Who should value your practice?
Andy Acton and Chris Strevens discuss why it’s so important to have your dental practice properly valued before you sell it.
Your dental practice is a valuable asset. So if you’ve decided to sell then it’s important you get a valuation from an independent expert before you put your practice on the market and accept an offer.
Dental practices vary considerably. There are several key factors that will impact on a practice value.
Anyone valuing a dental practice needs to consider comparable market data and ensure this data is up to date. There’s no point using market data that is two years old!
The dental sector is also complex. Anyone putting a market value on your practice must understand how the market works and what the differences are in the contracts etc. They must also look at how the practice is run. This will impact the value.
At the end of the day, when you sell your practice you want to get the best possible value for it.
Steps towards selling your dental practice
Our advice is to make sure you consider the following seven key factors when taking the first steps towards selling:
- Always get an independent valuation
- Choose a dental broker who has experience
- Make sure your chosen broker has access to a good supply of buyers
- Ensure your broker will put your practice to the open market
- Check who’s paying the dental broker fee – you or your buyer?
- Choose a broker who has a good office-based support team who will be on hand throughout the sales process
- Look for a dental broker who is committed to the practice sales promise to ensure they operate to a high level of service and integrity.