Polish Up Your Office. Before considering selling your practice...Increase the "curb appeal" by polishing up your physical office space. In the back office, make sure your equipment is in good working order and items are stored in an organized fashion. Assess the...
It’s time to establish your transition style. You have many choices: a turn-key is when the doctor leaves the day after the sale; a short-term transition is lessthan 6 months and long-term is more. Or do you need to be an associate first? Buy-in over 5 years? Consider...
Are your fees comparable to others in the area? When was the last time you raised your fees? Investigate, analyze and act. If your fees are below average, consider raising them now. It will increase your practice income now, while making your practice more attractive...
Now is the time to expand your knowledge. Take Continuing Education in specialities in which you need improvement. For instance, most practices for sale or will sell soon currently aren’t doing endo or oral surgery. This could be a goldmine for a new owner to treat...
Make sure you have copies of your current and past employment contracts, and take a close look at the noncompete clauses they may contain. Understand those details as they could determine where you can and can’t practice dentistry for a specified amount of time. Also,...
Be Sure to keep good records of your production. Keep track by retrieving day sheets from your associateships that show that you can produce. If you are purchasing a practice, the bank is going to want to make sure you can keep up with the production. Now is also the...
One of the most important parts of selling your practice is to obtain a Third-Party Practice Valuation: Valuating the practice is a must before selling. A proper valuation done by licensed Certified Valuation Analysts provides the most comprehensive appraisal of your...
You may be preparing to make a major purchase in a dental practice acquisition and bankers will be reviewing your personal financials during the process. Be proactive and pull your credit report. Now is the time to investigate where your credit stands, to protect your...
