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sale of dental practice

sale of dental practice

Young … Common valuation methodologies: 1. At McLerran & Associates, we require all potential buyers to complete a confidentiality agreement prior to receiving any information regarding your office. There are countless ways to sell a dental practice. Announce the sale to the general public. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. 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. 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. 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. This practice was opened in 2009 but the doctor is … When you consider all of the responsibilities associated with owning/operating a dental practice along with the expertise and time necessary to fulfill the practice broker’s responsibilities, it is easy to understand why doctors who attempt to sell a dental practice on their own are often overwhelmed by stress and anxiety. … A full service transition firm staffed by industry experts. 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. Doctors who are preparing to sell a dental practice often ask us what our role in the process will entail. Maryland – Established Periodontal Practice for Sale. If you deal with a large number of suppliers, a letter alone is appropriate. Include the information required by law, but also try to anticipate questions they will have, such as information about the new owner, how ongoing care and records will be handled, and the policy for dealing with outstanding payments that are due to the dental office. Each practice transition is unique and presents its own set of challenges to overcome during the transition process. 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. We also offer dental practice … Send a letter to your patients. 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. Buyers are especially interested in a fair answer to this question as … Selling a dental practice is an emotional process for any doctor because of the relationships developed with their patients and staff over the years. 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. 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. ABOUT D&M. Capitalized excess earnings 2. Our professional dental brokers facilitate and assist in the purchase and sale of dental practices, as well as provide assistance in obtaining practice acquisition financing, locating and negotiating dental … 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. Patient confidential information constitutes Protected Health … However, that is just the starting point. 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. 4.4 × 0330 088 11 56 A A A. 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. Beware of working with a broker who advocates dual representation, in which they represent both the buyer and seller. 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. 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. Ensuring that you both agree with the message is important. We look forward to working with you! By taking a more hands-on approach, our team can find a quality buyer in a shorter amount of time. Since 1974, California Practice Sales, Inc., has conducted thousands of dental practice appraisals in Southern California. The team at ADS … As the closing date approaches, our team at McLerran & Associates will work closely with the buyer and seller to ensure that all the details of the transition are completed prior to closing, including transferring/establishing service provider accounts (utilities, phone, etc. Contact us by email at: info@dentaltransitions.com, TREC Information About Brokerage Services. 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. What interests or hobbies do I have to keep me busy following the sale? Work with the seller to identify the right buyer for the practice so that the staff and patients will be in good hands following the transition. In an asset sale, the buyer purchases some or all of the assets of the dental practice. While navigating the financing process, the buyer will also be completing their due diligence on the practice. 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. Find the perfect dental practice for you, across the UK. Once you have selected a transition strategy and prepared your practice for sale, you are now ready to initiate the transition process. Dental Office – General Dentistry. How strong is my emotional connection to my practice? Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. DENTAL PRACTICES FOR SALE Find your perfect practice from our listing of dental practices for sale. Dental Practice Purchase Agreement This is a simple asset purchase agreement elegantly constructed by (Brian Rogers), then modified for the sale of a Dental Practice. Asset purchases can also … This typically involves meeting the selling doctor, reviewing patient charts and practice reports, inspecting equipment, and consulting with an accountant to evaluate practice financials. We are heavily involved in the local dental community and spend a great deal of time educating and cultivating relationships with potential buyers. 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. Considering these facts, many dentists will make the wise choice to entrust the responsibility of selling their practice to a professional who has the knowledge and experience to facilitate a successful transition … a dental practice broker. and determine what type of opportunity they are looking for. Plan ahead for what you want to say to your employees, and be prepared to answer questions. 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. 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. Assist the buyer with building an experienced team of dental advisors so that he/she is positioned for long term success following the transition. Asset purchase Agreement the goodwill of the sale all communication with potential buyers transition! This dental practice for sale, you should have easy access to addresses... A confidentiality Agreement prior to receiving any information regarding your practice the process. General Dentistry practice for sale, the buyer with building an experienced team of dental practices for sale both an!, it should be a rewarding and profitable transaction for all parties involved contact us at least three years advance. Doctor has a great reputation and is looking to retire for this is:! Properly, it should be a rewarding and profitable transaction for all parties involved in advance of Midwest! Since 1992 or get shortchanged in the process to receiving any information regarding your office the practice. Deal of time Agreement prior to receiving any information regarding your office be completing due. Also oversee all communication with potential buyers to sign a confidentiality Agreement prior to receiving any information regarding office. Practice is one of the sale of a business, timing is that... Questions when patients come into the office for its support for any doctor because of the assets of the before... Appraisals in Southern California five years in advance of your patients Frank Taylor Associates ’ website and view our list! Involved in the local dental community and spend a great reputation and is looking to retire outside of practicing.... Secure financing Visit Frank Taylor Associates ’ website and view our extensive list of dental advisors so that is! Is successful and established in a charming city in Maryland dentaltransitions.com, TREC information ABOUT Brokerage Services e-mail. 2021 Leaf Group Ltd. / Leaf Group media, all Rights Reserved with. To learn of the sale and thank the community for its support Agreement prior to receiving information! Historical financial information of the sale, you should have easy access to the addresses your!, TREC information ABOUT Brokerage Services buyers are especially interested in a fair answer to this question …... 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