The Ultimate Advice When Selling A Dental Practice
You may be considering a change, like retirement, a move out-of-state, or taking on a new business challenge. In any event, there’s a lot to consider when selling a dental practice.
First off is the fact that you’re an expert in dentistry, not business sales. While you will be selling to another dentist or entity in the practice, your dental office is a small business. And for selling a dental practice, you should engage the expertise of a business advisor like Sacramento-based Andrew Rogerson. A business specialist in this field like Andrew will coordinate the marketing, documentation, staging, and broker the sales process. This article will focus on some of the things a dentist should consider when selling a dental practice…along with the functions that are best left to your business advisor.
Why Dentists are Selling Their Practices
Research is showing that many dentists these days may only practice for 15 years or so before moving out of their current practice and into a new one, become semi-retired, or start an entirely new career.
When you are considering a change and want to transition out of your current dental practice, there are several things to think about and to prepare in the months before you sell which will add more value into your dental practice. These activities include maintaining and upgrading your dental office’s website, leveraging social media, aggressively marketing to new patients, and boosting the professional atmosphere of your office. When you work with Andrew to accomplish these types of tasks, you’ll sell your dental practice in a shorter amount of time and for a higher price.
Getting ready: Selling a Dental Practice
If your dental practice doesn’t have a website, it’s critical to the value of your practice to add one to your marketing effort. Your practice website should have plenty of valuable content and educational materials for your patients and prospects. Many dental practices supply client intake forms online, so patients aren’t required to complete forms in the office. It stands to reason that a dental office that employs the such technology will attract patients who also use technology. Those new patients will bring their children and tell their friends and neighbors.
Likewise, your dental practice needs to be an active presence on Facebook, Twitter, and LinkedIn, with a Facebook home page and regular Tweeting. This will keep your practice top-of-mind for potential and current patients. In addition, be aware of customer review websites, so that when patients looking for a dentist search online, your practice’s name and reputation will be available.
The professional and warm look and feel of your physical space are also important. Check with an interior decorator who specializes in office spaces and inquire about a free consultation.
Do you have a Dental Practice for sale?
This business strategy should address ways to attract new and inactive patients, to encourage referrals from current patients, and to partner with employers and dental insurance companies to refer patients to the office. Andrew can help you with this plan, along with the following:
- Setting a current practice valuation;
- Locating qualified buyers for your dental practice;
- Qualifying and vetting buyers to find the best prospects;
- Implementing proven marketing techniques to sell your business;
- Leveraging relationships within the community; and
- Establishing financing solutions (if necessary).
When a dental practice commits to preparing for a successful sale with a strong online presence, an inviting physical environment, and strong marketing, the practice will be attractive to potential buyers. With the proper knowledge and preparation, you can successfully sell your dental practice and enjoy your future.
Get the Help of a Professional Dental Practice Broker
Many of the issues when selling a dental practice can be addressed with proper planning and the assistance of an experienced dental practice broker. Andrew Rogerson offers a free one-page summary of the Many Steps to Sell a Medical Practice that will give you an idea of what healthcare professionals must know.
Andrew is a business expert and has negotiated hundreds of business transactions including many dental practice sales in cities throughout the Sacramento Region. He’s worked with dental practice owners in El Dorado Hills, Davis, Citrus Heights, Rancho Cordova, Folsom, Elk Grove, Roseville, Rocklin, and Cameron Park.
Let Andrew Rogerson assist you with the sale of your Sacramento area dental practice. Take the time to speak with Andrew about the details of your sale. You can also visit our website, contact Andrew via email or call him at (916) 570-2674.