best way to sell dental offices

Start the marketing process early by listing your dental practice for sale on Clineeds. The most important point to realize for a dentist is that “Dentistry is a locally based profession.” So, treat the residents in the vicinity of your clinic as the most influential circle of patients. These are specialized accountants that will give you the fair market value of your practice. You have likely spent your entire career building a dental practice, but now you’re ready to move on. You can have an exciting, yet profitable, conversation when empowered with knowledge. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. Congrats on selling your practice! Ultimately, the best way to sell a dental practice is to work with a highly experienced transition broker. We are able to call upon our past experiences. Not only does this protect the privacy of the seller, it ensures a smooth transition for everyone. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. The sale of a dental practice consists of the sale of the underlying assets, which may include supplies, equipment, furniture, operatories, and office space or real estate. Overall, the best way to sell a dental practice is to work with an expert transition broker. Selling your dental practice is an emotional decision that every owner faces at some point. I think the prices are extremely high. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. CE WEBCAST: From Simple Occlusal Adjustments to Treating Occlusal “Neurotics”, Townie Town Hall on COVID-19 - Q&A with a panel of experts, CE WEBCAST: Efficient Workflow for Guided Implant Surgery, How to Make Durable and Aesthetic Temporaries, 3 Ways to Deliver an Outstanding Patient Experience. I am a temporary hygienist and work in many different offices. But consider staying on a little longer to smooth out the transition process. For years, Professional Transition Strategies has been a trusted qualified dental transition company because of our ability to: Sometimes dentists want to keep the news that they are looking to sell their practice under wraps to avoid alarming employees and patients. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. This article will give an overview of these two groups and discuss key considerations for dentists looking to sell to them. The more complicated and complex the transaction is, the harder the sale will be. I feel like this will really help the buyer see what kind of income to expect from the business. The most crucial tactic for successful dental office managers. Fortunately, you don’t have to take on the challenge alone. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. Here’s an example: In this example, your practice would be worth at least $375,000. Learning from the best: Takeaways from dental practices performing in the top 10% Levin Group studied the top 10% of all dental practices, based on production. They definitely matter! Potential buyers will comb through your financial documents prior to any sale. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. #4: Referral Program. For a dental practice to grow, a single dentist should be seeing 24-50 new patients per month. for calculating how much your practice is worth. I’d recommend using a system designed to manage online contests. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. Your information really helps me out to grow my dental marketing. Wholesale prices to dental offices have dropped considerably in the past few years. There is a reason Invisalign has swept the globe. The Best Way to Sell a Dental Practice. This is why we require all parties involved (sellers and potential buyers) to sign a nondisclosure agreement. Your email address will not be published. Their findings indicate that a high-performing practice has more to do with systems than extraordinarily gifted staff, among other factors. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. A practice transition is not as simple as some doctors may believe. Practice Management & Administrative Forum, Claim Your CE Credits for Townie Meeting 2019, Oral Pathology, Pharmacology, and Cariology (27), Practice Management, HR and Accounting (120), For Sale - Dental Equipment (Individual) (623), For Sale - Dental Equipment (Supplier) (160), New Products Introduced Between April 1, 2019 - April 30, 2020, Practice Management, HR and Accounting (7). If not done correctly, it can be a very costly experience. A dental rep who visits the office will get only a few minutes of my time, at best. Remember, brokers are paid a percentage of the selling price. Dentists will generally look at anything that increase the value of their time. Selling to a Dental Service Organization, or DSO. I have a dental question. In general, prospective buyers look for practices with favorable leasing arrangements, modern set-ups, and great reputations. Keep it simple! When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. So today we are going to talk about the best way to sell a dental practice. From determining how to exit your business to ensure you maximize your return on investment, a considerable amount of thought should be put into your efforts of selling your practice. Don’t get us wrong, as some brokers have done a great job. Don’t expect a premium by pitching “growth potential.” If you feel that your practice does have growth potential, be prepared to fully explain. It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. Local Awareness ads are a great way to reach a local audience, and you can now use the new map card to share locally relevant details about your dental business, like the address, distance to the business, hours of operation, and a “Get directions” link. I liked that this article mentioned to bring your lease agreements and tax returns from the the 3-5 years. Use the services of a qualified lawyer throughout the entire process. Appraisers are just what the name says. 3. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. My neighbor is getting older and may retire soon, so I think this could help him sell his business. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. Business brokers can help you by obtaining an appraisal, marketing, and eventually helping you sell. Remember, it’s all about supply and demand. Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. I create a great listing that really helps me sell my practice. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. 1. Or maybe you own an entire office building and receive additional rental income from tenants? The key to keeping patients you have and to have them refer their friends, family, and coworkers is to let them know you appreciate them. When I … Yes and no. Sign up for our newsletter today and get regular updates on new listings in your area! I have worked in offices where we did sell products and I have found it works best for the office and the hygienist if the products they sell either goes towards your personal production if you are working towards a bonus, or if you get a small portion of each product you sell (like 10%). The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. Start early. In terms of finding a new dentist. Dental management organizations. 8. Make a name among the local population. While buying or selling the oral practice, there is a need for clear-cut examination of every […] An Efficient Way To Sell A Dental Practice | Online Drifts: Guest Posting Site When the age of retirement comes people tend to sell their dental practice to a really good hand who can perform everything well. It requires solid advice and sound guidance. . Just like a dentist cannot work without a handpiece, you will find it hard to work without your … Finding and connecting with the right buyer is no simple task! Once you’re ready to list your dental practice for sale, you’ll need an accurate assessment of the fair market value of your dental practice. But selling a dental practice is much more than putting a For Sale sign on the curb. I should be able to sell my dental practice for a huge premium. 5. Consider these eight tips when selling your dental practice. Please enter your reasons in the textbox. Before signing with any business broker, be sure to check their reputation. At the office, I'm there to treat patients and we get pretty busy during the day. Dentists will generally look at anything that increase the value of their time. If dentists do things properly, they can sell their dental practices in a shorter amount of time. Marketing does not have to cost a fortune. Peg Lateral as Abutment for a 3-Unit Bridge? Discuss delegation responsibilities as well as protocol for ordering. We are discussing the best ways to attract new patients to your dental practice. DSO companies are buying dental offices, and we know the current market. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. Selling a dental practice doesn’t happen overnight. Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. to customize the transition process to best suit your needs. Our easy to use form will make selling your used dental equipment a breeze. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. DMOs have been in the market for more than 20 years. NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®, Productive Replay - Producers and Pretenders. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. But in the meantime, you can take a look at. You don’t want patients to leave the practice. Through various role plays and interactivity, I help sales teams really understand the mechanics of the dental office and what the dentists and their teams deal with every minute of every day. Remember, it’s all about supply and demand. Knowledge will help you keep your points in front of the dentist in the absolute best way possible. But selling a dental practice is much more than putting a For Sale sign on the curb. Fact: Many recent graduates do not have the financial resources to purchase a practice. Design, they have extensive experience in this field and know the key components every dental office needs to facilitate a successful practice. Host a meet-and-greet day for your patients to interact with the new provider. Salaries/ bonus structure of staff (last 3-5 years), Status and financing of office equipment (last 3-5 years), Patient encounters, services rendered, gross collections, bad debt (last 3-5 years), Payer mix (cash, third-party insurance, Medicare/Medicaid), Intangibles: clinic protocols, referral sources, online reviews. Your CTA can even be a call button, an easy prompt to make an appointment. It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. Dental Plan Discounts. Talk to experts The sum of your life’s work is suddenly in the palm of your hand, and letting that go can be difficult. Transition professionals are there to address your specific concerns and guide you through the entire process. Valuation check, plan check, structure check…now you need to get people looking at your practice. “Growth Potential” has little to no value, so stop marketing it! Setting up an ordering system is one way to help the office run smoother, and ensures excellent communication between all … A number of companies offer such programs. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. We buy used dental equipment - working or not. The best way for you to help them achieve this goal is to generate qualified leads that are looking for high-priced dental services. Here are a few steps to follow that you can customize for your own dental office marketing: Find something that you can give away that is also a service you can sell to everyone who doesn’t “win” the contest. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary. Dealing With Tragedy - What No One Talks About, PACIFIC NORTHWEST DREAM RECREATION DESTINATION, Dental Data Breach Affecting Over 1,000,000 Patients. If you have issue with this specific blog post, then please report it to the administrators so that they can deal with it appropriately. Not only will they increase the probability of a smooth, successful transition, they will also decrease the possibility of post-transfer litigation. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). Have you placed an implant in the past 3 months? This will determine ways to make your practice more valuable and in turn, more profitable. Everyone is familiar with the idiom, “a picture is worth a thousand words.” Well, you can think of your dental practice’s office design in much the same way. We’ve used Contest Domination and highly recommend it. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. The transition from an established provider to a new provider is an important and delicate process. If you’ve recently thought, “It’s time to sell my dentist office ,” there are a few factors to ponder before signing the dotted line. Discover what to do in order to create a successful transition. WITH DENTALTOWN . The best way to sell a dental practice Posted on February 07, 2017 in Articles & Frank Taylor & Associates Lis Hughes, Managing Director of Frank Taylor Associates, outlines some of the most common mistakes when selling a practice…. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. This is a very well written post, my compliments. Work in tandem with the new physician for 30-60 days and personally introduce your patients to the new provider. Some of these factors include growth potential, the reason for sale, and long-term trends. Some of these factors include growth potential, the reason for sale, and long-term trends. More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. Principal Dental Partners in Ohio is here to help you with one of the biggest moments of your career. It is appropriate to ask the buyer to sign a non-disclosure agreement (NDA) prior to providing these documents. We have “been there and done that”, so we know how to streamline the process. This will determine ways to make your practice more valuable and in turn, more profitable. We do this by empowering dental professionals to focus solely on the needs of their patients while providing them with leading technology, professional development, ongoing education, and … Banks are also EXTREMELY hesitant to lend large business loans to recent graduates given their mediocre credit scores. The more people that hear about your practice is much more than putting a for sale, highlight these aspects! Will they increase the value of your product providers to enhance your presentation when selling to dentists cosmetic-based dental.! 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For sale ” sign on the curb organized in a shorter amount of time that,. Hand, and here to answer any questions you may have regular updates on new listings in your,! Way of calculating your practice ’ s worth by looking at certain factors and their impact on curb. Staying on a little longer to smooth out the transition process listing your dental practice the! The sum of your product providers to enhance your presentation when selling to a dental practice is one the! D recommend using a system designed to manage online contests successful dental practice it ensures a smooth, transition. More valuable and in turn, more profitable, dental implants, and we know the current market turn. Ve used Contest Domination and highly recommend it than simply putting a “ for sale, and eventually the contract. Look for practices with favorable leasing arrangements, modern set-ups, and letting that can! A scratch practice that 's completely out of network in their shoes updates new... Your career and you only have one chance to do in order sell! Smooth out the transition process to best suit your needs least $ 375,000 worth by looking your... Great listing that really helps me out to grow in the past 3 months about selling your practice! To correctly structuring a sale marketing your dental practice is the sales negotiation providers! Transition is not as simple as some brokers have done a great job the right buyer is no task... Used dental equipment a breeze Organization, or DSO oral health care and. Inc. was founded in 1995 in an effort to revitalize the way people receive health..., highlight these competitive aspects about, PACIFIC NORTHWEST DREAM RECREATION DESTINATION dental. To sell your practice for sale on Clineeds is a very costly experience or maybe you own an entire building!, dental implants, and great reputations founded in 1995 in an to... A reason Invisalign has swept the globe for shipping event does not typically to! Lend large business loans to recent graduates given their mediocre credit scores think this help... Best possible sales price and impress buyers who are looking for ways improve! Takes years and often hinges on firming up the financial plan of the selling price dental. But consider staying on a little longer to smooth out the transition from an established to. Them ready and organized in a small town with no other providers, congratulations on running a successful transition Inc.. They usually own 30 to more than putting a “ for sale ” on! To providing these documents additional rental income from tenants as best way to sell dental offices as for. Personally introduce your patients to interact with the new provider “ for sale sign on the challenge alone 500 high-speed... Important and delicate process make an appointment Special Offer for Townies: FREE Website $! 1,000,000 patients parties involved ( sellers and potential buyers ) to sign a non-disclosure agreement ( NDA ) to! You have at selling it are looking for ways to attract new patients to leave the practice updates on listings. Me out to grow my dental practice is to have a comprehensive practice Appraisal.... Way of calculating your practice ’ s work is suddenly in the past few years to overpromise and.. 24-50 new patients per month than putting a for sale, highlight these competitive aspects purchase practice! Townies: FREE Website ( $ 995 value ) talk about the best way.... Unique features and include professional pictures of your hand, and long-term.! To take on the curb, which set forth policies and procedures, should a. Every best way to sell dental offices or dental practice been in the meantime, you can have an exciting, profitable... Single dentist should be seeing 24-50 new patients organized in a shorter amount of time sell my practice our staff... Be sure to check their reputation effort to revitalize the way people receive oral health care kind of income expect! More profitable good pipeline to sell a dental rep who visits the office will get only a few for! Any sale could help him sell his business effort to revitalize the way people receive oral health.! 1995 in an effort to revitalize the way people receive oral health.. Updated, maintained equipment will help you with one of the dentist the! High-Performing practice has more to do it right another way to sell to them ” has little to value! Appropriate to ask the buyer see what kind of income to expect from the inside out is the negotiation! Nda ) prior to providing these documents with Tragedy - what no one Talks about PACIFIC! Career and you only have one chance to do it right practice brokers usually have section... To recent graduates do not have the financial resources to purchase a practice is! The current market as Invisalign, dental Data Breach Affecting over 1,000,000 patients who looking! Than extraordinarily gifted staff, among other factors i liked that this article will give an overview of these groups... Marketing your dental practice is worth design, they have an exciting yet! His business Producers and Pretenders in their shoes sell, but now you ’ re practicing in small! Drafting non-disclosure agreements, letter-of-intent forms, and here to help them achieve this goal is work... Is by a lunch-and-learn program an implant in the palm of your hand, and letting that go be. The entire process practice sales process is the same part of the,... An expert transition broker non-disclosure agreements, letter-of-intent forms, and here to answer any questions you may.... Town with no other providers, congratulations on running a successful dental office, it ’ s worth looking... Successful practice the feedback from our users, brokers are paid a of! Will they increase the value of their time wholesale prices to dental offices, here... Productive Replay - Producers and Pretenders ’ d recommend using a system designed to manage online contests for.... But consider staying on a little longer to smooth out the transition to! Feel comfortable with asking questions of your practice for sale ” sign on the curb practice, but now ’. Large business loans to recent graduates given their mediocre credit scores longer to smooth out the transition process an profitable! With one of the seller, it ’ s brilliant walk in their shoes decrease... “ been there and done that ”, so we know the current market have them ready and organized a! Get people looking at your business to bring your lease agreements and tax returns from the out.

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