Selling any type of dental practice can seem like a daunting task, and while there are several more practical aspects such as finding a buyer or creating a sales contract, there are also internal aspects of the sale to consider. As a dentist, you are already well aware of the importance of a patient performing preventive maintenance to prevent costly, long term damage further down the road. This form of maintenance relates to your dental practice transition as well.
Follow these tips for a smoother dental practice transition when you are ready to sell your healthcare practice.
Keeping Up Appearances
What is the overall appearance of the building, both inside and out? What does the building convey upon first sight? Does it appear dated or more modern? Could the walls use a fresh coat of paint or a color change altogether? If so, consider colors that are known to invoke feelings of comfort and peace, such earthy shades of green, blue or red. Stay away from the more pastel shades of pink or minty green, as they are considered to be more outdated. If you aren’t sure if you need an upgrade in appearance or what vibe you are wanting to project, drop by recently built or remodeled office parks in your area.
Other Details To Consider
Another thing the patient first notices when they walk in is the seating. This may seem like a small detail, but it absolutely plays into the overall vibe of the office. You may want to consider upgrading to a more modern option.
Reputation Is Key
If you haven’t already, you should take advantage of online reviews, such as Google, Facebook, and Instagram. Chances are, while your patient is waiting to be seen, they are utilizing social media. Most buyers will be drawn to a business that already has a decent reputation online, and if your waiting room appears friendly and inviting, this will pave the way for a better experience with your practice, thus a better review, making your practice appear more attractive to practitioners and corporations looking into buying a dental practice.
Don’t Forget Your Most Valuable Asset!
One of the most important factors to consider when you are ready to sell your healthcare practice is the lifeblood of your practice- your employees. Without dependable, engaging, competent, and happy employees to grease the wheels your practice cannot meet its full potential. Do you ever think to yourself “wow I don’t know what I would do with him or her?” Or, do you have employees that filter in and out every few months or so? These are things a potential buyer will look at because if they are buying a practice that is already staffed with experienced, long-standing employees you will have one more thing to bring to the table in your favor.
Keeping House
Finally, one other crucial internal issue to consider is how your office maintains records, not only of patients but also in regards to financial transparency. An efficient filing system for patient records and all expenses will enhance your market appeal, and demonstrate a long history of successful client retainment as well as financial competency.
