If you are considering selling your valuable dental practice, have already started the process but the selling isn’t happening nearly as fast as you had hoped, it’s time to reassess your situation. To secure the highest value for your dental office and years of goodwill, you need exposure to multiple buyers, and, the right circumstances that highlight your practice in the best light and elicits the intended results. To understand the crux of this blog, we have done some research for you and listed the five best buyers you can target.
Forget the new grads — they may be years from making any type of long-term commitment. Here the focus is on buyers that might otherwise not consider your practice as the desired target. To accomplish this, different marketing tools need to be used, but more importantly, the different features of your practice need to be highlighted “differently” each time. For instance, one ad might stress your years of goodwill, while another would emphasize the specialty treatment typically referred out, and a third, possibly the longevity of key staffers that would commit to working with the prospective buyer. Same solid dental practice, but different buyers attracted to each new wave of ads or promos. If these seem too complex, keep in mind that these are only some of the decisions made by a dental practice broker every day on each of his listings … and, in California, a broker like Lou Bermudez (one of the founders of the dental practice sales industry over 35 years ago) will easily incorporate this marketing know-how into every practice sale.
Group or Corporate Buyer
There is no denying that larger corporations have made an impact on dentistry in California, and while you may be adverse to sell your practice to one of the larger conglomerates, it is often the group with 5-15 practices that more aggressively pursues adding another practice. Also, consider the leverage IF you have a group practice interested. You can consummate the sale, or often secure better terms just with the potential of selling to another. This “leverage” now clearly puts your dental practice sale squarely on your terms!
In the past 10 years, merger transactions have become commonplace! This is where your practice (telephone number, goodwill, patient charts, and selected equipment) is moved to another existing/ongoing practice and “combined” or merged into that practice. Naturally, the practice of the buyer could be merged into your office but that is far less common. To keep this as a viable option, your office lease and facility need “to qualify” and here again, the premier broker of dental practices (Lou Bermudez) can quickly assess this possibility!
These are dentists that already own practice of their own, but would consider a second office to either fill out their work week or as an additional source of revenue. One of the key benefits here is that you may very well be asked to remain as an associate within your practice after the sale – you would reap the rewards of selling and also secure a place of employment! Again, “these” buyers are marketed differently than the others mentioned above and your broker (Lou Bermudez of Practice Sales & Appraisals) is the person to discuss this exciting option with!
The Absentee Owner / Buyer
The last category of the buyer to be discussed here is the dentist/investor. This buyer is surely more detached as their interest lies in the financial stability and suitability of their overall plan(s). Also, this buyer insures that if you seek employment after selling, this is a perfect fit. For young retirees, this provides a slower entry into retirement and provides added household revenues — care needs to be taken that decisions and practice style so ingrained in your daily practice delivery routine is not disrupted. And, more paperwork is needed for protections to be put in place for these transactions. Here again, this is a routine process if handled correctly. But, word to the wise, not every practice is suitable for this type of sale. To inquire further, contact your expert dental practice broker — Lou Bermudez (818-999-9595).
In conclusion, when selling your dental practice, every buyer may lead to the final desired result, but not all respond to the same advertisement or email blast used by the broker. With 35 years of experience in the brokerage of dental practices, Lou Bermudez not only has thousands of prospective buyers available, ready and qualified but he can guide you through this process, secure the right one buyer for you, and consummate the transaction to your complete satisfaction. All while having a personal touch, a broad smile, and providing the buyer much encouragement along the way. Other brokers practice for sale; Lou provides professional brokerage for professionals!