When you are interested in buying another dental practice, it can be a great way to expand your dental business quickly. It’s an expensive prospect, but when you see a dental for sale, it may be a rarity. Dental practice sales are not often available, so jump on one when you have a chance. With a dental office for sale by owner, you can usually get a better deal when if you went with dental practice agents to connect you with a seller.
Buy and Sell Dental Practice
If you are looking for a place to find a dental practice for sale, put feelers out with other dentists. Let them know that if they hear about a dental practice for sale, you would be interested in it. When you have a dental practice that you want to sell, there are several options for you. You can go to an agent who can help you to find a buyer. You can also sell the practice yourself. This is often done by letting other dentists know that you are selling one. You can even cold call some of these dentists to ask whether they may be interested in buying your dental practice.
The United States dental industry has seen growth of 2.5 percent in the last five years, reaching $135 billion in revenue in the year 2019. It’s no wonder that so many people are interested in buying or selling a dental practice. But it’s not an easy business to get started in. There are many details to be educated on before you attempt to buy a dental practice. Similarly if you’re looking to sell your dental practice, you should be sure you know the value of your practice, and how to get it viewed by the right buyer. With the help of professional dental practice brokers you can eliminate a lot of the guess work and get the answers you need. Follow our simple guide to get started today.
As a buyer, you’ll first want to determine whether or not the practice you’re considering is active and profitable. This is important because an actively operating dental practice comes with a number of established clients. What this means is that you will have the benefit of instant income if you choose to purchase an active practice. This can help ease the anxiety you may have around providing enough capital to make your investment worthwhile. Working with reliable dental practice brokers can lead you closer to finding and purchasing only active dental practices.
Like any other type of property acquisition, the terms of your loan are important to consider. Most brokers offer dental-specific knowledge as some of the loan terms can be quite specific to this field. With a broker you also have the added benefit of securing any legal documents that need to be in place before you move ahead with your purchase.
On the selling side of things, perhaps the most important piece of information you need to sell your practice is its value. If you know with confidence what your dental practice is worth then you can move ahead with buyers much more effectively. When determining worth you should factor in all your existing clients, the availability of potential clients, past profits, and all assets that exist within the practice. Things like developing a stronger presence in your community and establishing a positive reputation also help you make the sale much quicker.
Whether you’re buying or selling a dental practice, it’s always wise to consult with a trusted dental practice broker. It’s a complex process and you should not try to do it on your own, as it’s easy to make unnecessary mistakes and missteps. With continuous education and the help of dental practice brokers, you’ll be well on your way to achieving a successful sale or acquisition of your chosen practice.