Operating a dental practice offers lots of rewards for the entrepreneurial dentist. However, sometimes the dentist wants to change his or her scenery and may opt to sell the practice. The dentist could be relocating to the East Coast and wants to Sell a Dental Practice in Arizona. Maybe he or she is tired of being an entrepreneur and wants to go with a large dental group, or perhaps he or she wants to get out of dentistry altogether. Whatever the reasons are, it is a good idea to be aware of some pitfalls to watch out for and some tips to take advantage of.
* Before you put your dental practice up for sale, you need to do a financial assessment so that you will have an accurate picture of what the practice is worth. You shouldn’t rob potential buyers trying to get your sentimental value out of it, but neither should you shortchange yourself either. Getting the appraisal of your practice’s worth will put you in a comfortable range for setting the price.
* Don’t make the mistake of getting involved in a transaction that could violate your dental code of ethics. For example, there is something called “fee-splitting,” which can often occur when you as the selling dentist agree to stay on to help transition your patients to the new dentist. Situations such as that can get sticky and cause both you and the buying dentist to lose your license.
* Take careful steps to ensure that when the practice is sold, the key employees of the practice retain their positions. It is unlikely that a new dentist will want to interfere with that anyway, the more familiar faces the recurring patients see, the more likely they are to stay.
Of course, there is much more to look out for when you are wanting to sell your dental practice. Western Practice Sales has been in the business of assisting dentists in the sales and purchases of dental practices for over 25 years. They are dentists who have the experience and empathy to help other dentists. When you are ready to Sell a Dental Practice in Arizona, they can assist you.
