As you get nearer and nearer to retirement and are preparing to sell your dental practice, there is something you need to ponder that many doctors do not think about. That is the emotions you will go through during and after you sell your practice.
Selling a chair or even charts is easy. It’s just an object that you are giving to another doctor to own. But, I’ve had many doctors who...Read More
Practice valuations and those that value practices can come in all shapes and sizes. Did you know that there are probably 20 different methods you can use to value a practice? Did you know there are 5 to 10 different certifications or accreditations one can work towards obtaining?
Rule of thumb valuations are ones that are typically quoted and overly abused. The typical rule of...Read More
As dental practice brokers, we are often asked “What is the most important factor in facilitating a successful dental practice transition?” The simple answer is Communication. While it is imperative for the buying doctor to build a strong team of advisors, complete due diligence on the practice, secure financing, and navigate the closing process, all else could be lost if there is no...Read More
Whether you’re selling a car, a house, or your dental practice the ultimate question that everyone wants to know is…. How much do I get? After all the years of blood, sweat, and tears you have put into your practice and you come to the point of retirement, or just selling to take a break from ownership, you want to know, after all the fees and expenses, how much money will you be...Read More
1. When should I start thinking about and preparing to sell my practice?
The earlier the better, but no later than 3 years prior to selling your practice in order to optimize your sales price and find a good buyer match. Practice values are typically based on 3 to 5 years of financial information with the numbers weighted heavier towards the most recent years. If you focus your last 3...Read More
Whether you have owned your practice for 40 years, or owned it for 5 years, selling your dental practice does not mean you are done practicing. We often meet with doctors who are sick and tired of managing their staff, doing the bookkeeping, playing games with the government agencies, dealing with the ups and downs of the economy, the changing environment of the profession, and on and on....Read More
Preparing To Sell My Dental Practice
By Megan Urban
Selling your practice can be a difficult decision to make for many reasons. Perhaps you aren’t ready to stop treating patients but want fewer headaches. Perhaps you don’t know where to start or how the process works. Start today by contacting us to provide you with years of experience to bring you comfort and understanding. Below are a...Read More
by Megan Urban, Practice Transition Advisor, Omni Practice Group
There are many steps to selling your practice and your trusted advisors are here to help. Right now, I want to address just a few items that many dentists don’t think about and that can lead to surprises.
Contact your CPA and/or Financial Planner regarding the following items:
Are you financially prepared to retire? Your...Read More
By Megan Urban, Practice Transition Consultant, Omni Practice Group
Dental partnerships can be great or not-so-great. They can include different scenarios: buying a partnership, adding a partner to your existing dental practice, or a start-up partnership. To ensure you have the best outcome, financially and emotionally, you’ll need to consider some important questions.
Are you friends,...Read More
By Jen Bennett, Practice Transition Specialist
You’ve made the decision to sell your practice, and with that comes the to-do list of tasks that can often feel daunting. One important task that is often overlooked is settling patient credit balances.
What are credit balances and where do they come from?
In many cases, a patient will have a credit on their account when their insurance pays more...Read More