To usher in a new year and decade, we thought it only appropriate to look backward as we move forward. Whether you bought, sold, or improved your dental practice this year, we like to think we helped you along the way. From the timely to timeless, here’s a list of the top 10 blog posts of 2019, as decided by you.
A successful dental practice transition doesn’t happen overnight. In fact, a well-laid plan to sell your dental practice should start as early as five years out, depending on whether you’re looking to retire or bring on a partner. Here are the steps you should take to sell your dental practice.
You’re ready to start the dental practice buying process. But how? Before getting the keys turned over to you, there are a few steps you’ll need to follow first. Here’s what you can expect from the transition process.
With so much going on during a dental practice transition, it’s easy to let things slide off your radar. A common and honest mistake is letting the value of your practice drop leading up to the proverbial changing of the guards. Here’s how and why not to let the value of your dental practice drop during a transition.
If only the decision to buy a dental practice were so simple. Aside from deciding on the type of transition you want to engage in, the literal million-dollar question is whether to buy an existing practice or start from scratch. Both options have their pros and cons specific to your financial and personal situation. Here are some considerations to take into account before making the leap.
Many scenarios exist under the merger umbrella when joining dental practices. Most notably, are you merging with a practice so that you and the existing dentist partner together? Or are you merging with an established practice where the selling dentist is leaving? Either way, to ensure a successful dental practice merger, careful due diligence is imperative. Here are some considerations to take into account.
Unless you’ve been operating under a rock, you might be aware that Delta Dental Premier is being phased out. Because this segment of Delta Dental is being eliminated, dental practices whose patients are primarily Delta Dental Premier subscribers will have a hard time selling as the buyer will lose all those patients. What’s more, the attrition rate can also affect the multiple used in the valuation, decreasing the overall value of the practice. While there’s no hard deadline for the shutdown, there are some action items you’ll want to put on your agenda. Here’s how to prepare for the change.
Whether looking to buy a new dental practice or sell an existing one, assessing the demographics of the surrounding area will only be advantageous. Once you’ve established the type of practice you want, make sure to consider the competitive analysis and demographics to ensure the location will work for your practice. Here are some factors to consider when looking at the big picture.
Assessing the fair market value of your dental practice comes in many forms, but the methods that are most appropriate are market and earnings (capital income). Any valuation will ultimately use one of these approaches, but using a combination of approaches will form a more reliable indicator of value. Here are some factors that will contribute to your fair market value.
One of the contributing factors and most commonly asked questions when it comes to dental practice transitions is “How long will this take?” As with any business transaction, the answers are not cut-and-dry. Here are some transition timeframes and the factors that contribute to them to help guide your decision.
When it comes to dental practice transitions, the end game should always be the most lucrative option your timeframe allows. In a roll-up, multiple dental practices are combined under one entity in a group to maximize the economies of scale. A well-laid roll-up plan will then receive a higher valuation when the practice is purchased. Here’s how to start a dental practice roll-up plan.
Let us know what topics you’d like to see covered on our blog next year, and of course, contact the experts at Professional Transition Strategies if a dental practice transition is a part of your New Years resolution.