DMOs have been in the market for more than 20 years. Selling to a Dental Service Organization, or DSO. The more complicated and complex the transaction is, the harder the sale will be. My neighbor is getting older and may retire soon, so I think this could help him sell his business. Make a name among the local population. for calculating how much your practice is worth. Marketing from the inside out is the most effective and inexpensive way to get new patients. Implementing Teledentistry into Your Practice, Dental Implants From Planning to Restoration: Guided Surgery, For Sale - Dental Equipment (Individual) > Implants, Bluelight Analytics Joins Forces with 3M Oral Care to Introduce Bluelight CheckUp, Dentsply Sirona Acquires Byte, a Direct-to-Consumer, Doctor-Directed Clear Aligner Company, Dentists Launch New Website, Smart Sleep Testing, NEW! Fortunately, you don’t have to take on the challenge alone. Selling a dental practice may seem like a daunting task. Before signing with any business broker, be sure to check their reputation. American Dental Partners, Inc. was founded in 1995 in an effort to revitalize the way people receive oral health care. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. NO DENTIST WILL EVER HAVE TO PRACTICE SOLO AGAIN®, WWW.DENTALTOWN.COM - WHERE THE DENTAL COMMUNITY LIVES®, Productive Replay - Producers and Pretenders. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Selling your dental practice is an emotional decision that every owner faces at some point. Learning from the best: Takeaways from dental practices performing in the top 10% Levin Group studied the top 10% of all dental practices, based on production. This will determine ways to make your practice more valuable and in turn, more profitable. The most crucial tactic for successful dental office managers. This article will give an overview of these two groups and discuss key considerations for dentists looking to sell to them. #4: Referral Program. I should be able to sell my dental practice for a huge premium. Or maybe you own an entire office building and receive additional rental income from tenants? A practice transition is not as simple as some doctors may believe. At the office, I'm there to treat patients and we get pretty busy during the day. The best way to sell a dental practice Posted on February 07, 2017 in Articles & Frank Taylor & Associates Lis Hughes, Managing Director of Frank Taylor Associates, outlines some of the most common mistakes when selling a practice…. It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. The best way for you to help them achieve this goal is to generate qualified leads that are looking for high-priced dental services. Activities that will increase the value include managing the dental office’s website, becoming active on social media, marketing to new patients, and improving the professional atmosphere of the office. I have been valuing dental practices for over 30 years as a CPA, selling dental practices for 12 years as a broker, and teaching top business valuation experts the esoteric art and science of dental practice valuation for over 20 years. Myth:Many assume that an associate or even a student fresh out of dental school will jump at the opportunity to purchase their dental practice. I have a dental question. We are able to call upon our past experiences. Having updated, maintained equipment will help you lock down the best possible sales price and impress buyers who are looking at your business. Our easy to use form will make selling your used dental equipment a breeze. Just like anything, the more people that hear about your practice for sale the better chance you have at selling it. Send a letter to all your patients stating that you have sold your practice to a new provider and include a biographical sketch of the new provider. Ultimately, the best way to sell a dental practice is to work with a highly experienced transition broker. This makes it possible for patients to purchase the rinse through the dental office at competitive prices, while still allowing an excellent profit for the practice. Dental Plan Discounts. Want to sell used dental equipment? Keep it simple! Not only will they increase the probability of a smooth, successful transition, they will also decrease the possibility of post-transfer litigation. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). Your dental practice is like any other business. So today we are going to talk about the best way to sell a dental practice. This is why we require all parties involved (sellers and potential buyers) to sign a nondisclosure agreement. Your lawyer can help you draft a standard NDA. Dental management organizations. These are specialized accountants that will give you the fair market value of your practice. You should always feel comfortable with asking questions of your product providers to enhance your presentation when selling to dentists. We have “been there and done that”, so we know how to streamline the process. Another way to improve cash-flow of your dental practice is to introduce an in-house dental plan. Some of these factors include growth potential, the reason for sale, and long-term trends. This is a very well written post, my compliments. Their findings indicate that a high-performing practice has more to do with systems than extraordinarily gifted staff, among other factors. Marketing does not have to cost a fortune. But consider staying on a little longer to smooth out the transition process. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. to customize the transition process to best suit your needs. Knowledge will help you keep your points in front of the dentist in the absolute best way possible. A dental rep who visits the office will get only a few minutes of my time, at best. If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. WRONG! It requires solid advice and sound guidance. I feel like this will really help the buyer see what kind of income to expect from the business. Don’t get us wrong, as some brokers have done a great job. 5. The Aeras 500 Elite high-speed air-driven handpiece from Star isn’t just smart, it’s brilliant. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. Potential buyers will comb through your financial documents prior to any sale. 1. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. When marketing your dental practice for sale, highlight these competitive aspects! Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. However, when it comes time to sell, if no one wants to practice in that area, forget about that premium. Here are four key considerations that you as a dental practice owner should be thinking about as you begin to mull a sale of your business: 1. 3. Yes and no. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. For years, Professional Transition Strategies has been a trusted qualified dental transition company because of our ability to: Sometimes dentists want to keep the news that they are looking to sell their practice under wraps to avoid alarming employees and patients. Yet, we recognize that not every seller or dental practice is the same. After all, it’ll take more than simply putting a “For Sale” sign on the curb. 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. Have them ready and organized in a binder for review. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. In order to sell to dentists, you really have to walk in their shoes. Start the marketing process early with Clineeds! We are discussing the best ways to attract new patients to your dental practice. You can have a dental practice that’s worth $1M dollars on paper, but if no one wants to practice in your area, it’s worth nothing. A number of companies offer such programs. Our team at PTS is experienced, provides high-quality representation, and here to answer any questions you may have. I am a temporary hygienist and work in many different offices. They have an incentive to lock in the sale as fast as possible. Selling a dental practice doesn’t happen overnight. You can have an exciting, yet profitable, conversation when empowered with knowledge. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. Be sure to mention unique features and include professional pictures of your office. Please enter your reasons in the textbox. But, based upon the feedback from our users, brokers tend to overpromise and underdeliver. In order to encourage more patients to buy your annual dental plan, you can offer large discounts on expensive dental treatments to make them more affordable for your dental plan members. Overall, the best way to sell a dental practice is to work with an expert transition broker. This is difficult. So today we are going to talk about the best way to sell a dental practice. Once you’re ready to list your dental practice for sale, you’ll need an accurate assessment of the fair market value of your dental practice. Dealing With Tragedy - What No One Talks About, PACIFIC NORTHWEST DREAM RECREATION DESTINATION, Dental Data Breach Affecting Over 1,000,000 Patients. An upcoming case has this Townie weighing the choices for an elderly patient. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. You have likely spent your entire career building a dental practice, but now you’re ready to move on. Discover what to do in order to create a successful transition. Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. Discuss delegation responsibilities as well as protocol for ordering. 1. Just like a dentist cannot work without a handpiece, you will find it hard to work without your … Fact:Many buyers prefer a mature practice with a steady cash flow and constant referral base, rather than those with “growth potential.”. They usually own 30 to more than several hundred dental practices under one or more corporate ownership/management organizations. Don’t expect a premium by pitching “growth potential.” If you feel that your practice does have growth potential, be prepared to fully explain. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. Peg Lateral as Abutment for a 3-Unit Bridge? I create a great listing that really helps me sell my practice. You don’t want patients to leave the practice. Your CTA can even be a call button, an easy prompt to make an appointment. From determining how to exit your business to ensure you maximize your return on investment, a considerable amount of thought should be put into your efforts of selling your practice. Some of these factors include growth potential, the reason for sale, and long-term trends. Yet, we recognize that not every seller or dental practice is the same. Salaries/ bonus structure of staff (last 3-5 years), Status and financing of office equipment (last 3-5 years), Patient encounters, services rendered, gross collections, bad debt (last 3-5 years), Payer mix (cash, third-party insurance, Medicare/Medicaid), Intangibles: clinic protocols, referral sources, online reviews. These are considered “hard” assets and the value of these assets can be estimated based upon comparables. The top 3 DSOs in the US right now are Heartland Dental, Aspen Dental, and Pacific Dental … The most important point to realize for a dentist is that “Dentistry is a locally based profession.” So, treat the residents in the vicinity of your clinic as the most influential circle of patients. But in the meantime, you can take a look at our tool for calculating how much your practice is worth. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. Research shows that DSOs are on track to grow in the Dental Industry by 13% every year. Your email address will not be published. Do you have a great Yelp rating? Here are some suggestions: Clineeds is an online platform designed to help healthcare professionals buy, sell or lease commercial office space or sell entire practices. Have you taken any endo-related CE this year. Have you placed an implant in the past 3 months? Dentists will generally look at anything that increase the value of their time. Practice Management & Administrative Forum, Claim Your CE Credits for Townie Meeting 2019, Oral Pathology, Pharmacology, and Cariology (27), Practice Management, HR and Accounting (120), For Sale - Dental Equipment (Individual) (623), For Sale - Dental Equipment (Supplier) (160), New Products Introduced Between April 1, 2019 - April 30, 2020, Practice Management, HR and Accounting (7). Sell your practice in your area impact on the challenge alone market for more than putting a for sale on. Myth: Advertising “ growth potential ” has little to no value, so we know the current market hygienist. That involves far more than putting a for sale the better chance you have at it! Than putting a for sale, and great reputations involved ( sellers and potential buyers ) to a... System designed to manage online contests DREAM RECREATION DESTINATION, dental implants, and long-term trends possibility of post-transfer.! 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