Image of sign about retirement. Is your dental practice ready for this sort of transition?

Your Dental Practice … What’s Around the Corner?

If you’re planning to sell your dental practice in five years or less, here’s what you should know!

  • Do update office décor (if it hasn’t been done in the last five years).
  • Don’t add on to your office unless you have less than three treatment rooms.
  • Do discuss your plans with your accountant.
  • Don’t tell anyone outside of your most trusted family and business advisors.
  • Do update your technology.
  • Don’t move the practice, unless the facility is in bad condition.
  • Do have a comprehensive practice valuation performed by someone who is experienced and well known in the dental industry.
  • Don’t cut back on the number of hours your practice is open each week.
  • Do evaluate your overhead and try to keep it within industry norms.
  • Do keep fees up to date.
  • Do evaluate and ramp up your hygiene department (hire a consultant if needed).
  • Don’t refer out all periodontal treatment. Keep some of it in-house.

Keep in mind buyers want a practice with healthy overhead a healthy hygiene program, adequate technology, a well-trained team, and a healthy mix of procedures.

All the best,

Mary

https://www.thedentalbusiness.com

Remember we can help you with the issue of selling  your practice AND buying your first (or second) practice! Let us help today..

About Mary Fisher-Day

Founder and CEO of The Dental Business.