What Every Selling Dentist Should Know
Selling your dental practice is a major decision. You have devoted your time, money, and energy to building, running and operating your practice. It may well represent your life’s work. If you have decided that now is the right time to sell, you will want the very best professional guidance you can get. This is when working in tandem with a professional practice broker can make the difference between just getting rid of the practice and selling it for the very best price and terms. The following are some of the most common questions asked by a selling dentist –and if you are contemplating selling your practice, theses are questions you should be asking, too.
What Can a First Choice Practice Sales Broker Do for Me?
Practice brokers are the professionals who will facilitate the successful sale of your practice. It is important that you understand just what a professional First Choice Practice Sales Broker can do –as well as what they can’t. Practice brokers can help you decide how to price your dental practice and how to structure the sale so it makes sense for you and the buyer. They can find the right buyer for your practice, work with the seller and the buyer in negotiating, and coordinate every step of the way until the transaction is successfully closed. They will also help the buyer with all details of the business buying process.
A First Choice Practice Sales Broker is not, however, a magician who can sell an overpriced dental practice. Buyers are smart and will simply pass on overpriced practice. All practices are salable if priced and structured properly. You should understand that only the marketplace can determine what a practice will sell for. The amount of the down payment you are willing to accept along with the terms of the seller financing can greatly influence not only the ultimate selling price, but the success of the sale itself.
How Long Will It Take To Sell My Dental Practice?
It generally takes, on average, between Two to six months to sell a practice. Keep in mind, however, that an average is just that. The time your practice is on the market will depend upon the type of practice, its financial performance, price, terms, and local market conditions. Some sellers, operating under the premise that they can always come down in price, overprice their practice, without realizing buyers generally refuse to look at overpriced dental practices.