Contact us by email at: info@dentaltransitions.com, TREC Information About Brokerage Services. At McLerran & Associates, we play an active role in referring the buyer to several experienced dental lenders and helping position their loan request in a favorable light with each lender to enhance the probability of securing financing approval. We have a brand new opportunity with this start-up dental practice for sale in Michigan, located just east of Ann Arbor in Livonia, MI. What interests or hobbies do I have to keep me busy following the sale? That includes tangible assets like equipment, inventory, and possibly accounts receivable. The reason for this is simple: to protect the goodwill of the practice. Capitalized excess earnings 2. Involvement in the Local Dental Community. Dustin Hill is the former owner and publisher of a Midwest business journal and has been reporting on small business since 1992. Announce the sale to the general public. Pediatric dental practices are the next most valuable, currently selling for an average of 71.22% of annual collections… Find the perfect dental practice for you, across the UK. Ensuring that you both agree with the message is important. You will find a host of dental practices for sale throughout Georgia, which includes listings in Atlanta, Columbus, Savannah, Sandy Springs, Macon, Roswell, Albany, and every other Georgia city with active … There are many factors to take into consideration when deciding which dental practice to purchase. While market conditions remain favorable at the moment, we are expecting several changes to occur over the next few years that could have a significant impact on practice value. Therefore, it is imperative to be educated about the process and employ the services of experienced professionals (McLerran & Associates, attorney, accountant, etc.) Upon agreeing on the terms of the sale, the next step in the process is for the buyer to secure financing. I can not say enough about how excellent my experience was with the sale of my practice. FACT: A dental practice is typically the doctor’s most valuable and prized possession. While navigating the financing process, the buyer will also be completing their due diligence on the practice. Construct a detailed marketing profile and cash flow analysis for the seller’s practice – The marketing profile includes all of the pertinent information a potential buyer and their advisors will need in order to evaluate your practice. Begin the planning process three to five years in advance of a transition. By exclusively representing the Seller, clearly disclosing this fact to the buyer, and assisting both parties in building a strong team of advisers, we have the ability to represent the seller’s best interest while ensuring the buyer has proper representation and is positioned for success following the purchase. Our professional dental brokers facilitate and assist in the purchase and sale of dental practices, as well as provide assistance in obtaining practice acquisition financing, locating and negotiating dental … At McLerran & Associates, we require all potential buyers to complete a confidentiality agreement prior to receiving any information regarding your office. Therefore, it is more important than ever for potential sellers to understand the factors that influence value and take the necessary steps to maximize practice value, beginning with considering the financial and emotional implications of a practice sale and planning for their transition in advance. It was a pleasure to have such a … This practice was opened in 2009 but the doctor is … In the sale of a dental practice, confidential information concerning patients, however, requires further protective steps. Therefore, to ensure your practice transition is successful, it is imperative to follow these crucial steps: While this list covers the most significant steps required to sell a dental practice, it is by no means comprehensive. Unlike a start-up practice, an established practice has … Write a short, straightforward press release that can be sent to newspapers, radio stations, television stations or online sites that cover business news in your area. Since 1974, California Practice Sales, Inc., has conducted thousands of dental practice appraisals in Southern California. In addition to the APA, the buyer will need to negotiate an assignment of the existing office lease or negotiate a new lease with the building landlord. Since the buyer’s and seller’s financial interests are typically converse to one another, it is nearly impossible for the broker to fairly represent both parties under the dual representation arrangement. Selling a dental practice starts with assessing the value. Throughout this process, the staff and patients are typically unaware that the dental practice is being transitioned to a new doctor. Watson Brown is a full-service transition firm offering expertise in dental practice transitions, including practice appraisals, pre-sale consultations, financial advisement, and complete brokerage services.Dental practice … If handled properly, it should be a rewarding and profitable transaction for all parties involved. When a buyer makes initial contact with our office, our focus is to get to know them (background, career goals, practice philosophy, personal financial condition, etc.) Henry Schein Professional Practice Transitions provides the comprehensive support you need to locate a dental practice for sale that fits your needs, budget and career goals. Dental practice buyers are typically much younger than sellers these days, and they are performing a wider range of procedures in-house rather than referring those procedures to specialists. Young … While the average sales price of a dental practice from a national perspective is approximately 65% of the most recent year’s revenue, there are a number of other factors that can influence value in either direction, including revenue trends, profitability, type of patient base, type of dentistry, location (urban vs. rural, high visibility vs. low visibility), quality and age of equipment, curb appeal, etc. Therefore, we encourage you to contact McLerran & Associates when it is time to start planning the sale of your practice. In an asset sale of a medical practice, let’s say you, the seller, have made a list of all the furniture and fixtures that are part of the sale. While it is important to understand the role of a practice broker and the importance of utilizing their services, it is also imperative that you hire the RIGHT broker to represent you in the sale and facilitate a smooth transition. In an asset sale, the buyer purchases some or all of the assets of the dental practice. This information will also provide you with sufficient time to develop a customized transition strategy to meet your individual needs, make changes to your office that will enhance value, and avoid mistakes that may negatively impact value. You don’t want to leave money on the table or get shortchanged in the process. D&M Practice Sales and Leasing is an independently owned and operated Dental Practice Sales Brokerage that has served Southern and Central California since 1994. This document should be specific to a dental transition and be a win-win agreement that protects both sides and discusses how common issues, such as accounts receivables and credit balances, will be handled after the sale occurs. We have found that our clients typically receive a higher value for their practices, have a more amicable relationship with their buyers following the sale, and experience much less stress and anxiety during the transition process than their counterparts who try the “do it yourself” approach. Plan ahead for what you want to say to your employees, and be prepared to answer questions. Work with the seller to identify the right buyer for the practice so that the staff and patients will be in good hands following the transition. When buying or selling a dental practice, a key question to accurately answer is: How much is my dental practice worth? You also will want to coordinate the announcement with the new owner to ensure that you both present an appropriate message. For many practice owners, it is extremely difficult to consider selling their practice due to the emotional ties the doctor has to their patient base, staff, and the business they have spent their entire career building. There are countless ways to sell a dental practice. Selling a dental practice might be the single biggest decision of your professional career. This dental practice is successful and established in a charming city in Maryland. If handled properly, it should be a rewarding and profitable transaction for all parties involved. Suppliers likely will have a different set of questions than patients, such as whether billing addresses have changed, which party is responsible for balances due, and whether there are any other management changes taking place at the practice. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. Timing of this introduction, how the initial meeting is handled, and training the staff to explain the transition to patients is a critical step in ensuring a smooth transition of ownership and maximum patient retention following the sale. At McLerran & Associates, we work diligently to structure a win-win transaction for all parties involved in the transition but our fiduciary responsibility is solely to the seller. Therefore, it is crucial for you to understand the key factors that influence the value and marketability of your practice to ensure that you are in the position to maximize the value of your office at the point of sale. Under this arrangement, the broker is obligated to share all details with both parties, including any statements made by either party concerning pricing or terms. Because we place a high priority on developing meaningful relationships with potential buyers, we maintain a strong pipeline of qualified buyers and can immediately reach out numerous doctors who may be the right fit for your office immediately upon listing your practice. As is often the case, the doctor has also taken their foot off the gas in recent years, resulting in a significant decline in revenue, profitability, and practice value. When announcing the sale of a business, timing is important. Another advantage of beginning the process three to five years before a sale is the ability to address and correct issues that could have a negative impact on practice value, thus ensuring that you maximize the value of your practice upon the sale and position the future practice owner for success. Further, this practice … Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Beware of other practice brokers who offer “dual representation”, as it is impossible to represent the best interests of both the buyer and seller simultaneously. He has a Bachelor of Science in journalism from the University of Kansas and currently works as a government and business reporter for a daily newspaper. Assist the buyer with building an experienced team of dental advisors so that he/she is positioned for long term success following the transition. Send them a letter -- or an e-mail if they have stated that as a preference -- announcing that you've sold the business. If you plan to continue working in your office following the sale, are you willing to adopt an “associate mentality” and be accepting of change? We also offer dental practice … In that situation, the doctor’s options are relatively limited in regards to the type of transition strategy they can utilize to sell their office. Considering these facts, many dentists will make the wise choice to entrust the responsibility of selling their practice to a professional who has the knowledge and experience to facilitate a successful transition … a dental practice broker. At McLerran & Associates, we provide the parties with a draft Asset Purchase Agreement and encourage each doctor to obtain their own legal counsel (with experience in dental transitions) to review the APA and other agreements involved with the sale. Once you have determined that you are financially prepared to sell your practice, it’s time to move onto considering the emotional implications of the sale. It is important that a dental practice valuation is performed by an experienced professional to ensure it is thorough and accurate. Determining the market value of the practice, finding the right buyer, negotiating the purchase price, drafting the asset purchase agreement, formulating the transition plan, negotiating the lease assignment, and obtaining practice financing are just a few of the key areas where a potential practice sale can be derailed and the experience, expertise, and guidance of McLerran & Associates can prove to be invaluable. Since most buyers will require 100% financing, it is important for your buyer to work with lenders who are familiar with dental transactions. Contact key suppliers. While some practice owners may be able to identify a buyer who is interested in purchasing their practice with little difficulty, getting from that point to the closing table is the most challenging component of a practice sale. As the closing date approaches, our team at McLerran & Associates will work closely with the buyer and seller to ensure that all the details of the transition are completed prior to closing, including transferring/establishing service provider accounts (utilities, phone, etc. Therefore, it’s imperative to meet with our team at McLerran & Associates well in advance of a sale to determine the best transition strategy to accomplish your individual goals. To avoid these mistakes, we encourage you to contact us at least three years in advance of your practice transition. This involves understanding each lender’s unique underwriting requirements, presenting a comprehensive practice prospectus and cash flow analysis, and proactively addressing any potential red flags up front. When announcing the sale of a business, timing is important. Check with your state licensing agency to determine what forms of notice the law requires. The first step in the transition process is to obtain a practice valuation from a local, reputable practice broker so you and your financial advisors can determine if you are financially prepared to sell your office. Asset value 3. We have been involved in over 1,000 successful practice transitions and understand the significant impact a practice sale has on both the professional and personal lives of our clients. How strong is my emotional connection to my practice? Make sure your staff is prepared to answer questions when patients come into the office. Assist the buyer with securing practice financing. We confidentially market our listings via our website (which ranks very highly on Google and provides your practice with strong national exposure), online dental communities such as Dentaltown, local and state dental journals, and local dental conventions and dental society/study club meetings. 2019 Revenue was … An existing practice offers instant cash flow. Include the information required by law, but also try to anticipate questions they will have, such as information about the new owner, how ongoing care and records will be handled, and the policy for dealing with outstanding payments that are due to the dental office. We are heavily involved in the local dental community and spend a great deal of time educating and cultivating relationships with potential buyers. Here are some of the key considerations you should take into account when planning your practice transition: For many doctors, their dental practice is one of their most valuable assets and the proceeds from the sale of their office will be utilized to fund a significant portion of their retirement. Utilizing different methodologies builds confidence in the end value and identifies outlying financial or practice data that may cause a deviation. If you have questions regarding the transition process or would like to schedule a time to meet at your office to discuss your future plans and potential transition strategies, please don’t hesitate to contact us. In doing so, you will gain valuable insight regarding the current value of your practice and the key factors that impact practice value and marketability. Once an ideal buyer has been located, the next step in the process is to agree on the terms of the purchase in a Letter of Intent (we provide our clients with a draft LOI), which should detail the proposed purchase price, intended closing date, assets included in the sale, and a list of contingencies that have to be met before the transition is completed. DENTAL PRACTICES FOR SALE Find your perfect practice from our listing of dental practices for sale. The sale of a dental practice is one of the most significant events in your professional career. Typically, the group of assets that would be sold between the selling party and buying party would include dental supplies, furniture, fixtures, and equipment used in the practice, patient files, and goodwill of the … Annual net receipts 4. Since 1993 First Choice Practice Sales Inc. has provided California with dental practice transition and brokerage services; including all aspects of buying dental practices, selling dental practices and appraising dental practices. If you deal with a relatively small number of suppliers, you may want to contact them personally and then follow up with a more formal letter to document the end of the business relationship. NW Washington, DC – Premiere, General Dentistry Practice For Sale In NW Washington DC. Visit Frank Taylor Associates’ website and view our extensive list of dental practices for sale. This approach doesn’t cut it! We also oversee all communication with potential buyers and their advisors and handle initial practice showings after office hours. Maryland – Established Periodontal Practice for Sale. 4.4 × 0330 088 11 56 A A A. California Practice Sales, Inc., provides nine-page written appraisals of dental … … Once you have selected a transition strategy and prepared your practice for sale, you are now ready to initiate the transition process. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. Announcing the sale of a dental practice -- or any business that deals with multiple members of the public -- takes planning and coordination. You will want to make sure employees, key customers and suppliers learn of the sale before the general public. McLerran & Associates has the experience and expertise to help you navigate the transition process from start to finish, including developing a customized transition strategy for your individual situation, finding a buyer who is the right fit for your practice, and maximizing the value you receive for your practice. There are over 1,000 active patients with a steady referral base. Confidentially market the practice to qualified buyers and advertise the practice on a local, state, and national level via the web, print ads, seminars, trade shows, etc. Determine a fair market value for the practice, maximize the value the seller receives at closing, and be able to support and articulate the value to interested buyers and their advisors. You will want to make sure employees, key customers and suppliers learn of the sale … When writing a news release announcing the sale of the business, keep it brief but be sure to include information on how a reporter can contact you for more details. Doctors who are preparing to sell a dental practice often ask us what our role in the process will entail. As a medical professional, you also likely will have legal obligations related to communicating how your patients' medical records will be maintained in the future. 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