Your information really helps me out to grow my dental marketing. The sum of your life’s work is suddenly in the palm of your hand, and letting that go can be difficult. 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. I create a great listing that really helps me sell my practice. 1. Not only does this protect the privacy of the seller, it ensures a smooth transition for everyone. Our easy to use form will make selling your used dental equipment a breeze. They have an incentive to lock in the sale as fast as possible. If not done correctly, it can be a very costly experience. The best way for you to help them achieve this goal is to generate qualified leads that are looking for high-priced dental services. Dentists will generally look at anything that increase the value of their time. Fact: Many recent graduates do not have the financial resources to purchase a practice. They definitely matter! Think about things such as Invisalign, dental implants, and cosmetic-based dental surgeries. “Growth Potential” has little to no value, so stop marketing it! Potential buyers will comb through your financial documents prior to any sale. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. Here are a few tips for selling a 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. Listing your practice on Clineeds is a great way to put your practice in front of thousands of healthcare professionals for FREE! It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. A dental rep who visits the office will get only a few minutes of my time, at best. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary. An upcoming case has this Townie weighing the choices for an elderly patient. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. After all, it’ll take more than simply putting a “For Sale” sign on the curb. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. You have likely spent your entire career building a dental practice, but now you’re ready to move on. We buy used dental equipment - working or not. Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. When I … In order to sell to dentists, you really have to walk in their shoes. Selling your dental practice is an emotional decision that every owner faces at some point. Some of these factors include growth potential, the reason for sale, and long-term trends. Consider these eight tips when selling your dental practice. Overall, the best way to sell a dental practice is to work with an expert transition broker. 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. The most important point to realize for a dentist is that “Dentistry is a locally based profession.” So, treat the residents in the vicinity of your clinic as the most influential circle of patients. But selling a dental practice is much more than putting a For Sale sign on the curb. Just like a dentist cannot work without a handpiece, you will find it hard to work without your … Before signing with any business broker, be sure to check their reputation. At the office, I'm there to treat patients and we get pretty busy during the day. Congrats on selling your practice! Peg Lateral as Abutment for a 3-Unit Bridge? A number of companies offer such programs. This will determine ways to make your practice more valuable and in turn, more profitable. Not only will they increase the probability of a smooth, successful transition, they will also decrease the possibility of post-transfer litigation. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. Fortunately, you don’t have to take on the challenge alone. 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. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. But, based upon the feedback from our users, brokers tend to overpromise and underdeliver. There is a reason Invisalign has swept the globe. It is appropriate to ask the buyer to sign a non-disclosure agreement (NDA) prior to providing these documents. Likewise, you can find a generic template from the internet. Be sure to mention unique features and include professional pictures of your office. Yes and no. My neighbor is getting older and may retire soon, so I think this could help him sell his business. to customize the transition process to best suit your needs. 3. One of the best ways for a dental rep to get everyone's attention is by a lunch-and-learn program. Activities that will increase the value include managing the dental office’s website, becoming active on social media, marketing to new patients, and improving the professional atmosphere of the office. This will determine ways to make your practice more valuable and in turn, more profitable. 1. Valuation check, plan check, structure check…now you need to get people looking at your practice. Business brokers can help you by obtaining an appraisal, marketing, and eventually helping you sell. One single event does not typically lead to … There is a reason Invisalign has swept the globe. This is a very well written post, my compliments. Which path i... A scratch practice that's completely out of network. A practice transition is not as simple as some doctors may believe. WITH DENTALTOWN . You have likely spent your entire career building a dental practice, but now you’re ready to move on. 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. Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. The key to keeping patients you have and to have them refer their friends, family, and coworkers is to let them know you appreciate them. 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. Dealing With Tragedy - What No One Talks About, PACIFIC NORTHWEST DREAM RECREATION DESTINATION, Dental Data Breach Affecting Over 1,000,000 Patients. Appraisers are just what the name says. Have you taken any endo-related CE this year. Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. 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. Research shows that DSOs are on track to grow in the Dental Industry by 13% every year. ... Our experienced staff will arrange the best method for shipping. 8. Your dental practice is like any other business. This is difficult. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. But selling a dental practice is much more than putting a For Sale sign on the curb. 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