In California, dental practice owners have the opportunity to place their property on the market quickly. However, these transactions require them to follow specific steps to mitigate risks and ensure they acquire a fair and reasonable price for their property. The following is how to sell a dental practice in California.
Meet with a Broker
The first step is to meet with a broker. It is advantageous to hire a broker to sell the practice as they have connections that are invaluable. They also present owners with services that can help them sell the property faster. The broker will acquire an appraisal for the property to define its value. Next, they acquire vital information about the property, and these details are entered into the Multiple Listing Service and on their broker’s website. The broker also manages all additional advertisements for the property sale.
Define the Terms of the Sales Contract
Next, the seller must define the terms of the sales contract. The contract defines who pays the closing costs as well as all monetary requirements for obtaining the contract. The terms also identify any equipment or fixtures that are included in the real estate transaction. These inclusions are listed separately in the contract. The owner may obtain an appraisal for these items to include in the listing contract. The terms may also include clauses to retain employment for practice workers, and it may provide the new owner with a complete roster of patients.
Review Offers Submitted by Potential Buyers
Next, the broker presents the owner with all offers submitted by potential buyers. The owner has the opportunity to review these offers and make a decision. They may accept any offer at any time. The broker will guide them through the closing process once they accept an offer and acquire a signed contract.
In California, dental practices present new dental professionals with great opportunities. Local brokers assist existing practice owners when they choose to sell their property. This includes managing advertisements and showings for the property. Owners who are ready to sell a dental practice in California can contact Western Practice Sales.