Advice for Dentists Who Are Thinking About Selling Their Dental Practice
For Dentists who are considering a practice sale – Here is some advice from an experienced Practice Transition Advisor – Megan Urban, Omni Practice Group. https://youtu.be/rRZE2qn9BUgVideo can’t be loaded because JavaScript is disabled: Advice for Dentists who are thinking about selling their dental practice (https://youtu.be/rRZE2qn9BUg) Read Moreby omniadminOctober 3, 2021 Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments
Top 5 Fears Veterinarians Have About Practice Ownership (And How to Overcome Them)
By Rod Johnston MBA, CMA, and Jim Vander Mey, CPA, ABI There are many advantages to owning a veterinary practice over being an associate veterinarian and not owning a practice. For one, the average veterinary practice owner makes approximately 20% more in income than an associate veterinarian working for someone else. A veterinary practice owner also gets to choose what procedures he wants...Read MoreGetting Your Practice Ready to Sell
By Cindy Pauley, DDS & Practice Transition Advisor, OMNI Practice Group You are ready! You woke up one morning early last week and said to yourself, “It’s Time!” You have loved being a practicing dentist. But for a multitude of possible reasons, you are ready to sell. So, what’s next? You look around and think is my practice ready to sell? All of a sudden you see the chipped paint...Read Moreby omniadminOctober 3, 2021 Practice Sales, Seller Articles, Seller FAQ, Selling a Practice0 comments
Dental Seller Preparation Checklist
The best time to start preparing for your practice transition is three to five years from the date you plan on selling your practice. Since you may not really know that date, the best time to prepare is NOW! Here is a checklist of things you should do as you get closer to deciding to sell your practice: ___ Meet with your Financial Advisor – Discuss with your financial advisor that you are...Read Moreby omniadminAugust 2, 2021 Buyer Articles, Buying a Practice, Practice Sales, Seller Articles, Selling a Practice0 comments
Seller Carrybacks and Veterinary Practice Transitions Today
You’ve heard the term “Seller Carryback,” but what does it mean? Seller carryback financing is when the seller of a given property, or in this case, a seller of a veterinary practice and assets, acts as a lender for the buyer if a conventional bank will not offer the full amount that the buyer needs to close the sale. Years ago, it was commonplace for a retiring veterinarian to act as the...Read MoreSeller Carrybacks and Dental Practice Transitions Today
By Jen Bennett, Practice Transition Advisor You’ve heard the term “Seller Carryback,” but what does it mean? Seller carryback financing is when the seller of a given property, or in this case, a seller of a dental practice and assets, acts as a lender for the buyer if a conventional bank will not offer the full amount that the buyer needs to close the sale. Years ago, it was commonplace for a...Read Moreby omniadminJuly 12, 2021 Practice Sales, Practice Transtions, Seller Articles, Selling a Practice, Using a Professional0 comments
5 Practice Transition Pitfalls and How to Avoid Them
A successful transition involves preparation and knowledge. There are numerous things you should do to get your practice ready to sell and making even one mistake can cost you. Here are five transition pitfalls and how to avoid them. Letting your production and profitability go down prior to selling. We have seen many practices that were producing $300k to $500k a few years prior to contacting...Read Moreby omniadminJuly 12, 2021 Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments
What is My Practice Worth?
By Megan Urban, Practice Transition Consultant Have you ever said something like this? “In the 90’s I was producing over $1.5M. Five years ago I was producing $900,000. My practice must be worth at least $1.0M and this area has huge potential.” Value is not based on “long ago past” numbers nor “potential” numbers. Buyers don’t pay for what you did over 3 years ago nor potential. They have to...Read Moreby omniadminMay 28, 2021 Business, Buyer Articles, Practice Management, Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments
The Business Side of Veterinary Medicine – Theft & Embezzlement
Experts estimate that more than 70 percent of veterinarians are embezzled with an average loss of $200,000. But, because the embezzlers often steal small amounts of money over many years, the thief is never noticed. The US chamber of commerce estimated that 75 percent of employees steal from their workplace and that most do so repeatedly. A majority of people, if given an opportunity, will...Read Moreby omniadminMay 28, 2021 Buyer Articles, Practice Management, Practice Sales, Seller Articles0 comments
