selling a dental practice
Are you a dentist? Do you practice in the dentist field? Are you looking for help on buying and selling a dental practice? Are you looking for help on Selling a dental practice? Have you started Selling a dental practice? Do you need advice on Selling a dental practice? Do you need an advisor on Selling a dental practice?
What is selling a dental practice
Selling a dental practice is one side of a dental transition that is defined as the comprehensive and systematic process of incorporating another provider into your practice with the mutual intent of being to eventually either share or transfer ownership of the practice at an agreed-upon. In the future. Unlike a straight sale, a dental transition may be executed as either a practice growth strategy or an eventual ownership exits strategy. In fact, it is often for an evolutionary combination of both scenarios to happen. The most important distinction between an immediate sale of a practice and a dental transition of the practice is that the former is a transaction driven dynamic while the latter is a relationship driven dynamic. Transitions are relationship driven due to both the owner doctor and the associate who intends to transition to ownership of the practice either through a partnership or ventral buy out, will be working together. Typically for several years or more but could be less depending on the dental transitions agreement.
Approaching selling a dental practice
If you’re approaching retirement or are considering switching careers, you may be considering selling a dental practice. This is a great way to boost your retirement savings or pay for the new education. Whatever the reason, but the daily demands of running your practice, it can be difficult to find the time or energy to locate a buyer. Dentists who are unable to selling a dental practice are forced to close them. This is a lose lose scenario. Besides missing out on the prophet of selling a dental practice, new professionals are forced to start their own practices from scratch, and displaced clientele are forced to go looking for another local practice.
Selling a dental practice firm
There are professional selling a dental practice of firms that specialize in helping professionals and selling a dental practice to maximize financial returns and manage a smooth transition process that allows the business to change hands without compromise. Whatever your reason for selling, get an experienced selling a dental practice advisor who can find a buyer at the right price. What are your thinking about selling a dental practice today or 10 years from now, a professional selling a dental practice advisor can help.
Your side of selling a dental practice
Potential buyers will want to review your production against industry averages. Carefully analyze the following report generated by your practice management system when selling a dental practice:
- Provider summary report. This report actualizes productivity by provider and type of procedure done. When reviewing this report, make sure your hygiene production numbers are withinindustry averages. If you are for specialties such as orthodontics or sleep apnea, you need to make sure any potential buyer can replicate those procedures. If not, it could negatively impact the purchase price of your practice due to that revenue being deducted from the value.
- Accounts receivable report. Buyers pay close attention to the percentage of receivables based on the delinquency bucket. Most buyers will not pay for balance is over 90 days. Large account receivable balances or a red flag to any potential buyer. It usually signifies a lack of control or effective practice collections and cash flow management. When selling a dental practice analyze each account and make necessary adjustments to non-collectibles.
- Fee schedules. Review your current fee schedule and adjust fees to the minimum 80th percentile for your area.
Final insights for selling a dental practice
When selling a dental practice carefully vet all potential buyers. If they don’t have a clear understanding of the market and how it relates to the value of your practice, do not sell to them. Establish relationships with your industry professionals. Their expertise and support will be an invaluable resource when selling a dental practice. Determine a specific date of sale with a realistic timeline that is clearly communicated when you want to start selling a dental practice. And lastly, plan early and anticipate delays. You don’t want to have to restart you’re buying and selling a dental practice process.
Jaquay Enterprise selling a dental practice
For years, Tabitha Jaquay-Fernandez has worked as a Practice Transition Advisor. Analyzing your systems, providing direction to reduce expenses, looking at ways to work smarter not harder while producing and collecting more and increasing new revenue flow. Her passion to help clients reach and exceed their goals drives her motivation.
When a client is ready to sell his or her practice, Tabitha spends time getting to know the seller and what’s important to them. After determining the fair market value of the practice, it’s time to find the “right” buyer. Incorporating the critical details of personality styles, professional ability, financial vetting and looking at the best fit for the seller’s clientele base and team to insure a successful transition, are just a few steps to finding the “right” buyer. Having analyzed hundreds of practices across the country provides Tabitha a unique perspective in the transition business. And with her focus only in Oklahoma, she is able to dedicate more time and attention to her sellers and buyers.
Regardless of how long you have been in practice, Jaquay Enterprise can help you transition to the next chapter of your career!
For more information on your go to selling a dental practice company, contact Jaquay Enterprise here.