When the owner of a dental practice is ready for retirement, they will often sell the practice. Since the money from the sale is likely a large portion of what they will live on during their retirement, the owner should make sure that they are fully prepared. Before they sell a dental practice in California, there are a few tips that they should follow.
Selling a dental practice is not something that will happen overnight. Before selling, the owner would need to organize the office and all of their files. They would also need to attract interested buyers, go through the negotiation process, and close on the sale. This process can take two years or more. To be sure that they are ready, the owner should hire a financial adviser, a business consultant, and a corporate attorney.
Create a Good Financial Picture
As soon as a person is ready to sell their dental process, they need to start focusing on the financial picture that potential buyers will see. The better the picture, the higher the offer. There are things that the practice owner can do as soon as they are ready to sell. If the owner often takes afternoons off and they don’t see patients, this is a mistake. It will bring down the offices’ revenue, and the buyers will assume that the practice isn’t doing well. They can also cut back on employee overtime to keep payroll down and make sure that all of the copays are collected. A financial picture that would attract buyers is one with high revenue and low overhead costs.
Create a Good Physical Picture
It is important that the practice owner gets the office ready for when potential buyers are ready to take a tour. This means getting rid of any clutter around the office. All expired drugs should be discarded, and any broken equipment should be repaired. If necessary, the owner should also make cosmetic changes such as adding a fresh coat of paint and having the carpets professionally cleaned. The office needs to look good if the practice is going to sell.
If a person is going to sell a dental practice In California, they need to properly prepare. For more information, visit the website.