Retirement is supposed to be a time to kick back and unload the stresses of your career. But if you're not prepared with an exit strategy, selling your dental practice can give you enough stress to last you for a good long while. Here are a few tips to help you ready your practice for the time you're ready to sell and maximize the sale price.
Consult with a dental broker now.
Even if you aren't planning to sell in the near future it's never too early to start preparing. A dental practice brokerage firm like ADS Transitions can advise you on steps to take 10 years before the sale. This might include planning major changes like switching to paperless and making large equipment purchases. Brokers are constantly looking at what the market is doing and working with banks so they can greatly streamline your sales process and help you be ready with confidence when you give the word to list.
Build up clientele.
Remember that your patients are your bread and butter. Building up a strong client base will not only make you more money, it will make your practice more attractive to potential buyers. People tend to stay put when they find a dentist they like. So even when you transition out, they're likely to give your replacement a shot at keeping their business. Put some effort into building client loyalty by giving incentives your replacement can easily keep up. Consider partnering with other dentists if you still have a few years before retirement. This will not only allow you to pool your resources. Oak Park Dental offers gift cards for referring new patients. You could also build a reciprocal referral network with other doctors in your area. This will help maintain continuity through your transition, which will be a nice perk for a buyer.
Simplify and Update.
The more up-to-date you can get your office, the more you'll be able to list it for. It tells buyers they won't have to invest in huge upgrades soon after the sale. Make sure they're sensible upgrades that will be useful for the average dentist. Dr. Elena Puig, of Dynamic Smile Design in Orlando,FL, over her career has become certified in dental Implants, Invisalign, and other services that require intensive specialized training. That's great for an established dentist, but if a large percentage of your assets and clientele revolve around these kinds of services, you may find it difficult to show value to buyers who don't yet have the certification to provide those services. Before you list your practice, begin emphasizing your more basic services so they will account for the bulk of your income.