Those strings are details… and details matter more than multiples. If you wait too long or a personal crisis dictates the sale, the sale becomes more difficult with greater risk of lost revenue. Should I Move My Dental Practice? Please enable JavaScript on your browser and try again. One single event does not typically lead to … Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). The future is not that bright for At Professional Transition Strategies, we are here to provide you with that information and guide you through your transition. Some of your options are: There is a right kind of transition for everyone, and taking the time to understand each is the first step in making the best choice for you and your practice. www.dentistryiq.com is using a security service for protection against online attacks. David Hossein of Samera discusses the tax implications of selling your shares or the goodwill when selling your dental practice At Professional Transition Strategies, we use the most effective method of calculating your practice’s worth by looking at both attributes and challenges and how they have impacted the success of the practice. To learn more about the services we can provide, go to our, Professional Transition Strategies POWERED BY, Lease Renegotiation for Your Dental Practice. At Professional Transition Strategies, we use the most effective method of calculating your practice’s worth by looking at both attributes and challenges and how they have impacted the success of the practice. Some of the factors used include: Take the time to get your practice and facility in the best financial and operational shape possible. Cast a large net to capture the most fish. Selling a dental practice is a big task, so it's important to prepare both financially and mentally. Fewer specialty services (in a general practice), less discounted fees or insurance (especially HMO/capitation), higher gross and higher net income yields more possible (and interested) purchasers, therefore higher value. For example, if two orthodontic practices, both collecting exactly $1,000,000 a year in collections, have different overhead – one at 50% and one at 60% – the better run practice, with 50% overhead should command a premium and sell for a higher price if all other things are equal. We do this in a variety of ways including ensuring that your practice address and personal details are not disclosed on any marketing material. Most brokers will work hard to sell your dental practice. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. Posted at 18:56h in Selling a Dental Practice by Gary Ballard Selling your practice and your building at the same time will likely result in you losing tens of thousands of dollars in sales proceeds! If, when selling a dental practice, you and the buyer choose to not make accounts receivable part of the overall deal, you still have to have someone collect on those accounts. www.dentistryiq.com is using a security service for protection against online attacks. February 2, 2015 We are in a golden period for selling dental practices of all sizes, especially ones that are a prime takeover target from a corporate entity, but it takes a bit of planning on your part. These are what the Economists call the “Baby Boomers”. You have several options for transitioning your practice. Administratively, this is a more complicated option, but it means you get to keep the payment for the work you actually did. The opportunity to sell a practice reflects the culmination of years of hard work and one of the most satisfying moments of a dentist's career. ... Join now; Should I Sell My Dental Practice to a Corporate? Here are four things dentists should know when they get ready to sell their practices that will make their transitions easier. 02 Jun Should I sell my building with my practice? If you are aiming to sell your business in 3-6 years time then now is the time to start discussing options. In most dental practice sales, the new owner will ask you to remain with the practice because you are a very … You can learn more about the different kinds of transitions on our eBook! Selling a dental practice can take some time and part of our role is to preserve confidentiality until the deal is well progressed and then help manage the introduction of the buyer to your team. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. However, it may take as long as 3 years in smaller rural communities. Please follow and like us: Buying a dental practice Brian Hanks Negotiate the Accounts Receivable When Buying a Dental Practice 10.20.2016. There is no set time when selling or transitioning a practice. There are many reasons to consider moving your dental practice to a different location. PARAGON’s Dental Practice Transition Programs make it possible to leave your practice in the hands of a compatible buyer who will pay a fair price with no negotiations and minimal hassle. Research suggests that insurance acceptance and convenience (location and hours) are the most common reasons that patients switch practices. I should be able to sell my dental practice for a huge premium. With proper planning and assistance many will get paid well for their life’s work. However, you should try to set the sale of your practice as a carefully planned event. “I sold my group dental practice for $50,000,000. Most brokers’ long-term business comes from referrals (this is good for you). 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. ReferralSearch EngineSocial MediaMedia Coverage, DEVELOPED BY THE DIGITAL MARKETING COMPANY, MARKITORS, There is a right kind of transition for everyone, and taking the time to understand each is the first step in making the best choice for you and your practice. This process is automatic. Jan 16th, 2018 There are many steps that come before selling your practice that can help you prepare for this transition. www.dentistryiq.com is using a security service for protection against online attacks. A 5 minute read by Martyn Bradshaw If you are thinking of putting your dental practice up for sale and selling direct to a Corporate then there are a few things to consider before you take the plunge. Yes and no. Please enable cookies on your browser and try again. Checkout their track record and reviews from other dentists. However, you should try to set the sale of your practice as a carefully planned event. Every doctor that owns a practice should eventually plan to sell. Some of the factors used include: The practice’s location, visibility and population of city or town, Type of medicine or dentistry, revenue sources, active patient base, Projected patient and revenue retention after the sale, Condition and age of medical and dental equipment based on wear and tear as well as technical advancement, Long term trends of the practice’s revenue and profit margin, Regardless of where you are at in the process of selling your practice, we are here to help. SHOULD I SELL MY DENTAL PRACTICE TO A CORPORATE? Some dentists want to sell and retire quickly, while other want to continue to practice in their office for several years after transitioning ownership. The service requires full JavaScript support in order to view this website. PITFALLS TO AVOID WHEN SELLING A DENTAL PRACTICE By Ron Lebow, Esq. Basically, this can be either you or the buyer. Before buying or selling a dental practice, great care and planning should be taken to consider the tax consequences regarding the allocation of the sale price to the various assets involved in the transaction. Others will miss opportunities because of fear or misinformation, and net only a fraction of the worth of the practice. Numbers seem unreal, then that means there are many reasons to consider moving dental. Long to sell has cost many dentists hundreds of thousands of dollars and! Not have a chance to learn from previous mistakes sell has cost dentists... 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