Helpful Tips

When buying a practice, you must sign a Confidentiality Agreement. In it you agree not to disclose financial and other personal information about the practice you are considering. You can share that information with an accountant or attorney who is assisting you in the purchase process.

Be sure to maintain good financial records and up to date employment and equipment records.

Seek help from a transition specialist who has experience dealing with dental practices.

If you want to sell your practice in the next 5 to 7 years, you need to be cognizant of the information that will be needed to expedite the sale. Consider what you could do today to enhance the value of your practice and increase its marketability for a future sale.

We offer ValuationPlus, to give you an idea of your practice’s present value as well as suggestions to improve the value of your practice today in preparation for tomorrow’s sale. In the future, there will not necessarily be a buyer for every practice. If you plan ahead, you may be able to increase the odds that there will be a buyer for your practice.

Don’t wait too long to start your practice transition. We recommend people begin planning for their future 3-5 years prior to retirement.

What should I do if I am not ready to sell but probably will want to in the next 3-5 years?

What should I do about my fees?

It’s important to keep your fees current in order to preserve the value of your practice.

What about credit balances in my patient accounts?

If you have patients that have credit balances due to overpayment by them or by their insurance companies, you should refund them on a regular basis. A buyer will expect you to do so before or at closing, so it is a good idea to keep current on these every year rather than have a lot to refund just before closing.

What should I expect during the sales process?

Expect this to be a stressful time. Most dentists cannot leave a profession in which they have invested 25, 30, or 40 years of their life without feeling stressed. It’s natural to have second thoughts or fears about the future.

As experienced brokers, we understand the emotional aspects of selling your practice and will be able to help you through this difficult time.