Are you thinking about selling your dental practice? Whether you are 5 years out from retiring or you realize that the time is now to sell dental practice, there are several questions that you must ask yourself before taking the leap. What is your practice worth? How is the market in my area? What are the barriers to entry for prospective buyers?
First, in addition to having a practice valuation performed at the time of selling, it is important to consider is having one done a few years prior. This will give you a snapshot of where the practice stands currently and allow you to plan accordingly based on your exit strategy and timeframe for selling. Whether your buyer is internal or the buyer comes from an open-market sale, a valuation will be an important piece to help validate your asking price. For unforeseen circumstances, consider designing an “Estate Plan” for your practice. Contact us for details!
Depending on the location of your practice, very similar to the housing market, the dental practice market can vary significantly. State by state and city by city, the market demand for a practice acquisitions can play a role in the purchase price as well as the amount of time it takes to sell your practice. At Venture, we are experts in the industry and understand the market trends nationwide and have a very good grasp on what sellers can expect from all aspects of the sale process.
Finally, understanding the prospective buyers that would be viable candidates to purchase your practice is an often-overlooked variable. Candidates that are relocating from a different state often require license approval from the state dental board, which can take up to 6 months. In addition, whether the buyer is local or from out of state, are they qualified to purchase a practice. At Venture, we have an extensive due diligence process that we complete on each prospective buyer. From license verification, financing pre-qualification, to qualifying their practicing experience, we ensure that we find the right fit for your practice. To learn more about our process, we encourage you to reach out to us for additional information! We would love to work with you and very much look forward to hearing from you!