/maximize the value of your practice, and ensure your transition is as smooth and successful as possible for all parties involved. Making the decision to sell your dental practice requires a great deal of thought regarding when and how you would like the transition of ownership to occur. The sale of a dental practice is one of the most significant events in your professional career. At McLerran & Associates, we play an active role in referring the buyer to several experienced dental lenders and helping position their loan request in a favorable light with each lender to enhance the probability of securing financing approval. It was a pleasure to have such a … As a medical professional, you also likely will have legal obligations related to communicating how your patients' medical records will be maintained in the future. As is often the case, the doctor has also taken their foot off the gas in recent years, resulting in a significant decline in revenue, profitability, and practice value. By exclusively representing the Seller, clearly disclosing this fact to the buyer, and assisting both parties in building a strong team of advisers, we have the ability to represent the seller’s best interest while ensuring the buyer has proper representation and is positioned for success following the purchase. Involve the new owner in all of the details of announcing the sale. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. Handle all inquiries from potential buyers and their advisors regarding the practice, including conversations, email correspondence, and showing the office after business hours. By asking yourself the above questions and dealing with these feelings prior to putting your practice on the market, you will be in the position to minimize your anxiety as you navigate the transition process. These emotions can be even more intense for those doctors who do not have other interests or hobbies outside of practicing dentistry. For many practice owners, it is extremely difficult to consider selling their practice due to the emotional ties the doctor has to their patient base, staff, and the business they have spent their entire career building. Throughout this process, the staff and patients are typically unaware that the dental practice is being transitioned to a new doctor. At McLerran & Associates, we work diligently to cultivate relationships with prospective buyers to understand their needs, goals, and skill-set then match them with the appropriate practice. Therefore, to ensure your practice transition is successful, it is imperative to follow these crucial steps: While this list covers the most significant steps required to sell a dental practice, it is by no means comprehensive. It is also important to remember that selling your office is not synonymous with retiring, as there may be opportunities for you to continue generating personal income following the sale by working as an associate in your office or outside of the non-compete radius. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a … We have found that our clients typically receive a higher value for their practices, have a more amicable relationship with their buyers following the sale, and experience much less stress and anxiety during the transition process than their counterparts who try the “do it yourself” approach. Most calculations of value utilize multiple valuation formulas averaged together to arrive at a final estimate. Serve as a buffer between the buyer and seller throughout the process (particularly during price and contract negotiations) to preserve the goodwill of the practice and relationship between the parties. Timing of this introduction, how the initial meeting is handled, and training the staff to explain the transition to patients is a critical step in ensuring a smooth transition of ownership and maximum patient retention following the sale. 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