If you own and operate a dental practice but feel it’s time to move on, you might be considering putting it on the market for sale. But the process of selling a dental practice can be daunting, especially when added to your current management and business responsibilities. Following this approach will guide you through the process so you do not become overwhelmed.
The first step is to know your motivation for the sale.
This mental clarity will help you as you make decisions throughout this journey and will also be a question you are frequently asked by potential buyers. Another thing to keep in mind is the timing of the sale. In general, you will need about two years of preparation before you are ready to close the transaction.
You will also need to know what type of buyers exist within your market, such as your partner or associates within your practice, independent dentists, or corporate buyers. One of the most important steps is to prepare your documentation. This will help you get ready for due diligence later in the process. Lastly, get an up-to-date practice valuation so you can ask for an amount you deserve with confidence.