You’ve flourished throughout your professional career as a dental practitioner, but now it’s time to sell and enjoy the fruits of your labor. This is a big step, so it’s important to do proper research, avoid possible mistakes, and exit your business the right way.
Contact the Experts
It’s not a good idea to handle this all on your own. Do your research and then reach out to the most qualified and experienced dental transition company you can find. It’s essential to do this especially if you intend to maximize your return on investment. In this case, transition professionals just dental practice sales experts who work specifically with dentists to address any particular concerns while carefully walking you through the process. Need to find out what your practice is worth? Complete our FREE Dental Practice Valuation!
Determine Goals and a Transition Plan
There are many important questions to ask yourself before you initiate your exit strategy. Do you have a legitimate strategy? What’s the reasoning behind the sale? What do you plan to do after you sell your practice? Is this a good time to sell? Where do you see yourself in the distant future? Answering these questions early will help you to plan, simplify, and execute the process while giving yourself confidence to move forward.
Market and Network Your Practice
Before you sell, you actually need to get people looking at your practice. If few people are aware of it, it’ll be much harder to sell. Market your practice wisely and make sure it’s exposed to as many relevant people as possible, especially brokers who are desperate for a sale. This could be through social media, direct contact, online or physical ads, or other networking methods that make sense for your situation. Figure out what marketing techniques work the best for you and then run with it, because the sooner the better.
It might seem like a no-brainer, but once you start receiving offers, it’s absolutely crucial to follow up with all potential buyers to discuss things like accepting the offer, negotiating the offer, or declining it altogether. You need to be thorough and crystal clear with whatever message you convey because with a sale of this size and importance, there’s no room for confusion or miscommunication.
We know a transition can seem overwhelming. The experts at ADS Page Brown & Associates are here to ensure a smooth transition that gets you the most for your practice. Learn how to increase the value of your practice with our FREE guide!