One of the most valuable assets of your healthcare practice is the goodwill you’ve earned throughout the years. Goodwill is the intangible assets of your practice. It’s the difference between a successful and established dental practice and a practice that has not yet achieved success.
In essence, goodwill is a business’s name, reputation, and the skills of the dentist and their team. It’s all the variables that have built a loyal patient-base and a strong, consistent influx of new patients. A dental practice with excellent goodwill is attractive to buyers because it increases the likelihood that revenue will continue to pour in as well as probably retention of the patient base.
Because goodwill is so important to the value of your healthcare practice, it’s imperative that you maintain your practice’s goodwill when you sell your healthcare practice.
Continue Building Your Goodwill as You Sell Your Healthcare Practice
To ensure your retention of goodwill in selling your dental practice, maintain yours and your practice’s reputation within your practice and in your community. You can promote goodwill throughout the transition process and afterward by continuing to be involved in local activities such as being involved with your local dental association, community organizations, and volunteering with groups like the Rotary Club.
This helps to ensure you receive the suitable compensation for your many years of building your practice while ensuring the buyer receives full value.
Work with Reputable Dental Business Brokers
If you want to continue to maintain your goodwill, work with ethical and experienced dental business brokers to help sell your dental practice. The right dental practice broker will do a few things to ensure your goodwill remains intact. They will:
- Perform a dental practice appraisal to determine the value of your practice, reflecting the true, anticipated cash flow after sale
- Find a compatible buyer for your practice—one whose ethics, abilities, and practice style correlate to the preservation of the reputation of the practice
- Work with lenders, accountants, and legal counsel knowledgeable in dental transactions to ensure both the seller and buyer are satisfied
Having the right dental business broker on your team is essential to upholding the goodwill you’ve established with your practice. They will help you avoid bad deals that could destroy the hard work you’ve put in to establish the goodwill of your practice. They will work hard to prevent negative interactions that can sometimes happen when working with inexperienced brokers.
If you are unsure of where to start in finding a reputable business broker to help you sell your healthcare practice while keeping your goodwill intact, the consultants here at Aptus Exchange are here to assist you. We know it took years of hard work, strong leadership, and a relentless desire to foster a team dedicated to high health standards, great patient care, and exceptional service. We want to make sure that legacy continues with the sale of your dental practice.
