One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. • Practice consistently collection over $1.8M • Established practice with 6 equipped operatories • Doctor would like to work for the buyer post-sale • Paperless office, with Open Dental and digital imaging • Building available for sale 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. Average annual earnings Typically, historical financial information of the practice is utilized to produce the calculated value under these scenarios. The sale of a dental practice is one of the most significant events in your professional career. 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. Here are our primary responsibilities as your practice broker: As you can see, our team plays a vital role in the transition process. We require all prospective buyers to sign a Confidentiality Agreement prior to receiving any information regarding your practice. Welcome to First Choice Practice Sales Inc. We have found that the emotional process of selling a practice often plays a more significant role than the financial implications. … Upon establishing the value/asking price, we will construct a comprehensive practice profile that will be utilized to confidentially market the practice to prospective buyers. 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. I can not say enough about how excellent my experience was with the sale of my practice. 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. If you deal with a large number of suppliers, a letter alone is appropriate. The next step is to find the right dentist for your practice. Therefore, it’s imperative to meet with our team at McLerran & Associates well in advance of a sale to determine the best transition strategy to accomplish your individual goals. … We also oversee all communication with potential buyers and their advisors and handle initial practice showings after office hours. My PARAGON consultant was exceptionally helpful throughout the entire process. Dental Office – General Dentistry. Young … You will want to make sure employees, key customers and suppliers learn of the sale before the general public. Here are some of the key considerations you should take into account when planning your practice transition: For many doctors, their dental practice is one of their most valuable assets and the proceeds from the sale of their office will be utilized to fund a significant portion of their retirement. Generating Approximately $2.5M in Average Annual Revenue. What interests or hobbies do I have to keep me busy following the sale? You bought that couch in the waiting room for $1,000, depreciated it over the last five years on your tax returns, and then valued it at $200 on your list of assets when you sold the practice. 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. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. and determine what type of opportunity they are looking for. Visit Frank Taylor Associates’ website and view our extensive list of dental practices for sale. Therefore, it is imperative to be educated about the process and employ the services of experienced professionals (McLerran & Associates, attorney, accountant, etc.) Check with your state licensing agency to determine what forms of notice the law requires. 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. One of the least thought about but most often negotiated issues in selling a dental practice is the allocation of the purchase price and the associated tax consequences. Beware of working with a broker who advocates dual representation, in which they represent both the buyer and seller. Capitalized excess earnings 2. Suppliers likely will have a different set of questions than patients, such as whether billing addresses have changed, which party is responsible for balances due, and whether there are any other management changes taking place at the practice. Google Rating. Make sure your staff is prepared to answer questions when patients come into the office. Dental practice buyers are typically much younger than sellers these days, and they are performing a wider range of procedures in-house rather than referring those procedures to specialists. However, that is just the starting point. Provide an organized process so the practice sale and transition go smoothly, including managing all correspondence between both parties and all of their advisors (attorneys, accountants, consultants, lenders, etc.). Write a short, straightforward press release that can be sent to newspapers, radio stations, television stations or online sites that cover business news in your area. 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. There are countless ways to sell a dental practice. Selling a dental practice might be the single biggest decision of your professional career. 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. Asset value 3. Doctors who are preparing to sell a dental practice often ask us what our role in the process will entail. Provide draft contracts including the Letter of Intent and Asset Purchase Agreement. If handled properly, it should be a rewarding and profitable transaction for all parties involved. In addition to handling all of the responsibilities discussed above in a professional and efficient manner, here are a few additional reasons that McLerran & Associates is the premier dental practice brokerage firm in Texas: Our team has specialized in providing practice appraisal and transition services to Texas dentists since 1987. 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. Asset purchases can also … 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. Maryland – Established Periodontal Practice for Sale. 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. Gather your employees and tell them of the sale. California Practice Sales, Inc., provides nine-page written appraisals of dental … This involves understanding each lender’s unique underwriting requirements, presenting a comprehensive practice prospectus and cash flow analysis, and proactively addressing any potential red flags up front. Send them a letter -- or an e-mail if they have stated that as a preference -- announcing that you've sold the business. 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. A full service transition firm staffed by industry experts. 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