Simply, a dental transition is the process of including another provider into your practice, with the intent being to eventually share or transfer ownership of the business at a specified point in time. Unlike a sale, a transition may be executed as either a practice growth or eventual ownership exit strategy. It is also oftentimes an evolutionary combination of both scenarios.
Most dentists usually have one of two mindsets when considering ending their dental practice. One is planned and reap more benefits, while the other is not planned and typically reaps nothing. It’s all the dentist’s choice. Dentist that plan properly and choose to have an exit strategy will find great peace and financial gain when it comes to their Oklahoma City dental transitions. Their choice allows for smooth merging with one or more dentists, or means they wait to sell the practice in its entirety. The other mindset, of not planning, means that you will become easily stressed and will potential have no financial reward. Having a consultant with you that can assist in your exit strategy will establish a firm foundation of what to do, went to do it and how to do it when certain milestones are reached. Strategy is how you begin your Oklahoma CIty dental transitions.
When planned properly, virtually every dental practice has a value and can be sold to another dental practitioner during Oklahoma City dental transitions. Consultants can assist any dentist to aid in them receiving market value for their practice by completing a functional transition, appraisal and merger or sale of their dental practice. During the evaluation process, its typical to identify various improvements that could be made to your dental practice, which would make it more efficient and more valuable.
You can be sure a perspective buyer fully investigated a number of important indicators of value before buying your practice. These can include, but are not limited to, a practice appraisal, collection of financial statements, and review of the practice’s tax returns. Even your personal check or tax returns and credit report could be investigated. In the same way, you should be just as wise as to investigate in the financial strength of your perspective buyers and what their purpose would be in buying your practice. Way too often, a seller is unaware or unconcerned with a buyer’s goal. This can lead to frustration for both parties and may jeopardize the ultimate completion of the transition. Corporate buyers are primarily interested in acquiring the existing patient base, with the goal of growing practice profitability. These organizations have a transition process based on retaining the current owner for patient retention and integrating corporate controls and revenue enhancing processes for increasing practice profitability. The corporate buyer ties your economic goals to its economic goals.
Dental practice appraisals, mergers, transitions and sales are not just for retiring dentists. It may be that you desire to continue in practice but in another part of the country, overseas, or even take a sabbatical. The Oklahoma City dental transitions, appraisals, mergers and sales process is much the same, no matter the reason. Having a discussion with your transition specialist would help in gauging all the options available for your Oklahoma City dental transitions. Typically, the process begins with a practice evaluation or market value appraisal. Knowing what the dental practice is worth and what can easily be tweaked will make for a gentle transition.
Finding the right professional Oklahoma City dental transitions firm that specializes in dental mergers, sales, purchases, appraisals and negotiations is the best thing a dentist can do for themselves. Attorneys and accountants who know how to crunch numbers and create documents are great, but they do not necessarily understand how to operate a dental practice. Especially during a merger, appraisal, sale or an Oklahoma City dental transitions phase. Jaquay Enterprise is the professional advocate when it comes to Oklahoma City dental transitions.
Jaquay Enterprise has been doing Oklahoma City Dental Transitions for 17+ years and can provide you with everything you need for your dental transitions. Whether that be getting your dental practice ready for a transition through a merger, sale, or buying, Jaquay knows it all. They will make sure you get the financial gain that you deserve and that your practice goes to the right buyer.