Began as a single office practice in 1999, Affinity Dental Management has grown through affiliations and new practice openings, building a strategic network that offers general and specialty dental … Selling your dental practice is a life-changing, emotional event, and the process isn’t as simple as posting a “For Sale” sign. Navigating all the details takes a close eye to detail – and an attorney who can help make sure you don’t overlook anything critical. Plus, when you sign-up with Worldpay you can process the contactless payments that patients are coming to expect, like Apple Pay and Google Pay! Through the turnstile: The sale of my dental practice. Preparing To Sell Your Dental Practice Selling what you have worked your whole life to create is a big task, and at Menlo we do our best to make it as simple and seamless as possible. With foresight and an understanding of their leases, dentists may have more options at their disposal than, take the renewal terms as written, or don’t take the terms and risk being held for ransom by the landlord. have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. Dental Practice Broker Services. ADA Practice Transitions (ADAPT) will find the buyer who will care for your patients. Dr. Douglas Wright shares the personal account of the very unexpected sale of his dental practice. Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. Did you have a buyer's advocate when you bought your practice? Rebecca Kilibarda has three tips to keep dentists on the right track. Thursday Troubleshooter: Dental team shocked about sale of practice; what should they expect? As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. Our dental practice brokers have helped dentists in all 50 states find the right buyer for their dental practice and complete successful, stress-free transactions. Negotiating deals on behalf of dentists is what makes us excited. It requires solid advice and sound guidance. Operatories: 2. If you’re looking for info on how to sell a dental practice or tips on a great valuation, this post is for you! It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. We understand that building a successful dental practice didn’t happen overnight. This type of liquidity event has massive financial ramifications. Professional Transition Strategies offers dental practices to sell online. The seller is also usually restricted from soliciting patients or staff. Speak with one of our professional consultants now, or whenever is convenient for you (at no charge). Is now the time to start your own dental practice? How a new approach to practice transitions is making the process more predictable and successful, Practice transition experts—it’s time to friend one, Now is the time to find out what your dental practice is worth, COVID-19 has led to more dentists thinking about selling their practices. This small, tight-knit dental team is shocked that the dentist has sold the practice to a group. Our dental practice brokers are ready to help with a 30-minute complimentary consultation call. How to Sell a Dental Practice? You will be directed to a Registration page where you can see fees and a sample ad. The SECURE Act: How does it impact you as an individual and an employer? Selling a dental practice is a big task, so it's important to prepare both financially and mentally. If you are thinking about putting your practice on the market in the next few years, follow these steps now to prepare for maximum results. This arrangement is somewhat common for many businesses to ensure continuity, but particularly for owners of professional services firms such as dental practices. The experts at USDT have 20+ years of experience guiding dentists through the complexities of selling their practices. Scott Firestone, DDS was the broker and he helped me through the process expeditiously. Here’s what to expect: Read More. We’ve overseen hundreds of dental practices for sale and helped their owners get the most from their years of hard work. Dentists can take their pick of locations to establish their practices. Before taking any action that may affect your business, you should consult with a qualified lawyer or accountant. Use this checklist to help you start the process of selling a dental practice. Get your practice ready for a successful transition. The sale of a dental practice consists of the sale of the underlying assets, which may include supplies, equipment, furniture, operatories, and office space or real estate. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. Whether you are looking to evaluate the value of your practice to sell your practice, merge with another practice, determine value for a … These all have legal implications for dentists and their offices. Once a timeline for a sale is established, owners should simply make incremental improvements to keep important hard assets current. Learn More ». Coronavirus impact on dental practices: An attorney's advice for reopening and transitions (Video). We’ll give you a call. Dentists are entering phase 2 of the COVID-19 pandemic. This guide shows you how practice value is determined, what you can do to build practice value and more! *Henry Schein Professional Practice Transitions is not, by means of providing these sample contract templates, rendering any legal or tax advice. Ready to talk with a professional consultant about selling a dental practice? Coronavirus impact on dental practices: Top 5 recession rebounding strategies for dentists (Video). A good blueprint for maximizing value is to build a turnkey operation that allows a new owner to step in without having to incur any significant capital expenses. 3 tips to kickstart your dental practice transition. We will only realise a commission fee once a sale is completed and, unlike our competitors, we DO NOT accept a commission fee from a purchaser – to us that is a clear conflict of interest and often not in the best interest of you, the seller. When you come to sell, dental practice value is of great importance, not only for the obvious reason of gaining a higher selling price, but also because greater values tend to rouse more interest. With our Complimentary Rate Analysis, Henry Schein Financial Services, in partnership with Worldpay from FIS, can help you understand your current rate and show you how to save on your credit card processing expenses. When you work with ADAPT to sell a dental practice, we will make the process more predictable – and more successful – so you can retire with confidence. Jan 16th, 2018 To maximize the value of the sale of your dental practice, you need to be careful with your allocations to reduce the amount that the IRS will take of your proceeds. I recently utilized Henry Schein Professional Practice Transitions to sell my general dental practice. Network of professional brokers and affiliate relationships, The Leader in Dental Practice Appraisals and Valuations, Dental Practices for Sale in North Carolina, Dental Practices for Sale in Pennsylvania. Sell A Dental Practice, Optical And Medical Practice With Practice Trader "Selling a practice on Practice Trader is easy. He showed his concern and his integrity for the process throughout the time. Then give us a call and we can help you get the ball rolling. Just beginning to investigate your transition options? Are you ready to buy, sell, merge or form an associateship? Unfortunately, since dentists typically only do this once in their lifetime, they do not have a chance to learn from previous mistakes. Ideally, everything will culminate with a nice prize when it comes time sell your practice. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. He and the team had to get a lot of things in order before they could treat patients properly. Rarely will sellers agree to a “non-treat” clauses. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. Consider the dentist who is between 55- and 65-years-old and on the brink of retirement, who likely has patients who are a part of the same demographic. As with any major decision, the better informed you are, the more likely you are to make the right choice. Our experienced specialists will ensure your dental practice sells for top dollar to the right buyer—a dentist who will take care of your staff, your patients, and the legacy you’ve built. To find out more: Call Simon Knighton: 07377 336038 This business advisor has seen how failing to address exit plans can make the difference between dentists retiring on their own terms or having to make significant lifestyle reductions when they retire. For others, it’s not a question of if, because they have the assets. Read more If you are considering selling your dental practice, talking with PARAGON is a wise and informative first step. Affinity Dental Management is a dentist-run organization that provides comprehensive practice management and administrative support services for dental practices across the Northeast United States. And he couldn't be happier. Pediatric dental practices are the next most valuable, currently selling for an average of 71.22% of annual collections, followed by general dentistry at 69.87% Next is oral surgery at 68.57%. In this discussion with Dr. Pamela Maragliano-Muniz, he shares what dentists can do immediately to rebound, as well as how they can gear up to thrive for the long-term. Select the type of practice to be sold, click on the” GO” icon. In a previous blog, I wrote about How I VALUE Your Dental Practice.. My rule of thumb is that selling through your accountant is a poor decision as most accountants only talk to their dentist clients. Legal Terms and Conditions | Privacy Policy. If you're looking into buying a practice, you'll want one on your side. Our conversations are always confidential. We’ll match you with the right practice or associates, making the transition process smooth and enjoyable. Reopening? Here are four things dentists should know when they get ready to sell their practices that will make their transitions easier. Therefore, sellers should anticipate less up-front, and this will be offset by incentives that reward owners for acting as a bridge with patients. There, I looked at bunch of qualitative and quantitative factors (location + metrics + opportunities) to assess what the intrinsic value of your dental practice would be to an objective buyer backed by a smart lawyer, accountant, and banker. Here he shares some of the helpful resources he recommends. But if that's your goal, you should start looking for a practice now. Dr. Chris Salierno waited a week after dentists in his state were told they could reopen. Brian Hanks explains. Therefore, to ensure your practice transition is successful, it is imperative to follow these crucial steps: Begin the … Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. © 2021 Endeavor Business Media, LLC. Dr. Chris Salierno believes the COVID-19 pandemic can be divided into three phases for dentists. Taking the big step of buying your own dental practice can be daunting. Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. Stony Brook, NY. But it’s not always that simple. This applies to transitions for your dental practice. That means there could be a sizable gap between the paper worth of the practice and what a buyer is willing to pay for it. These templates can help reduce your legal fees*, and they cover everything from employment and purchases to Letters of Intent/Offers to Purchase. Practice transactional attorney Todd Erdman shares some advice on how to proceed. Rex Plamann of ddsmatch shares six ways doctors looking to transition can increase their practice valuation.. Transitioning out of your practice isn’t a snap decision. If not, you should have. Get dental practice sales insights and tactics every quarter in our free newsletter. Mark Palmerino is a partner at CCR Wealth Management, a Boston-area-based wealth management firm that specializes in serving dental practice owners. This is because perhaps the biggest source of concern for prospective buyers is that existing patients will disappear when ownership changes. At the same time, they may have to scale back their current lifestyle by downsizing their home, selling a vacation property, or relinquishing a country club membership. Like many dentists, your business is your most valuable asset, representing your retirement nest egg or a significant portion of it. Reference: 149. When it comes to valuing a dental practice for sale, there are a lot of different methods and theories.In all honesty, there are so many variable factors that there is no one formula where you plug in numbers on one end and get an objectively correct answer out the other. SIGN IN to see pictures of the practice, the seller's name and the address of the practice. Sell Your Dental Practice. With our extensive knowledge, expertise and involvement in the dental industry and community, we have an efficient and proven process that we apply to each practice we transition. There are many steps and people that can make this huge life change much easier. It’s More Than Selling Your Dental Practice. 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