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Helping People Who Are Selling a Dental Practice or Buying a Dental Practice
Transitioning a dental practice for sale is not as simple as some doctors believe. If not done correctly, it can be costly. As author Jim George said: “Transitions themselves are not the issue, but how well you respond to their challenges!” (1) At Professional Transition Strategies, we make the process of selling a dental practice easy, painless and seamless for general and pediatric dentists, endodontists, orthodontists, prosthodontists,oral surgeons, and periodontists across the country.
If you are considering a transition — looking to sell your dental practice, considering bringing on a partner, or looking at buying a dental practice — you came to the right place. Contact the Professional Transition Strategies team to determine the right plan for you and your future.
There is nothing wrong with change…if it is in the right direction.
Should I take out a loan? How much will the loan cost me? Is this fair market value? We have the expertise to answer these questions and more. To learn more about the services we offer to dental practice buyers, visit our buyer’s representation page. We even have a calculator to estimate what the monthly cost of a purchase would be.
Read Our Case Studies
Every professional transition is unique its own way. Over the years we encountered a number scenarios, both simple and complex. To illustrate the variety of situations and clients we have worked with, visit our case studies page. You might find something that parallels your needs.
Read Our Ebook
What do I need to know to have a successful dental practice transition? Good question. We have written an ebook called Strategies for Transition, which provides a comprehensive guide for those figuring out the next steps for themselves and their practice. Learn more and register to receive your free copy.
How to Sell A Dental Practice
Whether you want to sell a practice and leave, partner with another dentist to help carry the load, sell but stay on as an associate, or simply merge or affiliate with a larger practice or dental service organization in your area, Professional Transition Strategies will provide the services you need to make your transition successful.
The steps to selling a dental practice or merging a dental or medical practice is intricate. It includes not only the financial and physical challenges but emotional ones, as well. We can help you navigate through this process because we have been there and we know the components needed for a smooth transition. We realize that every situation is unique, and we will help you decipher which option is best for you.
For the seller, options include but are not limited to:
- Sell your practice and leave.
- Sell a portion of your practice to a partner for a longer-term transition plan.
- Sell your practice but continue to work as an associate; determine your own work schedule.
- Merge with another successful dental practice.
- Affiliate with a DSO.
- Receive a private equity cash infusion to grow your practice concept.
- Keep your practice and use strategies from our practice analysis to increase revenues.
Why Use Dental Practice Brokers to Sell My Practice?
Selling a practice takes approximately 150 hours, which is why you’ll want to hire a professional broker who specializes in dentistry to do the heavy lifting rather than attempting to add that task to your already full plate. In order to get the most of your sale, both financially and personally, there are other considerations that can affect the entire outcome of selling your practice. After all, your time is money.
Focus on the bottom line
Your primary focus during the selling process is to maintain the success of your practice. Both you and your buyer will suffer consequences if the value of your practice decreases with a decrease in production.
Enlist an expert
Just like your patients come to you for your experience, trust a broker for their expertise. Professional practice brokers are experts in the industry and have extensive market knowledge that will lead to a more seamless and possibly faster sale.
Alleviate stress of dental practice transition
Change can bring on unnecessary anxiety among staff and patients if the transition is not handled properly. The experts at Professional Transition Strategies can ensur the identity of your practice is protected.
Vet potential buyers
A professional dental broker will actively handle all your marketing needs to ensure the sale of your practice is put in front of the right eyes. Brokers often already know potential buyers looking for a practice in your area and will present you with only qualified prospects.
Selling a practice can be an emotional process, so a professional broker will help remove emotion from the transaction for a more efficient and cleaner outcome, allowing you to maintain a work-life balance.
Dental Practice for Sale
Professional Transition Strategies works with elite dental practices throughout the country. Browse through our list of currently available dental practices for sale. We do have new practices that become available weekly. Therefore, contact our team to set up your own buyer profile. We will notify you first when your ideal practice for sale comes on the market, before it is marketed to the public.
What Do I Need to Know Before Buying a Dental Practice?
You’re ready to start the process of buying a dentistry practice for sale. But there are several steps you need to know before buying a dental practice. Here’s what you can expect from the transition process.
Providing your bank with your income, production metrics, how long you have been practicing and how much debt you can handle will help gauge your debt-to-equity ratio, debt-to-income ratio, and credit score.
As with any private sale, price, terms and closing date are all on the table between the two parties. It is a broker’s job to help facilitate these negotiations and act as a mediator between the buyer and the seller.
Assess operating agreement
In the case of a partnership or merger, it’s important to determine how the relationship is going to be governed, what the budget is for marketing, how staffing conflicts are handled, what happens in the case of one partner needing to exit, how the practice will fund new equipment purchases and how the doctors will be paid (salary, percentage of collections or production, and how the net income distributions would be handled).
Initiate due-diligence process
Getting all your advisors in one place to review the financials and various aspects of the dental practice transition will leave little room for error in the long run. The bank that you use is a great check for this because its officers will be lending you money and want to make sure you will be able to pay them back over the long term.
Perform a practice analysis
Allowing adequate time for a practice analysis before a sale — sometimes as long as a year — can lead to a better understanding of the type of fit for your qualifications, both personally and financially
Get a financing offer
While getting bank approval depends upon the type of practice for sale you are considering, getting pre-qualified before making an offer will give you a ballpark figure for what kind of financing you can expect.
Present letter of intent
The official offer letter is not actually a legally binding document, but rather expresses your intent to follow through with the sale’s transaction. It lays out the main business points that you are looking to achieve in the practice transition and allows a framework from which to be built out.
Complete practice loan
This is where all the terms and conditions that need to happen for the purchase and sale to go through, including the sale’s timeframe and final asking price, are submitted to the bank and the final funding is initiated.
Professional Transition Strategies
There are many attributes that make Professional Transition Strategies stand apart from the crowd. In addition to our short-term dental listing agreements, our proprietary dental practice appraisal process, our active marketing approach to a dentistry practice for sale and the fact that we believe every transition is unique in its own way and requires a creative approach, we are strong believers in giving back.
By serving the dental and medical communities, we at Professional Transition Strategies understand the value doctors and dentists provide their communities. That is why we donate a percentage of our revenue to a select nonprofit. We allow you to choose from a list of preselected and vetted nonprofits and donate in YOUR name.