If a person has owned their dental practice for decades and it is finally time to retire, they will often sell the practice. If the individual is going to list their dental offices for sale in the San Francisco Bay Area, there are a few things that they should do first to ensure the highest return.
Work With an Expert
The best way for the office owner to get the most for their business is to work with an experienced dental transition company. These people know what it takes to sell a dental practice today. They also know how to be sure that the practice owner is getting what the practice is worth.
Obtain a Practice Valuation From a Professional
Because most dentists have worked hard most of their lives to build up their practice, it is not uncommon for them to have an inflated expectation of what the practice is worth. Pride and hard work are what causes these feelings. If the practice owner wants to sell the practice quickly and for a fair price, they should work with a professional. A professional doesn’t have a sentimental attachment to the practice. Therefore, they can give an honest and professional evaluation of its value.
Be Prepared to Share Information
When the practice goes on the market, the owner will likely get plenty of phone calls requesting information. Prospective buyers will want to know how many active patients the practice has, how many new patients, a breakdown of the staff, benefits, and compensation offered, and even tax returns for the business. It is a good idea that the practice owner has all of this information ready when people start to call.
Negotiations and Counter Offers
When the practice owner begins getting offers, negotiations are important. If they take the first offer from the first buyer, they may not get what the practice is worth. If the practice owner needs a certain amount of money to retire comfortably, they shouldn’t take anything less.
When the practice owner is nearing retirement, they may be tempted to start taking more time off. This is a mistake. Slowing down will reduce the amount of money that the practice is worth. It is best that the owner keeps working steadily until the practice sells.
Before a person lists their dental offices for sale in the San Francisco Bay Area, they should be prepared. For more information, visit Western Practice Sales.
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