Selling your practice is a big deal. It’s not just a big financial deal, but it can be significant personally and professionally. After all, you have most likely put a great deal of time, effort, energy, and emotions into building and sustaining your practice over the years. It makes sense that you would want to see it go to the right buyer, to a person who will take care of and honor all that you have built. Here are some tips for not just finding, but selecting the right buyer for your dental practice.
Picking the Right Buyer for your Dental Practice
Of course, the key to successfully selling any professional practice is planning ahead. These types of sales are much more complex than selling your home. You want to make sure you find the right buyer for your practice and get the right price too. When it comes to planning to sell your dental practice, it really never is too soon to start. Some dental professionals even create a 5-10 year plan. This amount of time allows you to build your practice to maximize its value and, thus, allows you to sell it for maximum profit. It can also give you the time to build a solid reputation in the community which will empower you to be able to select the practice’s buyer.
When looking for the right buyer for your dental practice, the best place to start might be those right in front of you. For instance, is there anyone within the practice, such as a trusted dental associate, who has shown interest in buying the practice and who is someone who you could see taking on the practice to carry on your legacy? Having a buyer who has worked with you, knows your management style and philosophy can be the perfect fit. Alternatively, there may be a dental practitioner nearby who you respect and may be interested in buying your practice. Having this person practicing locally allows you to go to where they work and see how they approach patient care and practice management.
The point is, that you want the right price for your practice, but you also want the right buyer. Failure to focus on finding a buyer that shares your vision for the future of your practice can lead to a lot of regrets. Take care in finding the right buyer. Do what you can to help determine whether they have similar values and goals for the practice. Once you find the right buyer, be sure that you have a solid transition plan that will set them up to successfully take over your practice.
Dental Law Attorneys
Selling a dental practice is an important and highly complex endeavor. Let the dedicated team at Mahan Dental Law help you throughout the process. We focus on all of the details to help ensure you get the right buyer and the right price for your dental practice. Contact us today.
