September 12, 2022
How to Prepare Your Dental Practice for a Showing
There’s more to selling your dental practice than working with a broker to post a listing online. Just like you would spruce up your house before putting it on the market, there are ways to make your dental practice more attractive to potential buyers. Here are our top tips for preparing your dental practice for showings.
To ensure confidentiality, it is standard for a selling practice to only offer showings before or after business hours. Seeing a dental practice after staff and patients are gone for the day will keep the sale under wraps until an announcement is made, helping to retain attrition rates. Also, keep in mind potential buyers will be required to sign a nondisclosure agreement (NDA) prior to a showing. Showing your dental practice after hours will also ensure all operatories are unoccupied so the buyer can be free to inspect the space and ask any questions.
Alternatively, there are advantages to showing your dental practice during business hours, as well. Buyers will be able to see how your practice is run in real time. This will also give you the opportunity to show potential buyers the software that is used, meet the staff in their element, and get a real vision for how they would like the practice to be run.
Work with a broker
In case it’s not obvious, working with a dental practice broker will ensure your time is spent only entertaining true potential buyers rather than just “lookie-loos” and competition sneaking a peek at your business. At Professional Transition Strategies (PTS), our buyers create online profiles, including type of dentistry, states interested in, size of practice, number of operatories and type of transition, so they can be the first to find out about new practices on the market up to five days before everyone else. PTS also makes sure buyers are prequalified with a bank so those who can only get a loan for $500,000 won’t have access to a $2 million practice.
Clean it up
One seemingly obvious but often-overlooked step is to clean up your workspaces and declutter high-traffic areas. After all, any potential buyer is already picturing what their day-to-day would be like in your dental practice, and if it looks like storage is at a minimum or the place is unkept, it will be an automatic turn-off. Use this as an excuse to get a new filing system in place and find a home for any additional supplies or unused equipment.
Contact the experts at PTS to learn more ways to make your dental practice more attractive to buyers.