Many dentists who own their practice choose to sell when they are ready to retire. If a person is planning to sell a dental practice in San Francisco Bay Area, there are certain things that they need to do before they sell. It is the best way to be sure that they get the greatest return for their life’s work.
Meet With a Financial Adviser
Wanting to sell a dental practice and being able to afford to sell are two different things. Before you sell, it is important that the individual sits down with a financial adviser. It is best that the individual speaks with a professional to make sure that they are as financially ready to sell as they are emotional.
Don’t Slow Down Before Selling
One mistake many medical professionals make before they sell a practice is they slow down in the months leading up to officially putting the practice on the market. If a dentist starts working just mornings or they cut back to seeing patients a few days a week, they will bring in less money. When it comes time to put a dollar value on the practice, slowing down will lower it. As a result, the dentist won’t get what their practice is worth.
The Condition of the Facility Is Important
When it is time to sell the practice in San Francisco Bay Area, the owner should take a look at the condition of the facility. When potential buyers visit the practice, their first impression is important. Before selling the practice, the owner should replace the carpeting, put a fresh coat of paint on the walls, and make the necessary changes to improve the building’s curb appeal.
Go Through Overdue Accounts
Before putting the practice on the market, the owner should purge any uncollectible accounts receivable. If there are any accounts that are 90 days past due, it is best to make every effort to collect them. If the owner neglects these tasks, it could hurt them during the negotiation process.
Be Realistic With the Timing
When a dentist decides to sell their practice, they should have a realistic time frame in mind. If they want to get the most for their practice, they should expect it to take 9 to 12 months to sell the practice.
If a person is planning to sell a dental practice in San Francisco Bay Area, they should follow the tips listed above and then visit WesternPracticeSales.com.
