Ten Step Business Plan: Strategies to Ensure a Successful Sale of your Practice
by Buck Reasor
Our experience shows that the dentist who carefully plans the future sale of the practice sees a more profitable, satisfactory transition for him and his family, his patients, his staff and the new dentist who is taking over his legacy.
In addition, you simply cannot afford to sell your dental practice without the necessary selling skills and expertise. You run the risk of not getting the full value for your practice. Worse yet, you may turn off legitimate buyers who may have purchased your practice had your practice been properly packaged and represented. Almost all dentists who sell on their own do not receive the full value for their practice.
Allowing us to organize and plan the sale of your practice in the following multiple step strategies ensures that you will achieve the highest possible price with the least amount of time taken from your practice. We know that your time is more valuable when invested in running your practice.
Reasor Professional Dental Service's ten steps have proven to be an organized, strategic approach to the successful sale of a dental practice.
Step 1: Conduct a comprehensive business analysis.
As your dental practice transition adviser, we analyze your operation, finances, market potential and trends. We generate a business profile that represents your practice in the most attractive way possible.
Step 2: Structure the sale.
We then identify the best possible price range for your business. This is based on solid facts, the condition of the market, projected growth, sales potential and the sale of similar dental practices within your area. We apply sophisticated, time-proven valuation techniques to ensure that your price is appropriate for the current market condition. The price must not be too high or too low. Yet, it must represent an attractive investment potential.
Step 3: Network the sale.
We utilize the latest technology to present your practice to potential buyers. This greatly multiplies the effort in your favor.
Step 4: Market your practice.
Our aggressive marketing program provides maximum exposure for your business yet ensures your confidentiality. Both are critical.
Step 5: Organize all necessary documentation.
As part of our service, we help gather and organize all documentation that is relevant to the selling of your practice. Buyers are pre-qualified and required to execute a confidentiality agreement before receiving any sensitive information concerning the sale.
Step 6: Qualify the buyers.
As your advisor, we can approach potential buyers without weakening your position. Knowing how to qualify a buyer is critical. Buyers are qualified for financial ability to meet the offer; many times a negotiation fails because someone omits this important step. We prepare and present all offers and offer advice when you need it.
Step 7: Negotiate to achieve the best price.
Appropriate negotiation is crucial to achieving your price and terms. We have expertise in sound and resourceful negotiation techniques and implement them on your behalf.
Step 8: Provide exceptional support to you, the seller.
We take pride in our exceptional service. We realize that you depend on us to guide you through the sale of your practice. We know when an opportunity may arise and are always there to take advantage of it. We make the transition simple and easy for you.
Step 9: Be there from beginning to the closing.
We help manage all administrative procedures, licenses, inventory counts and lease assignments that may be required. We work closely with your advisors to ensure a smooth practice transition.
Step 10: Be available for the transitional phase.
Your have the option to consult with us at any time after the sale. We will provide you with any assistance you may require after the closing. We are always there for you. Because of our extensive dental background we know what is needed to make this a smooth transition for all parties concerned.
At Reasor Professional Dental Services, we understand the dental practice sale business inside and out, from our experience first as a selling dentist and then as a practice broker and real estate agent. Talk to us about your practice; we are sure we can help you to a successful sale.
Contact us to learn more.