Also explore buying an ad with local media to announce the sale and thank the community for its support. 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. With so much at stake, you really need … Therefore, it is imperative to be educated about the process and employ the services of experienced professionals (McLerran & Associates, attorney, accountant, etc.) You will want to make sure employees, key customers and suppliers learn of the sale before the general public. The sale of a dental practice is one of the most significant events in your professional career. Once an ideal buyer has been located, the next step in the process is to agree on the terms of the purchase in a Letter of Intent (we provide our clients with a draft LOI), which should detail the proposed purchase price, intended closing date, assets included in the sale, and a list of contingencies that have to be met before the transition is completed. He has a Bachelor of Science in journalism from the University of Kansas and currently works as a government and business reporter for a daily newspaper. Buyers are especially interested in a fair answer to this question as … It is important to consider the requirements of the lender when negotiating the lease term and to approach the landlord at the proper point in the transaction to protect confidentiality while not delaying the closing. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. 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. This contract circumvents the current … You will want to make sure employees, key customers and suppliers learn of the sale … Once you have selected a transition strategy and prepared your practice for sale, you are now ready to initiate the transition process. Involve the new owner in all of the details of announcing the sale. Dustin Hill is the former owner and publisher of a Midwest business journal and has been reporting on small business since 1992. Capitalized excess earnings 2. We have found that the emotional process of selling a practice often plays a more significant role than the financial implications. 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? Therefore, it is more important than ever for potential sellers to understand the factors that influence value and take the necessary steps to maximize practice value, beginning with considering the financial and emotional implications of a practice sale and planning for their transition in advance. To avoid these mistakes, we encourage you to contact us at least three years in advance of your practice transition. Unlike a start-up practice, an established practice has … NEW LISTING! Send a letter to your patients. The first step in the transition process is to obtain a practice valuation from a local, reputable practice broker so you and your financial advisors can determine if you are financially prepared to sell your office. Average annual earnings Typically, historical financial information of the practice is utilized to produce the calculated value under these scenarios. Selling a dental practice starts with assessing the value. ABOUT D&M. 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. In that situation, the doctor’s options are relatively limited in regards to the type of transition strategy they can utilize to sell their office. These emotions can be even more intense for those doctors who do not have other interests or hobbies outside of practicing dentistry. I can not say enough about how excellent my experience was with the sale of my practice. Provide draft contracts including the Letter of Intent and Asset Purchase Agreement. Gather your employees and tell them of the sale. FACT: A dentist will typically sell a dental practice only once during his or her professional career. This approach doesn’t cut it! Home. Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. 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. It is important that a dental practice valuation is performed by an experienced professional to ensure it is thorough and accurate. In an asset sale, the buyer purchases some or all of the assets of the dental practice. Another advantage of beginning the process three to five years before a sale is the ability to address and correct issues that could have a negative impact on practice value, thus ensuring that you maximize the value of your practice upon the sale and position the future practice owner for success. The sale of a dental practice is one of the most significant events in your professional career. Henry Schein Professional Practice Transitions provides the comprehensive support you need to locate a dental practice for sale that fits your needs, budget and career goals. Check with your state licensing agency to determine what forms of notice the law requires. When announcing the sale of a business, timing is important. 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. FACT: A dental practice is typically the doctor’s most valuable and prized possession. Therefore, it’s important to ask yourself these questions before making the decision to sell: It is also worth mentioning that the emotional implications associated with the sale of your practice will increase once you accept an offer and begin navigating the closing process. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the … Maryland – Established Periodontal Practice for Sale. 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. Handle all inquiries from potential buyers and their advisors regarding the practice, including conversations, email correspondence, and showing the office after business hours. Begin the planning process three to five years in advance of a transition. An existing practice offers instant cash flow. My PARAGON consultant was exceptionally helpful throughout the entire process. Each practice transition is unique and presents its own set of challenges to overcome during the transition process. California Practice Sales, Inc., provides nine-page written appraisals of dental … 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. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a … You don’t want to leave money on the table or get shortchanged in the process. You will find a host of dental practices for sale throughout Georgia, which includes listings in Atlanta, Columbus, Savannah, Sandy Springs, Macon, Roswell, Albany, and every other Georgia city with active … Some states require formal legal notices to be published in newspapers, and may require specific statements to be made about how medical records will be kept confidential in the future. A full service transition firm staffed by industry experts. Upon agreeing on the terms of the sale, the next step in the process is for the buyer to secure financing. 4.4 × 0330 088 11 56 A A A. 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. 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. Selling a dental practice might be the single biggest decision of your professional career. Here are our primary responsibilities as your practice broker: As you can see, our team plays a vital role in the transition process. What interests or hobbies do I have to keep me busy following the sale? … Since 1974, California Practice Sales, Inc., has conducted thousands of dental practice appraisals in Southern California. PITFALLS TO AVOID WHEN SELLING A DENTAL PRACTICE By Ron Lebow, Esq. Common valuation methodologies: 1. The next step is to find the right dentist for your practice. Since the buyer’s and seller’s financial interests are typically converse to one another, it is nearly impossible for the broker to fairly represent both parties under the dual representation arrangement. Therefore, we encourage you to contact McLerran & Associates when it is time to start planning the sale of your 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. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. In an asset sale of a medical practice, let’s say you, the seller, have made a list of all the furniture and fixtures that are part of the sale. Asset value 3. Since most buyers will require 100% financing, it is important for your buyer to work with lenders who are familiar with dental transactions. This document should be specific to a dental transition and be a win-win agreement that protects both sides and discusses how common issues, such as accounts receivables and credit balances, will be handled after the sale occurs. 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. If you deal with a relatively small number of suppliers, you may want to contact them personally and then follow up with a more formal letter to document the end of the business relationship. 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. NW Washington, DC – Premiere, General Dentistry Practice For Sale In NW Washington DC. DENTAL PRACTICES FOR SALE Find your perfect practice from our listing of dental practices for sale. Watson Brown is a full-service transition firm offering expertise in dental practice transitions, including practice appraisals, pre-sale consultations, financial advisement, and complete brokerage services.Dental practice … Am I ready to give up control of my practice? Annual net receipts 4. When buying or selling a dental practice, a key question to accurately answer is: How much is my dental practice worth? If you deal with a large number of suppliers, a letter alone is appropriate. Owner to ensure that you 've sold the business properly, it should be rewarding! You to contact us at least three years in advance of your career! You, across the UK Brokerage Services a shorter amount of time the sale of a business... Being transitioned to a new doctor be prepared to answer questions when patients come into the office over 1,000 patients... 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