When you’re thinking about selling your dental practice, it’s important to make sure everything is done by the book. So before you write up a dental practice listing and start looking for buyers, here are a few essential steps you’ll need to take if you want your dental practice sale to be successful.
Meet with Your Financial Advisor
One of the most important steps you can take before selling your dental practice is making sure that you can afford to do so. If you’ve never prepared a financial plan for selling your practice, then you might still have some work to do before you’re ready to sell. Meeting with a financial advisor can give you some much-needed insight into whether you can realistically afford to sell your practice right now. It’s possible that you’ll need to put your plans on hold as a result of market instability, but you’ll never know unless you work with a financial advisor to put a plan in place for selling your practice. Don’t wait on this step.
Invest in a Comprehensive Practice Valuation
Getting a comprehensive valuation of your dental practice is perhaps the most critical step you need to take before writing up your dental practice listing. The results of your practice’s comprehensive valuation will inform almost every decision you make in the selling process afterward. For the most accurate valuation, make sure you’re working with dental brokers who have experience conducting certified valuations in the dental industry. It’s also important to be wary of any broker who offers a free valuation. You may think it’s a good deal, but it may not actually serve your best interests when it comes to dental practice sales.
Be Realistic with Your Expectations
If this is your first time selling a dental practice, then you’ll need to be realistic with your expectations. Working with a broker who has experience in dental sales is the best possible course of action for you to take. Not only can they guide you through the sales process, but they can also give you the most realistic timeline expectations. While most dental practice sales can be made within 150 days of listing, certain factors unique to your situation may change that number slightly.
Don’t rush into your dental practice listing just because you think it’s the right time to sell. Make sure you’re doing your due diligence.