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Think ahead

Short-term gains, added to the income sheet just prior to the sale, is not an effective way to attract buyers. Most astute buyers, not to mention their lenders, will heavily discount any gains that haven't been demonstrated historically.

Make yourself replaceable

A Dental practice where the owner is an interchangeable cog in the office machinery is far more valuable than a practice where the owner has to be involved in every aspect of the operation.

Give the practice "curb appeal"

Would the buyer be proud to show his newly purchased practice to family, friends and peers? If not, your practice lacks “curb appeal” and the price will be discounted accordingly.

Get expert help before pricing your practice

An independent fee-for-service appraisal, not a broker's "free evaluation", is a wise investment. Make sure that a well-qualified, professional appraiser is selected and use price data from other recent sales for comparison.

Form a network to find the right buyer

Identify who is most interested in buying. Then “farm” this list of prospects with ads and correspondence that focus on what the buyer, not the seller, wants.

Qualify the prospects early

Avoid wasted time and expense by finding out early if the buyer is serious and well-qualified.

Negotiate a win-win deal

Choose an attorney who is a "deal-maker" not a "deal-breaker". Many deals go sour when the attorneys carry on negotiations with a "Wall Street" mentality and try to squeeze out the last dollar of profit.

Minimize tax liabilities

Structure the transaction to avoid the potential for adverse tax consequences or, even worse, "double taxation". The cost of this advice is usually returned many times over in tax savings.

Don’t act like a bank

If the buyer needs financing help, don’t put up the funds yourself. There are always lenders willing to lend to Dentists – and we know who they are.

Make the transition easy on the staff

It's best to keep the staff informed from the beginning. That’s the best way to shut off the rumour mill and ensure your employees will feel good about the sale of the practice, an important objective because staff members have a big impact on how existing and new patients view a practice, particularly after it has just changed hands. Special care and expertise is required to complete this step successfully – don’t try this at home!