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