The Buying Process:
Decide to Invest in the Future
This may seem like an obvious first step, but the process can sometimes be complicated and confusing, and some buyers bail out halfway through. If you have made the decision to grow or start a practice, remaining committed to that goal will pay off when retirement rolls around. It’s helpful to find a trusted friend or partner to keep you on track.
Before you start compiling practice profiles, be sure to spend time thinking about (and writing down) the profile of your ideal practice. If you aren’t sure what features are a must-have at move in and which should wait, consult with an experienced broker. Only after you know what you are looking for should you start cruising the web and Dental Trader ads for listings. Enlisting the help of an agent who specializes in dental practices, knows the market well, and is around to answer your questions is always a great idea.
Evaluate the Potential
Be sure to receive an opinion of value or valuation from a credible source. During the course of the sale, your CPA will closely check all the numbers. But if you stick with credible sources to begin with, you’re much less likely to be disappointed down the line. Integrity Practice Sales works diligently to double check and validate the opinion of value for all of our listings. It’s wise to keep in mind the potential and goodwill of a practice if you have a vision of growth.
Negotiate Terms of the Sale
There is no doubt about it, the terms of a dental practice sale can be quite complicated. Be sure to enlist a broker with experience to avoid pitfalls, such as making an offer that is too high. This will enable you to invest where you really need it. Buying a practice is not a DIY process.
Invest in Your Future with Confidence
Once you have decided on the perfect practice and settled all questions and details with the seller, you will be on the road to a stable and productive future! The relationships you have made in the process will help you later as you wish to grow your current practice or purchase another. It will also connect you with the network you need as you transition from your successful practice into retirement.