Building a dental practice and keeping it vibrant means thinking about the long haul. So, when the time comes for the dentist to retire or scale back, he or she can leave the practice in a satisfying, appropriate and profitable way. This involves taking steps throughout the life of the practice to ensure that it will appeal to buyers and command a good price. Those thinking about a dental practice sale in California may have a few different things on their mind. Here are options to consider.
Bringing on an Associate
When a dentist starts to interview potential associates who may eventually purchase the practice, it can be challenging. Some find it hard to emotionally part ways with the business they have worked so hard to build and consider it as a business for sale. Decisions will have to be made about the staff, the patients and a salary for the associate. Then, there is the concern about placing a value on the practice. This includes many things, such as the patient records, equipment, and building to name a few.
Selling to Another Dentist
It seems that the evolving trend of newer dentists is they either want to go up against corporate dentistry or create their private practice chain for the maximum financial potential and eventually sell. These are very forward-thinking professionals, and they are focused on a certain style of dentistry and take pride in excellent customer care and offering the latest treatment options.
The average dentist practices 35 years, some are tired and just want little hassle as they end their careers. Taking the corporate route is typically consistent and comes with top-dollar price tags. Usually, the dentist will stay on for a while during the transition phase.
The final option is smooth sailing to the finish line. The first step is to stop accepting new patients and not to propose extensive treatment plans. Many dentists will change their hours to part-time with a target date to close. There are ADA guidelines to follow if this is the plan.
Those considering a dental practice sale in California should seek out a reputable broker in the area to help through the decision making and the planning process. To get additional information, turn to Western Practice Sales. They can tell you what your practice is worth.