Dentistry, like every other form of medicine, has evolved and grown with our modern times.
In the year 2018, there were approximately 61 practicing dentists for every 100,000 people in the United States.
This is very telling and clear that it’s a popular field in the world of medicine. Year after year, more and more dental school students complete school and start their own practices.
However, there are some people out there looking to do the exact opposite.
What about those individuals who are selling their dental practice?
Thankfully, dental practice appraisal consultants exist for this very reason.
These firms and consultants will help you sell your dental practice by appraising it and telling you the ballpark price of your business, so you know the value of your practice before it’s even on the market.
However, when you’re conducting business, you want to make sure you’re working with a firm that has your best interest in mind.
To protect yourself and select the right dental practice appraisal consultant or firm, here’s what you should be asking them before you make the big decision.
What is needed of you beforehand?
Before the valuation, will you need to fill out a questionnaire or form? Dental practice appraisal firms that implement measures such as this one truly wish to know everything about your practice.
Does the firm also provide legal and accounting services?
You want to go with a firm that completely understands the process through and through. But, if they offer other services in the business realm, they can help answer your legal and financial questions as they come up when you’re selling your practice.
Will they work with you if you’re selling a specialty practice?
This may not apply for those of you hoping to sell your general practice. This is more directed at dentists who specialize in specific fields and own:
- endodontic dental practices
- pediatric dental practices
- prosthodontic dental practices
- orthodontic dental practices
What do their previous sales look like?
How many firms have they sold in the past? How much did those practices sell for? This is usually indicative of the consultant’s experience.
Are they willing to meet face to face?
If your consultant is unable to make time to meet with you, or keeps coming up with excuses, this should raise several red flags.
You want to go with a firm that:
- values your time
- prioritizes good communication
- is honest about the financial outcome of the sale
There are many phony dental transition advisors out there, and you want to avoid them at all costs.
When you’re selling a dental practice, ask as many questions as you can
Of course, you will have many other questions specific to your own practice. Use these as a guide to get the conversation going. Appraising your practice can be the headstart you need when it comes to putting it on the market.
But the very first step is finding a consultant you can trust. Conducting business is often an overwhelming and complex process. But it doesn’t have to be. Hiring a dental practice appraisal consultant or a team of dental practice brokers can be the solution you need.