If you are considering selling a dental practice, finding a buyer can quickly become an arduous task, and you may be hiding at the prospect of doing so, simply because there are so many different moving cogs to consider. Here are some simplified tips to help you find a buyer.
First Impressions Make A Difference
Step outside and take a look at your building and try to view it through a prospective buyer’s eyes. Is the building more modern looking or is it looking a little outdated? This could influence the value of your property. Take a walk around, both inside and out and look for any potential issues that could influence a prospective buyer, both negatively and positively. Since humans are visual creatures, what we initially perceive when looking at something heavily influences our impressions, whether we recognize it or not.
The People Matter
When looking to sell your dental practice, remember that most buyers would prefer to keep any existing staff. It is far cheaper to keep employees who are well trained, happy, and competent than it is to hire new employees and train them. If you are lucky enough to have such wonderful employees, then this will help increase your chances of finding the right buyer.
Transparency is Key
If you were buying a dental practice, one of the last things you would want to inherit is the headache of sorting out the previous owner’s financial details. Make sure you have easily accessible, detailed records of all expenses, equipment you own, and your financial growth throughout the years. When meeting with potential buyers, Having these details on hand is also a great way to demonstrate your viability as a practice and show that money is always walking in the doors.
Location, location, location
Unfortunately, one aspect that can hinder the ability to find the right buyer for your practice is where you are located. While this isn’t always something you can change, it is something you must take into consideration when searching for the right buyer. With this in mind, you can take steps to leverage this in your favor. For example, If your practice is located in a struggling downtown area, consider seeking out a buyer who is interested in being part of a downtown revitalization movement, or one that finds the unique charm of the area endearing. If your dental practice is in a more remote area on the outskirts of the town, finding a buyer who is more relaxed and isn’t interested in being in the middle of a bustling city could be ideal. Finding the right buyer that coincides with the overall tone of the area is an important factor that some sellers get snagged on, so you may want to take into consideration the surrounding area and then search for a buyer that would find the practice location appealing.
Selling In House
If you are serious about selling your healthcare practice, one other thing to consider when searching for the right buyer is selling it to someone who is looking to expand their existing practice. This is usually one of the easiest options, as you will most likely already be familiar with each other’s business plans therefore making the process a little more streamlined and painless for everyone.
Dental practice transitions are not always easy. But by following the right steps, making sure all of your I’s are dotted and the T’s are crossed can save you a world of a headache.
