Are you thinking about selling your dental practice? There is great value in preparing early for the sale of a practice even if it will be several years from now. Here are five considerations to keep in mind when determining the best time to sell your dental practice!
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1. Personal Finances
Are you financially able to sell? Meet with your financial planner to calculate your current financial situation, future needs and how many years you will need to keep working. Determine what your financial goals are for the sale of your practice.
2. Post Sale Plans
What are your plans for after the sale? Are there any interests or passions you want to explore? Do you plan on continuing to work in the practice following the sale? If you won’t be working, are you willing to walk away from your practice and its patients? Take time to think through your post sale plans and determine when may be the right time to take the next step in your career or towards retirement.
3. Productivity
What is your practice’s current production level? You want to sell your practice when it is experiencing high growth. A practice’s value depends heavily on recent collections and active patient count. In preparing to sell, you want to raise your production levels to maintain value as opposed to decreasing productivity and reducing services.
4. Practice Appraisal
Do you have an accurate valuation for your practice? An appraisal should be done a couple of years ahead of the sale especially if you are in a specialty. Once you have a valuation, you can identify areas for improvement and take steps to maximize that value. Let the experts at ADS Page Brown & Associates give you a FREE valuation of your practice so you can determine your practice’s true worth!
Are you hoping to increase the value of your practice before the sale? Download our FREE 13 Tips to Increase Your Practice Value and learn how to do just that!
5. Professional Help
It is strongly recommended to seek the advice of professionals with experience in dental practice transitions before you sell. Having a practice broker will ensure you receive an accurate valuation and frees you to continue working and earning an income.
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It is never too early to start planning for the sale of your practice. If you’re thinking about selling your practice within the next few years, now is the time to start the conversation. To ensure you are prepared for a smooth and successful practice transition, Page Brown and Associates would like to complete a FREE valuation of your practice and help strategize a transition plan that is right for you.