Before selling a dental practice, explore and consider every option
If you’ve been asking yourself how to sell a dental practice, this article explains basic but necessary steps to maximise the sale price of your business.
As is always the case with selling a business, there are a number of options you can choose to sell your dental practice. Let’s look at some factors you should take into account in order to successfully accomplish your goal.
What to Consider When Selling a Dental Practice
The first question you need to ask yourself before selling a dental practice is whether you want to sell it completely or whether you want to stay involved in the business in some way or another.
Both options are possible.
However, you should consider the Australian Dental Association’s Policy Statement (Policy Statement 5.3 – Practice Ownership, point 3.1) before making up your mind.
The Policy states that “dental practices should be owned and, or at least, effectively controlled by dentists.”
If you want to sell your practice and have no business interest in it, you will only be able to sell it to another dentist.
Best Time to Sell a Dental Practice
Once you decide what option is best for you – sell it completely or stay involved in the business– don’t rush and look for a potential buyer immediately. You need to sell your practice at the right time.
Firstly, make sure your dental practice is visually attractive – first impressions do count.
If you’ve been planning to renovate your practice in the past, now would be a good time to do it. Even though it is not the decisive factor, a well-maintained establishment is more appealing to potential buyers than a run-down one.
As with any other business, the best time to sell is when the ...