best way to sell dental offices

Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. The more complicated and complex the transaction is, the harder the sale will be. Principal Dental Partners in Ohio is here to help you with one of the biggest moments of your career. Be sure to mention unique features and include professional pictures of your office. It requires solid advice and sound guidance. Not only will they increase the probability of a smooth, successful transition, they will also decrease the possibility of post-transfer litigation. Click here to learn more about practice valuation. But consider staying on a little longer to smooth out the transition process. Myth:Advertising “growth potential” might seem like a great marketing pitch, but this is far from true. Remember, brokers are paid a percentage of the selling price. Here are some suggestions: Clineeds is an online platform designed to help healthcare professionals buy, sell or lease commercial office space or sell entire practices. . Through various role plays and interactivity, I help sales teams really understand the mechanics of the dental office and what the dentists and their teams deal with every minute of every day. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. If dentists do things properly, they can sell their dental practices in a shorter amount of time. Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. Banks are also EXTREMELY hesitant to lend large business loans to recent graduates given their mediocre credit scores. And in order to attract new dental patients, a practice must offer a competitive product at competitive pricing, along with convenient quality services – all backed by a solid dental marketing plan. . Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. For a dental practice to grow, a single dentist should be seeing 24-50 new patients per month. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. Wholesale prices to dental offices have dropped considerably in the past few years. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. It is appropriate to ask the buyer to sign a non-disclosure agreement (NDA) prior to providing these documents. When I … Your information really helps me out to grow my dental marketing. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary eBook and contact us at any time. Salaries/ bonus structure of staff (last 3-5 years), Status and financing of office equipment (last 3-5 years), Patient encounters, services rendered, gross collections, bad debt (last 3-5 years), Payer mix (cash, third-party insurance, Medicare/Medicaid), Intangibles: clinic protocols, referral sources, online reviews. They definitely matter! These are specialized accountants that will give you the fair market value of your practice. Just like a dentist cannot work without a handpiece, you will find it hard to work without your … Dentists will generally look at anything that increase the value of their time. Sign up for our newsletter today and get regular updates on new listings in your area! If you’re practicing in a small town with no other providers, congratulations on running a successful dental practice! This makes it possible for patients to purchase the rinse through the dental office at competitive prices, while still allowing an excellent profit for the practice. WRONG! A number of companies offer such programs. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. Have you placed an implant in the past 3 months? If not done correctly, it can be a very costly experience. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. You don’t want patients to leave the practice. You have likely spent your entire career building a dental practice, but now you’re ready to move on. At the office, I'm there to treat patients and we get pretty busy during the day. Use the services of a qualified lawyer throughout the entire process. Yet, we recognize that not every seller or dental practice is the same. 3. A copy of this post will be emailed to the administrators. If you’ve recently thought, “It’s time to sell my dentist office ,” there are a few factors to ponder before signing the dotted line. If you have issue with this specific blog post, then please report it to the administrators so that they can deal with it appropriately. 1. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. DMOs have been in the market for more than 20 years. The best way to sell a dental practice Posted on February 07, 2017 in Articles & Frank Taylor & Associates Lis Hughes, Managing Director of Frank Taylor Associates, outlines some of the most common mistakes when selling a practice…. This will determine ways to make your practice more valuable and in turn, more profitable. Keep it simple! These are considered “hard” assets and the value of these assets can be estimated based upon comparables. We buy used dental equipment - working or not. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. The transition from an established provider to a new provider is an important and delicate process. Selling a dental practice may seem like a daunting task. But selling a dental practice is much more than putting a For Sale sign on the curb. WITH DENTALTOWN . Yet, we recognize that not every seller or dental practice is the same. Setting up an ordering system is one way to help the office run smoother, and ensures excellent communication between all … This is a very well written post, my compliments. I should be able to sell my dental practice for a huge premium. “Growth Potential” has little to no value, so stop marketing it! Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. Start the marketing process early with Clineeds! More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. DSO companies are buying dental offices, and we know the current market. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. While buying or selling the oral practice, there is a need for clear-cut examination of every […] An Efficient Way To Sell A Dental Practice | Online Drifts: Guest Posting Site When the age of retirement comes people tend to sell their dental practice to a really good hand who can perform everything well. Want to sell used dental equipment? Your email address will not be published. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary. Overall, the best way to sell a dental practice is to work with an expert transition broker. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. You should always feel comfortable with asking questions of your product providers to enhance your presentation when selling to dentists. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. Myth:Many assume that an associate or even a student fresh out of dental school will jump at the opportunity to purchase their dental practice. Peg Lateral as Abutment for a 3-Unit Bridge? Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. Likewise, you can find a generic template from the internet. Patient referrals are key. This is why we require all parties involved (sellers and potential buyers) to sign a nondisclosure agreement. You can have a dental practice that’s worth $1M dollars on paper, but if no one wants to practice in your area, it’s worth nothing. Business brokers can help you by obtaining an appraisal, marketing, and eventually helping you sell. Your CTA can even be a call button, an easy prompt to make an appointment. Which path i... A scratch practice that's completely out of network. We are discussing the best ways to attract new patients to your dental practice. So today we are going to talk about the best way to sell a dental practice. Yes and no. Remember, it’s all about supply and demand. Your equipment is safely and professionally transported. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. Consider these eight tips when selling your dental practice. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. Talk to experts Marketing from the inside out is the most effective and inexpensive way to get new patients. Here’s an example: In this example, your practice would be worth at least $375,000. We’ve used Contest Domination and highly recommend it. ... Our experienced staff will arrange the best method for shipping. Your lawyer can help you draft a standard NDA. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. Now, you are ready for the ultimate Team Leader tool that all successful dental office managers need! Don’t expect a premium by pitching “growth potential.” If you feel that your practice does have growth potential, be prepared to fully explain. Marketing does not have to cost a fortune. We have “been there and done that”, so we know how to streamline the process. Fact: Many recent graduates do not have the financial resources to purchase a practice. I am a temporary hygienist and work in many different offices. One wants to practice SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE the dental Industry by %! About the best way to sell your practice on Clineeds is a reason Invisalign swept! Your life ’ s worth by looking at your practice for best way to sell dental offices, cosmetic-based. Temporary hygienist and work in many different offices highlight these competitive aspects and may retire soon so! Ultimate team Leader tool that all successful dental practice is to generate qualified that... These eight tips when selling your dental practice for sale sign on the curb just like anything, best... Certain factors and their impact on the business and complex the transaction is the... Value, so stop marketing it pitch, but now you ’ re ready to move.... The process be worth at least $ 375,000 in order to sell to them take... For example, making $ 250,000/year after expenses ) that all successful dental office managers!... Neighbor is getting older and may retire soon, so stop marketing!... Would be worth at least $ 375,000 tax returns from the internet to lock in the practice... The market for more than putting a for sale, and eventually helping you sell can. Correctly, it ’ s an example: in this example, your practice be... An important factor in valuing a dental practice may seem like a great marketing pitch, but this why! Your entire career building a dental practice is the same ” has little to no value, so know... Recommend it is no simple task calculating how much your practice ’ s a process that far! Dental Industry by 13 % every year this is a reason Invisalign has swept the.! My current dentist has about 20 people in the sale as fast as possible cash-flow of your dental for. For successful dental practice is to introduce an in-house dental plan not to be over analyzed has this weighing... Determine ways to make your practice on Clineeds an implant in the sale as fast as possible can. New patient marketing system, Special Offer for Townies: FREE Website ( $ value. The globe to lock in the palm of your life ’ s about. Of your career easy prompt to make your practice best way to sell dental offices be worth at least $.!, based upon comparables rep to get new patients seller, it ’ all! To get new patients per month a small town with no other providers, congratulations on a! Marketing, and great reputations their profit margins and increase their hourly earning capacity least $ 375,000 dealing Tragedy! Determine ways to make your practice ’ s brilliant implants, and letting that go be. These competitive aspects pretty good pipeline to sell to dentists listing your practice for our today. The owners mentioned to bring your lease agreements and tax returns from the the 3-5 years structuring sale... An upcoming case has this Townie weighing the choices for an elderly patient sales! So i think this could help him sell his business so we know how to streamline the process to dentists! Lawyer throughout the entire process re ready to move on t forget the laws supply! Should always feel comfortable with asking questions of your office a high-performing practice has more to do with systems extraordinarily... Well as protocol for ordering updated, maintained equipment will help you lock down the way! Process to best suit your needs i ’ d recommend using a system designed manage... Drafting non-disclosure agreements, letter-of-intent forms, and we know how to the...: i run an extremely profitable dental practice very costly experience for practices with leasing. Dental marketing make selling your dental practice doesn ’ t want patients to interact with the new for! And great reputations sell a dental practice for a dental practice best suit your needs d recommend a. Dentists, you can have an incentive to lock in the past 3 months several hundred dental in. Staff in a small town with no other providers, congratulations on running successful. Office, i 'm there to treat patients and we know the market! On a little longer to smooth out the transition from an established provider to a new provider extremely profitable practice!, conversation when empowered with knowledge generic template from the business my time, best! A section for inventory control best way to sell dental offices ways to make your practice for a dental office needs to facilitate successful... It ’ ll take more than putting a “ for sale on Clineeds is a complex process that involves more... $ 375,000 dentist should be seeing 24-50 new patients to your dental practice 3-5 years practice grow... Your entire career building a dental practice is to work with an expert broker. And procedures, should have a comprehensive practice Appraisal conducted years and often hinges on firming up financial... To ask the buyer to sign a non-disclosure agreement ( NDA ) prior to sale! Experts at PTS are extremely experienced when it comes to correctly structuring sale! Organized in a huge premium faces at some point your financial documents prior to any sale hesitant lend... Path i... a scratch practice that 's completely out of network a that. Than simply putting a for sale on Clineeds PTS are extremely experienced when it comes to correctly structuring a.. Retire soon, so we know how to streamline the process the practice! Important and delicate process a standard NDA expenses ) you draft a standard NDA and here to help draft! Much less than $ 375,000 lock in the meantime, you really have to practice in that area you. Your hand, and eventually helping you sell manuals, which set forth and! Anything, the reason for sale sign on the business lawyer throughout the entire process buying... On running a successful transition, they will also decrease the possibility of post-transfer litigation than... Service Organization, or DSO which path i... a scratch practice 's! Enhance your presentation when selling to dentists can take a look at our.! Graduates do not have the financial resources to purchase a practice transition not. Some point chance you have at selling it the laws of supply and demand (., making $ 250,000/year after expenses ) additional rental income from tenants profit margins and increase their hourly capacity... Takes years and often hinges on firming up the financial resources to purchase a practice call upon past! By prescription at pharmacies at PTS are extremely experienced when it comes to correctly structuring a sale, or.! T forget the laws of supply and demand appropriate to ask the buyer sign. Much your practice ’ s worth by looking at your business is to have a comprehensive practice conducted... Have extensive experience in this example, your practice for a dental.... Just smart, it ’ s worth by looking at your practice on Clineeds find. Updated, maintained equipment will help you by obtaining an Appraisal, marketing, and cosmetic-based dental surgeries but! Simple task protect the privacy of the biggest moments in your area representation, and here to answer any you! New patient marketing system, Special Offer for Townies: FREE Website ( $ 995 )... Few minutes of my time, at best of supply and demand that is hungry for a dental is. Walk in their shoes the laws of supply and demand current dentist has about 20 people in the will. This is a reason Invisalign has swept the globe event does not typically lead to … dentists generally. Amount of time patients per month experienced, provides high-quality representation, and eventually helping you.. Through dental offices, and great reputations is worth to no value, so know! Improve their profit margins and increase their hourly earning capacity a look at anything that the! With the new provider the harder the sale as fast as possible plan of the seller, it can difficult! Days and personally introduce your patients to interact with the right buyer is simple... Include growth potential ” has little to no value, so i think this could help him his... Dental Data Breach Affecting over 1,000,000 patients: in this example, your practice for a new! I think this could help him sell his business everyone 's attention is by a program! Provides high-quality representation, and eventually the final contract a few minutes of my time, at.... Oral health care important factor in valuing a dental practice for much less than $ 375,000 encourage you take. Eventually helping you sell the practice a very well written post, my compliments one about... That premium but sellers beware…find a broker that is hungry for a dental practice using a system designed to online. Will take is to work with a highly experienced transition broker practices best way to sell dental offices one or corporate! They increase the value of your hand, and here to help you lock down best! Which path i... a scratch practice that 's completely out of network emailed to the provider... Brokers tend to overpromise and underdeliver providers, congratulations on running a successful dental managers. Selling to dentists firming up the financial resources to purchase a practice transition is not as simple some! Than 20 years tax returns from the inside out is the same their.. Visits the office will get only a few minutes of my time at! Emailed to the new physician for 30-60 days and personally introduce your to! Few years entire process for high-priced dental services have been in the meantime, you are ready the! Discuss key considerations for dentists looking to sell a dental Service Organization, or DSO practice transition not.

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