So, you’ve checked all boxes regarding your career. Now, with your aches and pains more noticeable, the years having taken its toll, your mind wonders to placing your dental or medical practice for sale. You are finally considering retirement, but how exactly do you place your office for sale, and who do you reach out to sell your dental/medical business in California? No doubt you have friends that have preceded you, heard the stories of their practice sale experience, but who do you hire and how will they handle the particulars of YOUR dental/ medical practice sale?
To help you get on with this, we have listed down six points that can actually help you put your dental business for sale.
Consulting the Right Broker
The first and foremost step to sell your dental business is to hire the right dental practice broker. Instead of taking matters into your own hands, you can hand over all the troubling concerns like dealing with buyers and legalities to the right broker. Lou Bermudez is one of the founders of the practice sales industry in California, so not only does he posses the experience of years in selling practices, but also the connections with lenders, accountants and the like to aide both buyer and seller in finalizing transactions. Lou’s practice brokerage firm has been established for over 37 years such that sheer volume of buyers, referrals and contacts to maximize the sale price of any practice sale is immeasurable. Typically brokers connect the seller with potential buyers, but it’s in the sheer interest level and quantity of prospective buyers that the sale price of your dental practice business may fluctuate. You want your practice competitively bid on, you seek results, you wish to sell your dental practice business on YOUR terms !
Focusing On Your Goal
The practice sale process takes its time, from gathering and reviewing financials, arriving at the correct selling strategy for your dental or medical practice, and then beginning the process with showings in earnest. If handled correctly, it doesn’t interfere with your practice operations – yes, you have placed your business, your valued dental or medical practice for sale, but you have hired a professional (Lou Bermudez) to walk you through the process step by step. He will seamlessly guide you up to the point after the sale has occurred, the transition is complete and you are comfortably engrossed in your retirement or next phase of your like. But, along the way and in all the negotiations that await — keep your eye on the prize at the end of the sale process.
Marketing Your Dental Service
With digital technology influencing our daily lives, you must know that marketing your business online is highly effective if you want to sell your dental service. Just search the internet using keywords like “Dental office for sale Los Angeles” or if you are in California, then “Dental practice for sale California,” and you’ll find a whole series of businesses advertised. Naturally, your broker knows the right techniques to use in the sale of your particular practice. And, obviously, the dental and medical practice sales industry is a “results” oriented business – and Lou Bermudez has been selling practices in California for over 37 years.
Being Responsive All The Time
Each potential offer may be as different as he individual making such proposal. Be prepared to consider options, alternatives and think outside the box. Not every practice sale goes smoothly, not every offer presented is at full asking price and your response does not need to be the same to each prospective buyer. Consider timing, price, terms, financing possibilities, accounts receivable, tax implications and other aspects that Lou will guide you through to complete your dental or medical practice sale, but also to secure you the best transaction available for your valued business.
Dealing With Paperwork
True to his nature, Lou Bermudez and his brokerage firm are very precise and exacting in the paperwork needed to consummate the sale of your dental / medial business. Terms are written explicitly so that there be no mistake as to responsibilities or each buyer and seller. Naturally, an attorney may be hired for final paperwork review, but the bulk of the process is expedited, reviewed and delivered by your broker to insure the proper protections in the transfer of the business. All dental and medical brokerage firms provide this service, but NONE to the degree of care, exactness and precise language needed so that your dental office may sell without hiccups or concerns, so that re-treatments (if any) be handled in the utmost professional manner, so that receivables you have worked hard to build are collected to provide the maximum benefit from your practice sale. Each step in the practice sale process is unique and important, but none as much as hiring the right broker — and in California, the right healthcare practice broker is Lou Bermudez!