Have questions about your dental practice transition?
Start here with our top ten FAQs.
- Where do you have dental practices for sale?
We specialize in the St. Louis area including St. Louis County, St. Charles County, Jefferson County and the Metro East area, which includes Alton, Edwardsville, O’Fallon, Belleville, etc. We also serve locations nearby on both sides of the Mississippi River.
- Where do you provide dental practice valuations?
We provide valuations to general dental practices in the Midwest and have recently appraised practices in Peoria, Eureka and Belleville, Illinois, and Festus, Missouri as well as all over the Greater St. Louis area.
- How long does it take to sell a dental practice?
The sales process varies depending on the size, location and condition of a dental practice. A practice in a desirable location can sell in as little as 3 months. Smaller practices and practices in smaller towns can take up to 2 years or longer to sell.
- I’m thinking of hiring an associate and selling him or her part of the practice in a year or so. When should I have my practice appraised?
We recommend conducting an appraisal before the new associate joins your practice. It’s also important to have a clear understanding of what the new associate’s position will be once he or she joins your practice. Before the new associate joins you, consider the following:
How long will they have to remain as an associate?
How will they be paid?
When can they buy in?
What will be the buy-in price?
How will you work together once the buy-in is complete?
- Will I be able to finance the purchase of a dental practice?
Several options are available for potential buyers, and we will help you secure the best financing possible at the time. At this time, financing the purchase should not be a problem unless the Buyer has bad credit.
- What is your approach to valuing a dental practice?
We do our best to arrive at the “Fair Market” value of your practice, applying the same hands-on approach whether we are hired by the seller or the buyer. Our goal is to work with each of our clients individually for a win-win outcome. We don’t value a practice higher because we’re working for the seller or lower because we’re working for the buyer.
- How will I know when it’s the “right time” to sell my practice?
The exact time will only be right if you can answer some questions easily. First and foremost, does it feel right? Will you be able to afford to retire? Is the office able to support two docs if you decide to stay on for some period of time? Are you truly willing to give up control?
- What is my practice worth?
Practices in the Midwest typically range from 45-70% of the prior year’s gross collections. It is important to realize that the true value of a practice rests in the mind of the buyer not the seller. The fair market value is what someone is willing to pay for it. The person or group most qualified to value your practice is the same person or group who has demonstrated their ability to market and sell other practices in your area at their appraised value.
- Should I tell my staff that I am thinking about selling my practice?
In most cases, you should not tell the staff until an acceptable buyer has been found. Telling them too soon may frighten them and might even cause some to seek employment elsewhere in fear that a buyer may not want to retain them.
- How will I notify my patients that there is a new owner?
The first step is to send a letter to all active patients introducing and endorsing the buyer. A follow-up letter by the buyer can be effective also. The staff should be trained on how to address patient concerns and questions.