July 11, 2017
5 Benefits of Partnering with a Dental Practice Broker
At first glance, selling or transitioning a practice may not seem financially or physically taxing, but the process of selling or merging a dental or medical practice is actually a very intricate process. It includes not only financial and physical challenges, but emotional ones as well. Having a dental practice broker that can help guide you through the many steps of transitioning your practice is invaluable because your broker has been there and knows the components needed for a smooth transition.
A practice transition is not as simple as some doctors may believe. If not done correctly, it can be a very costly experience. At Professional Transition Strategies (PTS), specialize in making the transition process painless. One of the ways in which we do this is through offering complete counseling. We work through the entire process, from evaluating your practice to implementing the changes necessary. Through complete counseling, we go through evaluation, strategic planning, implementation and consulting. We act as complete consultants to ensure you are getting the most out of your life’s work.
One of the most important steps of a transition is to have a practice appraisal. An appraisal can help you determine what aspects of your practice are most valuable and how to change or increase the value of the areas that are not as highly profitable. At PTS, we work with you to provide an extensive practice appraisal that discusses in great detail the current value of the practice and an assessment of what could be done to increase value.
At PTS, we use the most effective method of calculating your practice’s worth by looking at both attributes and challenges and how they have impacted the success of the practice. Some of the factors used include:
- The practice’s location, visibility and population of city or town.
- Type of medicine or dentistry, revenue sources and active patient base.
- Growth potential.
- Patient attraction and retention rates.
- Reason for sale of practice.
- Projected patient and revenue retention after the sale.
- Condition and age of medical and dental equipment based on wear and tear, as well as technological advancement.
- Office decor and condition.
- Long-term trends of the practice’s revenue and profit margin.
To successfully sell your practice at the price you want, having a practice appraisal that determines what should be changed before selling so that you are receiving the maximum amount for your life’s work is immensely valuable.
PTS will be by your side through the entire real estate transaction process. We will help manage the process with landlords, banks, general contractors, architects, and city building and planning departments. Our goal is to make the entire process as seamless as possible so you can focus on being a medical professional.
Regardless of what kind of transition you are looking for, we are here to represent you. We know that every situation is unique, and we will help you decipher which option is best for you. We understand that you have concerns about your patients, employees and the future of the practice. While we can’t guarantee the buyer will maintain the practice in the exact same way, we do our best to make sure you are matched with a buyer that has the same values and goals for the future of this practice.
Some of the different kinds of transitions that we can help you make are to:
- Sell your practice and move on to the next step of your life.
- Sell your practice but continue to work as an associate and determine your own work schedule.
- Merge with another successful area practice.
- Keep your practice and use strategies from our practice analysis to increase revenues.
Our experienced team of professionals is here to help you transition your practice seamlessly and as stress-free as possible. We understand every professional transition is unique in its own way. Over the years, we’ve encountered a number of scenarios, both simple and complex. We are here to help you have peace of mind about the future of your practice and transition into the next stage of your life.
Regardless of where you are in the process of selling your practice, we are here to help. Contact us anytime.