Selling a dental practice

When economic forecasts are cloudy for coming years, people are generally
skeptical about spending money. If you're selling a dental practice, you
may think this means you're stuck for a while. That's not necessarily so.
Build a sure sale dental practice and the economy won't stop you.

Even in a slow economy, people are trying to succeed and invest in
their futures. There are dentists looking to buy practices. In fact,
the start-up costs of building a new practice make buying an established
one even more attractive. You just need to know
how to sell a dental practice
so potential buyers can't refuse.

Have all your paperwork in order.

One of the aspects of buying or selling a dental practice everyone
hates is gathering and analyzing paperwork. There are certain
documents
your buyer's lender will want to see before they will approve the
sale including several years' tax information, payroll records,
 yearly profits, benefits paid and owed, etc. Talk to your bank or
accountant
 and find out what all you will need and get it ready in advance.
 Put it in an easy to read format and highlight positive trends and
 good numbers. Add other information that will be helpful for your
buyer such as lists of equipment, holidays taken, open hours,
contributions to 401K, etc. This could save you a month of during
 the sale.

Keep your practice up to date.

If you were buying a dental practice, you would look at the
initial investments you'd have to make right off the bat.
 Does the charting system use the latest technology? Is
equipment up to date?
 Are the building and parking lot well-maintained?
It may take some time,
 but modernizing your practice will ensure you a higher
sale price and
 quicker sell.

Set up an easy transition.

Beginning a new business is much less stressful if you come in with
 an established clientele and your staff is knowledgeable
and excited
to move forward. If you can ensure this, it will be a huge
selling point.
 Build up your client base as much as possible and promise ringing
endorsements for your replacement. Prepare your staff
for the change
 so the new owner can hit the ground running. Offer
to spend some time
 training your buyer before you leave. A smooth transition will disburse
much of the discomfort that comes along with a huge purchase.

If you make your practice something you'd want to buy yourself, you'll
attract serious buyers. This is how to sell a dental practice no matter
what the economy is like.