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Over the past few years, market conditions have been favorable for sellers, as there has been strong demand for dental practice acquisition opportunities coupled with a limited supply of sellers and lenders have been providing buyers with 100% financing at historically low-interest rates. Ensuring that you both agree with the message is important. As is often the case, the doctor has also taken their foot off the gas in recent years, resulting in a significant decline in revenue, profitability, and practice value. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. The reason for this is simple: to protect the goodwill of the practice. At McLerran & Associates, we work diligently to structure a win-win transaction for all parties involved in the transition but our fiduciary responsibility is solely to the seller. Assist the buyer with securing practice financing. Considering these facts, many dentists will make the wise choice to entrust the responsibility of selling their practice to a professional who has the knowledge and experience to facilitate a successful transition … a dental practice broker. By taking a more hands-on approach, our team can find a quality buyer in a shorter amount of time. Make sure your staff is prepared to answer questions when patients come into the office. In that situation, the doctor’s options are relatively limited in regards to the type of transition strategy they can utilize to sell their office. This involves understanding each lender’s unique underwriting requirements, presenting a comprehensive practice prospectus and cash flow analysis, and proactively addressing any potential red flags up front. Further, this practice … Selling a dental practice might be the single biggest decision of your professional career. It is important to consider the requirements of the lender when negotiating the lease term and to approach the landlord at the proper point in the transaction to protect confidentiality while not delaying the closing. You will find a host of dental practices for sale throughout Georgia, which includes listings in Atlanta, Columbus, Savannah, Sandy Springs, Macon, Roswell, Albany, and every other Georgia city with active … To avoid these mistakes, we encourage you to contact us at least three years in advance of your practice transition. This information will also provide you with sufficient time to develop a customized transition strategy to meet your individual needs, make changes to your office that will enhance value, and avoid mistakes that may negatively impact value. My PARAGON consultant was exceptionally helpful throughout the entire process. We accomplish this initiative by regularly attending and sponsoring local dental society and dental study group meetings, hosting seminars to educate buyers and sellers on the transition process, and networking with professionals who serve as valuable resources for our clients (attorneys, accountants, consultants, equipment reps, etc.). At McLerran & Associates, we require all potential buyers to complete a confidentiality agreement prior to receiving any information regarding your office. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. While market conditions remain favorable at the moment, we are expecting several changes to occur over the next few years that could have a significant impact on practice value. What interests or hobbies do I have to keep me busy following the sale? … Since most buyers will require 100% financing, it is important for your buyer to work with lenders who are familiar with dental transactions. Under this arrangement, the broker is obligated to share all details with both parties, including any statements made by either party concerning pricing or terms. We have found that our clients typically receive a higher value for their practices, have a more amicable relationship with their buyers following the sale, and experience much less stress and anxiety during the transition process than their counterparts who try the “do it yourself” approach. Selling a dental practice is an emotional process for any doctor because of the relationships developed with their patients and staff over the years. We have found that the emotional process of selling a practice often plays a more significant role than the financial implications. Welcome to First Choice Practice Sales Inc. Here are our primary responsibilities as your practice broker: As you can see, our team plays a vital role in the transition process. Check with your state licensing agency to determine what forms of notice the law requires. The most important document involved in a dental practice sale is the Asset Purchase Agreement, which serves as the legally binding document detailing the terms of the sale. 4.4 × 0330 088 11 56 A A A. Here are some of the key considerations you should take into account when planning your practice transition: For many doctors, their dental practice is one of their most valuable assets and the proceeds from the sale of their office will be utilized to fund a significant portion of their retirement. Home. Generating Approximately $2.5M in Average Annual Revenue. Dental practice buyers are typically much younger than sellers these days, and they are performing a wider range of procedures in-house rather than referring those procedures to specialists. If you plan to continue working in your office following the sale, are you willing to adopt an “associate mentality” and be accepting of change? FACT: A dental practice is typically the doctor’s most valuable and prized possession. It is also important to remember that selling your office is not synonymous with retiring, as there may be opportunities for you to continue generating personal income following the sale by working as an associate in your office or outside of the non-compete radius. While navigating the financing process, the buyer will also be completing their due diligence on the practice. Timing of this introduction, how the initial meeting is handled, and training the staff to explain the transition to patients is a critical step in ensuring a smooth transition of ownership and maximum patient retention following the sale. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. NEW LISTING! Since 1974, California Practice Sales, Inc., has conducted thousands of dental practice appraisals in Southern California. We also offer dental practice … Making the decision to sell your dental practice requires a great deal of thought regarding when and how you would like the transition of ownership to occur. We require all prospective buyers to sign a Confidentiality Agreement prior to receiving any information regarding your practice. There are countless ways to sell a dental practice. and determine what type of opportunity they are looking for. At McLerran & Associates, we work diligently to cultivate relationships with prospective buyers to understand their needs, goals, and skill-set then match them with the appropriate practice. ABOUT D&M. When a buyer makes initial contact with our office, our focus is to get to know them (background, career goals, practice philosophy, personal financial condition, etc.) In doing so, you will gain valuable insight regarding the current value of your practice and the key factors that impact practice value and marketability. Also explore buying an ad with local media to announce the sale and thank the community for its support. The next step is to find the right dentist for your practice. You don’t want to leave money on the table or get shortchanged in the process. Selling a dental practice is not like selling a home … it is a complicated process which extends far beyond simply finding a buyer and closing on the sale. That includes tangible assets like equipment, inventory, and possibly accounts receivable. In addition to handling all of the responsibilities discussed above in a professional and efficient manner, here are a few additional reasons that McLerran & Associates is the premier dental practice brokerage firm in Texas: Our team has specialized in providing practice appraisal and transition services to Texas dentists since 1987. Announce the sale to the general public. Pediatric dental practices are the next most valuable, currently selling for an average of 71.22% of annual collections… Common valuation methodologies: 1. Since 1993 First Choice Practice Sales Inc. has provided California with dental practice transition and brokerage services; including all aspects of buying dental practices, selling dental practices and appraising dental practices. McLerran & Associates employs numerous effective marketing strategies to ensure that we identify a buyer who is the right fit for your office in a timely manner and maximize the value you receive for your practice at closing. Serve as a buffer between the buyer and seller throughout the process (particularly during price and contract negotiations) to preserve the goodwill of the practice and relationship between the parties. to help you navigate the process, protect/maximize the value of your practice, and ensure your transition is as smooth and successful as possible for all parties involved. Therefore, it is more important than ever for potential sellers to understand the factors that influence value and take the necessary steps to maximize practice value, beginning with considering the financial and emotional implications of a practice sale and planning for their transition in advance. Another advantage of beginning the process three to five years before a sale is the ability to address and correct issues that could have a negative impact on practice value, thus ensuring that you maximize the value of your practice upon the sale and position the future practice owner for success. Suppliers likely will have a different set of questions than patients, such as whether billing addresses have changed, which party is responsible for balances due, and whether there are any other management changes taking place at the practice. You bought that couch in the waiting room for $1,000, depreciated it over the last five years on your tax returns, and then valued it at $200 on your list of assets when you sold the practice. An existing practice offers instant cash flow. In an asset sale of a medical practice, let’s say you, the seller, have made a list of all the furniture and fixtures that are part of the sale. Asset purchases can also … The team at ADS … FACT: A dentist will typically sell a dental practice only once during his or her professional career. Upon establishing the value/asking price, we will construct a comprehensive practice profile that will be utilized to confidentially market the practice to prospective buyers. The current doctor has a great reputation and is looking to retire. • Practice consistently collection over $1.8M • Established practice with 6 equipped operatories • Doctor would like to work for the buyer post-sale • Paperless office, with Open Dental and digital imaging • Building available for sale One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. Contact us by email at: firstname.lastname@example.org, TREC Information About Brokerage Services. California Practice Sales, Inc., provides nine-page written appraisals of dental … This document should be specific to a dental transition and be a win-win agreement that protects both sides and discusses how common issues, such as accounts receivables and credit balances, will be handled after the sale occurs. A full service transition firm staffed by industry experts. The sale of a dental practice is one of the most significant events in your professional career. By asking yourself the above questions and dealing with these feelings prior to putting your practice on the market, you will be in the position to minimize your anxiety as you navigate the transition process. Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. ), PPO credentialing, drafting a transition letter that will be mailed to active patients upon closing, and ensuring the lender receives all necessary documentation to fund the buyer’s loan on the closing date. We are heavily involved in the local dental community and spend a great deal of time educating and cultivating relationships with potential buyers. Find the perfect dental practice for you, across the UK. This dental practice is successful and established in a charming city in Maryland. Each practice transition is unique and presents its own set of challenges to overcome during the transition process. You also will want to coordinate the announcement with the new owner to ensure that you both present an appropriate message. We also volunteer our time and make considerable monetary contributions to charitable dental organizations such as the Capital Area Dental Foundation. Our professional dental brokers facilitate and assist in the purchase and sale of dental practices, as well as provide assistance in obtaining practice acquisition financing, locating and negotiating dental … This approach doesn’t cut it! You will want to make sure employees, key customers and suppliers learn of the sale before the general public. We also oversee all communication with potential buyers and their advisors and handle initial practice showings after office hours. At McLerran & Associates, we play an active role in referring the buyer to several experienced dental lenders and helping position their loan request in a favorable light with each lender to enhance the probability of securing financing approval. Therefore, we encourage you to contact McLerran & Associates when it is time to start planning the sale of your practice. Send a letter to your patients. Beware of other practice brokers who offer “dual representation”, as it is impossible to represent the best interests of both the buyer and seller simultaneously. Maryland – Established Periodontal Practice for Sale. DENTAL PRACTICES FOR SALE Find your perfect practice from our listing of dental practices for sale. Dustin Hill is the former owner and publisher of a Midwest business journal and has been reporting on small business since 1992. Annual net receipts 4. To sell a dental practice, many brokers will simply list a description of your practice in various journals and on their website with the hope of coming across a buyer who is a good fit. Beware of working with a broker who advocates dual representation, in which they represent both the buyer and seller. When you consider all of the responsibilities associated with owning/operating a dental practice along with the expertise and time necessary to fulfill the practice broker’s responsibilities, it is easy to understand why doctors who attempt to sell a dental practice on their own are often overwhelmed by stress and anxiety. Determining the market value of the practice, finding the right buyer, negotiating the purchase price, drafting the asset purchase agreement, formulating the transition plan, negotiating the lease assignment, and obtaining practice financing are just a few of the key areas where a potential practice sale can be derailed and the experience, expertise, and guidance of McLerran & Associates can prove to be invaluable. Selling a dental practice starts with assessing the value. In an asset sale, the buyer purchases some or all of the assets of the dental practice. It was a pleasure to have such a … Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the … At McLerran & Associates, we provide the parties with a draft Asset Purchase Agreement and encourage each doctor to obtain their own legal counsel (with experience in dental transitions) to review the APA and other agreements involved with the sale. Work with the seller to identify the right buyer for the practice so that the staff and patients will be in good hands following the transition. The sale of a dental practice is one of the most significant events in your professional career. Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. He has a Bachelor of Science in journalism from the University of Kansas and currently works as a government and business reporter for a daily newspaper. Provide draft contracts including the Letter of Intent and Asset Purchase Agreement. Am I ready to give up control of my practice? Plan ahead for what you want to say to your employees, and be prepared to answer questions. We confidentially market our listings via our website (which ranks very highly on Google and provides your practice with strong national exposure), online dental communities such as Dentaltown, local and state dental journals, and local dental conventions and dental society/study club meetings. McLerran & Associates has the experience and expertise to help you navigate the transition process from start to finish, including developing a customized transition strategy for your individual situation, finding a buyer who is the right fit for your practice, and maximizing the value you receive for your practice. Begin the planning process three to five years in advance of a transition. If you have questions regarding the transition process or would like to schedule a time to meet at your office to discuss your future plans and potential transition strategies, please don’t hesitate to contact us. We look forward to working with you! Asset value 3. NW Washington, DC – Premiere, General Dentistry Practice For Sale In NW Washington DC. 2019 Revenue was … Young … Construct a detailed marketing profile and cash flow analysis for the seller’s practice – The marketing profile includes all of the pertinent information a potential buyer and their advisors will need in order to evaluate your practice. With so much at stake, you really need … There are over 1,000 active patients with a steady referral base. Visit Frank Taylor Associates’ website and view our extensive list of dental practices for sale. Identify and accomplish the seller’s goals for the transition – Every doctor and practice is unique so it is imperative for us to spend the time to understand the seller’s individual situation and goals and formulate a transition strategy to meet their needs. One of the least thought about but most often negotiated issues in selling a dental practice is the allocation of the purchase price and the associated tax consequences. You will want to make sure employees, key customers and suppliers learn of the sale … If handled properly, it should be a rewarding and profitable transaction for all parties involved. Involvement in the Local Dental Community. By exclusively representing the Seller, clearly disclosing this fact to the buyer, and assisting both parties in building a strong team of advisers, we have the ability to represent the seller’s best interest while ensuring the buyer has proper representation and is positioned for success following the purchase. If you deal with a large number of suppliers, a letter alone is appropriate. While it is important to understand the role of a practice broker and the importance of utilizing their services, it is also imperative that you hire the RIGHT broker to represent you in the sale and facilitate a smooth transition. When buying or selling a dental practice, a key question to accurately answer is: How much is my dental practice worth? As a medical professional, you also likely will have legal obligations related to communicating how your patients' medical records will be maintained in the future. Watson Brown is a full-service transition firm offering expertise in dental practice transitions, including practice appraisals, pre-sale consultations, financial advisement, and complete brokerage services.Dental practice … In the sale of a dental practice, confidential information concerning patients, however, requires further protective steps. Determine a fair market value for the practice, maximize the value the seller receives at closing, and be able to support and articulate the value to interested buyers and their advisors. Upon agreeing on the terms of the sale, the next step in the process is for the buyer to secure financing. D&M Practice Sales and Leasing is an independently owned and operated Dental Practice Sales Brokerage that has served Southern and Central California since 1994. Include the information required by law, but also try to anticipate questions they will have, such as information about the new owner, how ongoing care and records will be handled, and the policy for dealing with outstanding payments that are due to the dental office. Most calculations of value utilize multiple valuation formulas averaged together to arrive at a final estimate. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a … If handled properly, it should be a rewarding and profitable transaction for all parties involved. Should a buyer determine that your practice is a good fit after reviewing the profile and visiting the office, a follow-up meeting will likely be arranged to allow both doctors to get to know each other. Should be a rewarding and profitable transaction for all parties involved to arrive at a estimate! 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