Tag: merger

March 23, 2018

3 Reasons to Sell Your Dental Practice

dental patient

Whether your biological clock is ticking or owning your own business isn’t what you dreamed it would be, there are plenty of reasons to consider selling your dental practice. Each situation warrants its own considerations and end results. Let the professionals at PTS walk you through your options.

Retirement

Retirement is a natural time to consider selling your dental practice. The key here is timing it right and finding the best fit for a buyer for a smooth transition for both your employees and patients. If time allows, consider staying on part-time until the new owner is ready to fully take on the reins.

Minimize management

You don’t have to wait for retirement to be burned out from dealing with the day-to-day managerial aspect. Bookkeeping, billing and human resources can all take away from your primary focus, which is interacting with your clients. Leave the budget-balancing to the pros, and consider selling to a dental service organization (DSO).

Share the responsibilities

If you thrive in a private practice setting but are getting overwhelmed with all the parts that make it run, it might be time to enlist a little help. A merger with a like-minded partner will help alleviate some of those tasks, while a buy-in will set you up with a buyer whose personality is compatible.

What’s next?

Ready for a change? Figure out the next steps for you and your practice by contacting the professionals at Professional Transition Strategies. You’ll begin your transition strategy with an overall practice analysis, then set a realistic time frame for a transitionary period.

January 15, 2018

How Do I Sell My Colorado Dental Practice?

Colorado landscape

Whether you are ready to sell for a personal reason or you want to transition the practice to a partner, you are probably feeling a little overwhelmed by the thought of selling your Colorado dental practice. After all, this is arguably one of the most important financial decisions of your life. Here is a list of steps involved in the process and some helpful tips to get you started on the path to a dental practice transition. 

Identify your goal

First, you must identify what you are trying to achieve and what is most important to you. Do you need to sell by a specific date? Is your ultimate goal to maximize your financial return? Or is the most important thing finding a buyer who will retain your staff? While sometimes you will need to compromise, it’s important to know what you won’t negotiate on.

Talk to experts

A considerable amount of thought needs to be put into your efforts of selling your dental practice. Fortunately, you don’t have to take on the challenge alone. The best way to sell a dental practice is to work with an experienced transition broker. Not only can they help increase the probability of a lucrative transition, but they will also decrease the possibility of post-transfer litigation. At the end of the day, an expert will be on your side to address your specific concerns and guide you through the process.

Determine the value of your practice

One of the first things you will do with your transaction broker is conduct a comprehensive practice appraisal. This will determine what your practice is worth and tell you how to maintain its value until you are ready to sell. At Professional Transition Strategies (PTS), we use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Some of these factors include the location of the practice, growth potential, long-term trends and reason for sale. 

Review your options

There are several types of dental practice transitions. Here are just a couple of your options:

  • Buy-out: This is when the purchaser buys your dental practice for a negotiated price with a relatively short transitionary period. This is the quickest and easiest transition type.
  • Buy-in: This is when a specific buyer purchases a defined portion of the practice for a negotiated amount from day one. In addition to a practice analysis, PTS will perform a personality profile to ensure compatibility. It’s a long-term approach that can expand your practice’s value.
  • Merger: This is when two existing dental practices combine to become one entity and operate normally as equal partners moving forward. This is an option that allows net income to stay the same or even improve because there is no loss of business.

What’s next?

If you are still wondering “How do I sell my Colorado dental practice?” contact us today.  

July 11, 2017

5 Benefits of Partnering with a Dental Practice Broker

dental tools

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. Continue reading “5 Benefits of Partnering with a Dental Practice Broker”

July 10, 2017

Should I Sell My Dental Practice?

dental practice chairs

“Should I sell my dental practice?” This is a question most practice owners come across at some point in their careers. Considering selling your practice can be stressful, especially if you don’t have all of the information you need. At Professional Transition Strategies (PTS), we are here to provide you with that information and guide you through your transition. Here are some common questions asked and answered. Continue reading “Should I Sell My Dental Practice?”

June 27, 2017

How Can I Make My Dental Practice More Valuable?

dental tools

If you are considering selling or transitioning your dental practice, increasing the value of your practice is — or should be — a priority. It can be difficult to know how to find the time to make changes in your dental practice. However, it is very important you take the time to get your practice and facility in the best financial and operational shape possible. Since it is a buyer’s market, only the best practices will sell, and the great ones will sell at a premium. Here is an overview of how to get started. Continue reading “How Can I Make My Dental Practice More Valuable?”

June 20, 2017

What You Need to Know About Dental Practice Transitions

dentist chair

Transitioning a dental practice is an intricate process and can seem overwhelming if you are approaching or going through the process. Not only does transitioning a dental practice include financial challenges, but emotional and relational ones, as well. We at Professional Transition Strategies (PTS) can help you navigate this process because we have been through it before. We realize every situation is unique, but we also recognize there are many steps to go through to successfully transition a practice. Here’s an outline to get you started. Continue reading “What You Need to Know About Dental Practice Transitions”