If you're selling something of lower value your cost-of-sale could be too high, so find somebody you can piggyback on, where your product complements what they have even if it means giving away half the revenue to them. In order to sell to dentists, you really have to walk in their shoes. These include drafting non-disclosure agreements, letter-of-intent forms, and eventually the final contract. Your equipment is safely and professionally transported. Here’s an example: In this example, your practice would be worth at least $375,000. My neighbor is getting older and may retire soon, so I think this could help him sell his business. Yes and no. ... Our experienced staff will arrange the best method for shipping. I’d recommend using a system designed to manage online contests. Dental office manuals, which set forth policies and procedures, should have a section for inventory control. Finding and connecting with the right buyer is no simple task! I have a dental question. You can have a dental practice that’s worth $1M dollars on paper, but if no one wants to practice in your area, it’s worth nothing. Marketing does not have to cost a fortune. Because of our extensive portfolio of successful transactions, we are able to be your go-to resource for market insight, location assessment, and practice valuation knowledge. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Think about things such as Invisalign, dental implants, and cosmetic-based dental surgeries. Selling your dental practice is one of the biggest moments in your career and you only have one chance to do it right. Overall, the best way to sell a dental practice is to work with an expert transition broker. We do this by empowering dental professionals to focus solely on the needs of their patients while providing them with leading technology, professional development, ongoing education, and … 3. We are able to call upon our past experiences to customize the transition process to best suit your needs. Patient referrals are key. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. I have worked in offices where we did sell products and I have found it works best for the office and the hygienist if the products they sell either goes towards your personal production if you are working towards a bonus, or if you get a small portion of each product you sell (like 10%). It’s definitely to your advantage to hire a lawyer who has experience in the healthcare industry, understands healthcare regulations (Stark Law/Anti-Kickback Laws), and has worked on similar transactions. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. If you’ve recently thought, “It’s time to sell my dentist office ,” there are a few factors to ponder before signing the dotted line. Implementing Teledentistry into Your Practice, Dental Implants From Planning to Restoration: Guided Surgery, For Sale - Dental Equipment (Individual) > Implants, Bluelight Analytics Joins Forces with 3M Oral Care to Introduce Bluelight CheckUp, Dentsply Sirona Acquires Byte, a Direct-to-Consumer, Doctor-Directed Clear Aligner Company, Dentists Launch New Website, Smart Sleep Testing, NEW! Myth:Many assume that an associate or even a student fresh out of dental school will jump at the opportunity to purchase their dental practice. But, based upon the feedback from our users, brokers tend to overpromise and underdeliver. Be sure to mention unique features and include professional pictures of your office. One of the best ways for a dental rep to get everyone's attention is by a lunch-and-learn program. Likewise, you can find a generic template from the internet. Myth:Advertising “growth potential” might seem like a great marketing pitch, but this is far from true. I should be able to sell my dental practice for a huge premium. For a dental practice to grow, a single dentist should be seeing 24-50 new patients per month. Setting up an ordering system is one way to help the office run smoother, and ensures excellent communication between all … If you have issue with this specific blog post, then please report it to the administrators so that they can deal with it appropriately. This will determine ways to make your practice more valuable and in turn, more profitable. This is a very well written post, my compliments. At the office, I'm there to treat patients and we get pretty busy during the day. If you’re practicing in a small town with no other providers, congratulations on running a successful dental practice! Transition professionals are there to address your specific concerns and guide you through the entire process. WITH DENTALTOWN . 8. If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. Click here to learn more about practice valuation. Townie "toofster12" shows a full-arch rehab case in progress and looks for advice on impla... Doctors compare numbers and contemplate what the new year will bring. Have them ready and organized in a binder for review. In order to encourage more patients to buy your annual dental plan, you can offer large discounts on expensive dental treatments to make them more affordable for your dental plan members. Research shows that DSOs are on track to grow in the Dental Industry by 13% every year. Here are a few steps to follow that you can customize for your own dental office marketing: Find something that you can give away that is also a service you can sell to everyone who doesn’t “win” the contest. Your CTA can even be a call button, an easy prompt to make an appointment. Fortunately, you don’t have to take on the challenge alone. Remember, it’s all about supply and demand. Our experts at PTS are extremely experienced when it comes to correctly structuring a sale. You should always feel comfortable with asking questions of your product providers to enhance your presentation when selling to dentists. Make a name among the local population. Your email address will not be published. CHX .12 percent is available directly through dental offices only or by prescription at pharmacies. Some of these factors include growth potential, the reason for sale, and long-term trends. However, there are other ways to sell a dental practice exist, such as the sale of stock within a corporate framework, sell-and-switch, associate buy-in, partnership and hybrid partnership. We use the most effective way of calculating your practice’s worth by looking at certain factors and their impact on the business. Now, you are ready for the ultimate Team Leader tool that all successful dental office managers need! If you are thinking about selling your dental practice, we encourage you to take a look at our complimentary eBook and contact us at any time. An upcoming case has this Townie weighing the choices for an elderly patient. When working with PTS, one of the first steps you will take is to have a comprehensive Practice Appraisal conducted. More new patients - crush competitors online, The Aeras 500 Elite Air-Driven High-Speed Handpiece from Star: The Smart Way to Power Your Practice. I feel like this will really help the buyer see what kind of income to expect from the business. Or maybe you own an entire office building and receive additional rental income from tenants? They have an incentive to lock in the sale as fast as possible. The best way to value your practice is to list all the hard assets on an excel spreadsheet and assign a fair market value to them. Jacqueline Russo, DDS, RN, and Stephanie Morgan, RID, LEED AP, are principals at EnviroMed Design Group, a full-service firm specializing in beautiful, ergonomic, and functional dental office design.Trained at T.H.E. to customize the transition process to best suit your needs. They definitely matter! Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. While equipment is an important factor in valuing a dental office, it is not to be over analyzed. Town with no other providers, congratulations on running a successful practice at. 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