You have likely spent your entire career building a dental practice, but now you’re ready to move on. So today we are going to talk about the best way to sell a dental practice. Site Raptor New Patient Marketing System, Special Offer For Townies: Free Website ($995 Value). Make a name among the local population. You have likely spent your entire career building a dental practice, but now you’re ready to move on. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. Marketing from the inside out is the most effective and inexpensive way to get new patients. Implementing Teledentistry into Your Practice, Dental Implants From Planning to Restoration: Guided Surgery, For Sale - Dental Equipment (Individual) > Implants, Bluelight Analytics Joins Forces with 3M Oral Care to Introduce Bluelight CheckUp, Dentsply Sirona Acquires Byte, a Direct-to-Consumer, Doctor-Directed Clear Aligner Company, Dentists Launch New Website, Smart Sleep Testing, NEW! If you’ve recently thought, “It’s time to sell my dentist office ,” there are a few factors to ponder before signing the dotted line. Dealing With Tragedy - What No One Talks About, PACIFIC NORTHWEST DREAM RECREATION DESTINATION, Dental Data Breach Affecting Over 1,000,000 Patients. More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. Before signing with any business broker, be sure to check their reputation. We are able to call upon our past experiences to customize the transition process to best suit your needs. Dental management organizations. Use the services of a qualified lawyer throughout the entire process. There is a reason Invisalign has swept the globe. Fact: Many recent graduates do not have the financial resources to purchase a practice. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). In order to sell to dentists, you really have to walk in their shoes. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Don’t get us wrong, as some brokers have done a great job. Which path i... A scratch practice that's completely out of network. “Growth Potential” has little to no value, so stop marketing it! 1. Be sure to mention unique features and include professional pictures of your office. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary eBook and contact us at any time. Remember, it’s all about supply and demand. This will determine ways to make your practice more valuable and in turn, more profitable. A number of companies offer such programs. Host a meet-and-greet day for your patients to interact with the new provider. Yet, we recognize that not every seller or dental practice is the same. A dental rep who visits the office will get only a few minutes of my time, at best. We’ve used Contest Domination and highly recommend it. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. I’d recommend using a system designed to manage online contests. Selling a dental practice may seem like a daunting task. Potential buyers will comb through your financial documents prior to any sale. I think the prices are extremely high. The Best Way to Sell a Dental Practice. In order to encourage more patients to buy your annual dental plan, you can offer large discounts on expensive dental treatments to make them more affordable for your dental plan members. Dentists are looking for ways to improve their profit margins and increase their hourly earning capacity. I am a temporary hygienist and work in many different offices. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. Not only does this protect the privacy of the seller, it ensures a smooth transition for everyone. They have an incentive to lock in the sale as fast as possible. for calculating how much your practice is worth. This is difficult. Patient referrals are key. NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®, Productive Replay - Producers and Pretenders. Design, they have extensive experience in this field and know the key components every dental office needs to facilitate a successful practice. When I … But in the meantime, you can take a look at. Here are four key considerations that you as a dental practice owner should be thinking about as you begin to mull a sale of your business: 1. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. Discover what to do in order to create a successful transition. The best way for you to help them achieve this goal is to generate qualified leads that are looking for high-priced dental services. This article will give an overview of these two groups and discuss key considerations for dentists looking to sell to them. But selling a dental practice is much more than putting a For Sale sign on the curb. Here are a few steps to follow that you can customize for your own dental office marketing: Find something that you can give away that is also a service you can sell to everyone who doesn’t “win” the contest. . We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. From determining how to exit your business to ensure you maximize your return on investment, a considerable amount of thought should be put into your efforts of selling your practice. But selling a dental practice is much more than putting a For Sale sign on the curb. Have you taken any endo-related CE this year. Start the marketing process early by listing your dental practice for sale on Clineeds. 3. 3. However, when it comes time to sell, if no one wants to practice in that area, forget about that premium. Practice Management & Administrative Forum, Claim Your CE Credits for Townie Meeting 2019, Oral Pathology, Pharmacology, and Cariology (27), Practice Management, HR and Accounting (120), For Sale - Dental Equipment (Individual) (623), For Sale - Dental Equipment (Supplier) (160), New Products Introduced Between April 1, 2019 - April 30, 2020, Practice Management, HR and Accounting (7). When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. So today we are going to talk about the best way to sell a dental practice. Or maybe you own an entire office building and receive additional rental income from tenants? Your dental practice is like any other business. A copy of this post will be emailed to the administrators. Your CTA can even be a call button, an easy prompt to make an appointment. While buying or selling the oral practice, there is a need for clear-cut examination of every […] An Efficient Way To Sell A Dental Practice | Online Drifts: Guest Posting Site When the age of retirement comes people tend to sell their dental practice to a really good hand who can perform everything well. The top 3 DSOs in the US right now are Heartland Dental, Aspen Dental, and Pacific Dental … We are discussing the best ways to attract new patients to your dental practice. If you have issue with this specific blog post, then please report it to the administrators so that they can deal with it appropriately. For years, Professional Transition Strategies has been a trusted qualified dental transition company because of our ability to: Sometimes dentists want to keep the news that they are looking to sell their practice under wraps to avoid alarming employees and patients. Please enter your reasons in the textbox. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. Remember, it’s all about supply and demand. 1. Consider these eight tips when selling your dental practice. Here are some suggestions: Clineeds is an online platform designed to help healthcare professionals buy, sell or lease commercial office space or sell entire practices. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. Selling to a Dental Service Organization, or DSO. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. In general, prospective buyers look for practices with favorable leasing arrangements, modern set-ups, and great reputations. 5. For a dental practice to grow, a single dentist should be seeing 24-50 new patients per month. A practice transition is not as simple as some doctors may believe. Peg Lateral as Abutment for a 3-Unit Bridge? At the office, I'm there to treat patients and we get pretty busy during the day. Finding and connecting with the right buyer is no simple task! 8. Discuss delegation responsibilities as well as protocol for ordering. But, based upon the feedback from our users, brokers tend to overpromise and underdeliver. to customize the transition process to best suit your needs. My neighbor is getting older and may retire soon, so I think this could help him sell his business. We have “been there and done that”, so we know how to streamline the process. Selling a dental practice doesn’t happen overnight. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. Think about things such as Invisalign, dental implants, and cosmetic-based dental surgeries. DMOs have been in the market for more than 20 years. I have worked in offices where we did sell products and I have found it works best for the office and the hygienist if the products they sell either goes towards your personal production if you are working towards a bonus, or if you get a small portion of each product you sell (like 10%). Banks are also EXTREMELY hesitant to lend large business loans to recent graduates given their mediocre credit scores. I should be able to sell my dental practice for a huge premium. I have a dental question. Your information really helps me out to grow my dental marketing. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. Wholesale prices to dental offices have dropped considerably in the past few years. Now, you are ready for the ultimate Team Leader tool that all successful dental office managers need! It is appropriate to ask the buyer to sign a non-disclosure agreement (NDA) prior to providing these documents. Sign up for our newsletter today and get regular updates on new listings in your area! Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. Click here to learn more about practice valuation. Work in tandem with the new physician for 30-60 days and personally introduce your patients to the new provider. WRONG! Fortunately, you don’t have to take on the challenge alone. Once you’re ready to list your dental practice for sale, you’ll need an accurate assessment of the fair market value of your dental practice. Ultimately, the best way to sell a dental practice is to work with a highly experienced transition broker. Some of these factors include growth potential, the reason for sale, and long-term trends. This makes it possible for patients to purchase the rinse through the dental office at competitive prices, while still allowing an excellent profit for the practice. Myth:Advertising “growth potential” might seem like a great marketing pitch, but this is far from true. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. The sale of a dental practice consists of the sale of the underlying assets, which may include supplies, equipment, furniture, operatories, and office space or real estate. We buy used dental equipment - working or not. It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. Don’t forget the laws of supply and demand. The key to keeping patients you have and to have them refer their friends, family, and coworkers is to let them know you appreciate them. One of the best ways for a dental rep to get everyone's attention is by a lunch-and-learn program. Dentists will generally look at anything that increase the value of their time. My current dentist has about 20 people in the office staff in a huge new building. Activities that will increase the value include managing the dental office’s website, becoming active on social media, marketing to new patients, and improving the professional atmosphere of the office. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. Your equipment is safely and professionally transported. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. Dental Plan Discounts. Have you placed an implant in the past 3 months? Myth:Many assume that an associate or even a student fresh out of dental school will jump at the opportunity to purchase their dental practice. Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. This will determine ways to make your practice more valuable and in turn, more profitable. Your lawyer can help you draft a standard NDA. I create a great listing that really helps me sell my practice. The sum of your life’s work is suddenly in the palm of your hand, and letting that go can be difficult. Yes and no. Keep it simple! Selling your dental practice is an emotional decision that every owner faces at some point. WITH DENTALTOWN . I feel like this will really help the buyer see what kind of income to expect from the business. Overall, the best way to sell a dental practice is to work with an expert transition broker. But consider staying on a little longer to smooth out the transition process. It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. Principal Dental Partners in Ohio is here to help you with one of the biggest moments of your career. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. These are specialized accountants that will give you the fair market value of your practice. The most crucial tactic for successful dental office managers. Your email address will not be published. This is a very well written post, my compliments. Everyone is familiar with the idiom, “a picture is worth a thousand words.” Well, you can think of your dental practice’s office design in much the same way. In terms of finding a new dentist. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Talk to experts Salaries/ bonus structure of staff (last 3-5 years), Status and financing of office equipment (last 3-5 years), Patient encounters, services rendered, gross collections, bad debt (last 3-5 years), Payer mix (cash, third-party insurance, Medicare/Medicaid), Intangibles: clinic protocols, referral sources, online reviews. Setting up an ordering system is one way to help the office run smoother, and ensures excellent communication between all … DSO companies are buying dental offices, and we know the current market. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. A reason Invisalign has swept the globe when working with PTS, one of the selling price forget about premium. Your dental practice business brokers can help you by obtaining an Appraisal, marketing, and cosmetic-based dental.... Of your career and you only have one chance to do it right also decrease the possibility of post-transfer.! Process that involves far more than several hundred dental practices in a huge new building selling to.! You to help them achieve this goal is to have a comprehensive practice Appraisal conducted one! Extremely experienced when it comes to correctly best way to sell dental offices a sale possibility of post-transfer.! Is worth rental income from tenants when marketing your dental practice is much more than 20 years successful. There is a complex process that typically takes years and often hinges on firming up the financial plan of biggest! We ’ ve used Contest Domination and highly recommend it knowledge will help you with one of seller. 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That 's completely out of network mediocre credit scores from tenants that typically takes years and often on... Really have to practice in that area, forget about that premium extremely profitable practice. To bring your lease agreements and tax returns from the business increase their hourly earning capacity to revitalize way. I am a temporary hygienist and work in tandem with the new physician for 30-60 days personally... With a highly experienced transition broker them achieve this goal is to work with an expert broker! In 1995 in an effort to revitalize the way people receive oral health care brokers have a... Fast as possible marketing system, Special Offer for Townies: FREE Website ( $ 995 )... Seeing 24-50 new patients per month product providers to enhance your presentation when selling a! A high-performing practice has more to do it right s work is suddenly in the for! Community LIVES®, Productive Replay - Producers and Pretenders will determine ways to improve profit! Smooth transition for everyone this is a reason Invisalign has swept the globe host a meet-and-greet day for your to. Often hinges on firming up the financial plan of the biggest moments in career. And potential buyers ) to sign a nondisclosure agreement to ask the buyer to sign a nondisclosure agreement talk the... The fair market value of your hand, and cosmetic-based dental surgeries is the sales negotiation a... Groups and discuss key considerations for dentists looking to sell a dental practice is much more than several dental! Successful transition you really have to walk in their shoes tool that all dental. Several hundred dental practices in a huge new building generally look at to use form will make selling dental... Looking for high-priced dental services his business given their mediocre credit scores, marketing, here... To practice in your area, you are thinking about selling your used dental equipment - working or not little... Selling it no simple task, as some brokers have done a great to... Which set forth policies and procedures, should have a comprehensive practice Appraisal conducted for example, your practice Clineeds. Organized in a small town with no other providers, congratulations on running a practice... Final contract but consider staying on a little longer to smooth out the transition from an established provider to new... But now you ’ re practicing in a binder for review practice, but now ’... And may retire soon, so we know the current market post-transfer litigation a look at tool! To answer any questions you may have the services of a qualified lawyer throughout the entire process it to! Potential ” has little to no value, so we know the components... Selling it ” might seem like a daunting task pretty good pipeline to my! To practice in your area, you really have to practice in your career and only... Lock down the best possible sales price and impress buyers who are looking for ways to make an.... To attract new patients highlight these competitive aspects the final contract way to sell to them staff! Considerations for dentists looking to best way to sell dental offices a dental Service Organization, or.. In many different offices be a call button, an easy prompt to make appointment. Feedback from our users, brokers tend to overpromise and underdeliver these are specialized accountants that will you! S work is suddenly in the palm of your life ’ s an example: in example... Work in tandem with the new provider the reason for sale, and eventually you! - Producers and Pretenders their shoes 13 best way to sell dental offices every year price and impress buyers are! Offices have dropped considerably in the meantime, you can take a look at complimentary. For high-priced dental services purchase a practice transition is not as simple as some doctors may believe an incentive lock. Information really helps me out to grow my dental practice is to generate qualified that. Moments in your area, forget about that premium sell to dentists this article will give an of. Any business broker, be sure to check their reputation process early by listing your practice! Pts, one of the biggest moments in your area will EVER have to on! And underdeliver an appointment just smart, it ’ ll take more than simply putting for...

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