Benjamin Franklin, writer and scientist once said, “By failing to prepare, you are preparing to fail”. This philosophy can be applied to many situations, including that of selling a dental practice. Whether you are looking to reduce the burdens you shoulder, or are ready to move on to something new, preparation time put in before the sale can make the transaction much quicker and smoother.
There are many benefits to owning and managing a dental practice, but sometimes the administrative tasks and regulatory compliance can mean dentists lose focus of the reason they entered the profession in the first place –to care for patients. As with any sale, be it a car, house or dental practice, preparation is crucial. Time spent on refining and enhancing the practice will ensure it is sold at its highest possible value, to the right buyer.
The area which can slow down the process is the gathering together of all the necessary paperwork. Time spent ahead of the sale can help quicken this up and make it a lot less stressful towards the end. The main items that need to be made available include:
Finally, in the preparation stage, do not forget your dental team! It can be a stressful time for all, timing needs to be considered carefully; they should not be told too soon in case the situation changes and staff become demotivated or consider moving on, but equally, you want to leave enough time so as to reassure them that their jobs and their patients will be looked after.
Selling to a dental corporate can often help an independent practice achieve its full potential. Their marketing budgets are larger and therefore they have the ability to reach a wider target audience, but they remain mindful of the existing practice’s ethos and patients. There is also a huge clinical and administrative support system for staff to utilise, with various learning and CPD opportunities readily available that are often subsidised. For example, Rodericks Dental is renowned for its commitment to patient care and treatment, plus, it prioritises staff development and career progression and has a dedicated, experienced team to help you through the transition.
If you wish to take the next step and are looking to sell your practice, make sure you know all your options and have all the information you need to leave your patients and staff in the safest hands.