You have invested time and money in getting a quality education in dentistry. No effort has been considered too great, no sacrifice too heavy, in preparing for and building a thriving dental practice. Serving your community and surrounding areas, along with your superior team of professionals, has been the main focus of your life.
Many factors, both personal and professional, may have led you to the realization that it is time for a change. Perhaps you wish to practice your profession from an administrative position and decrease or discontinue your clinical practice. Corporate dentistry may appeal to you, and you may decide to sell your private practice to accept such an offer.
Are you considering taking your practice to a new level in service to people in under-served countries who lack desperately needed dental care? As a member of skilled dental staff, you could enrich your career by teaching new dental students abroad who have sought out internships in low-resource countries.
Retirement may be calling you, and you might wish to spend time traveling the world or just enjoying more time with your family at home. Health or aging issues may lead you to think about selling your dental practice. You do not have to do it alone! Capable professionals stand ready to assist you in this endeavor.
Factors in Determining the Value of Your Dental Practice
The first step in selling your dental practice will be determining the fair market value. This is a complicated process that would be greatly facilitated by hiring a knowledgeable property broker to perform the valuation in an experienced and systematic way.
A property broker can guide you in collecting and compiling all the necessary information and documentation to support your valuation. By evaluating this information and getting acquainted with your practice, the broker can help you define a fair market value.
Having arrived at fair market value, the broker can help complete the process to determine a final sale price. The final sale price will take into consideration the best interests of the buyer as well as the seller.
Some factors to be considered in reaching a fair market value include:
- Dental specialty
- Practice location
- The reputation of your practice or brand
- Accessibility of practice location
- Number and proficiency level of staff
- Availability of parking
Choosing the Right Broker for your Dental Practice
In your quest to find the best broker to optimize your business transaction, several qualifications would be desirable. Extensive experience in helping buyers and sellers attain their goals in a timely manner is important. Dedication to getting to know their clients and helping them avoid potential pitfalls offers extra peace of mind.
If the brokers also happened to be dentists themselves, with first-hand knowledge of the industry’s specific needs, you would have your ideal team.At Encompass Dental Practice Transitions, you will find such a team. Contact them for a free consultation today.
