Shannon Harding, a specialist in dental practice sales at Henry Schein Dental Practice Sales, recommends preparing early when it comes to the sale of your practice.
Your business is your livelihood, but there may come a time when you want to step back. After tirelessly working to build a strong reputation, deliver excellent patient care, and maintain a functional business model, it can be frustrating and disheartening if a potential buyer doesn’t see the full value of your business.
If you’re considering selling your dental practice within the next few years, now is the perfect time to start planning. At Henry Schein, we regularly speak with practice owners who reach retirement age or simply feel ready to move away from dentistry, only to find their practice isn’t where it needs to be to achieve their desired valuation.
What are buyers looking for?
When prospective buyers look at your dental practice, they are focusing less on the past and more on the future: ie what the business will look like without you. Things they will need to consider include:
- Whether the key clinicians are staying on
- Whether patients are loyal to the practice itself, not just you as the principal
- What, if any, systems are in place to keep revenue stable
- The predictability and repeatability of the income.
Without clarity on these considerations, buyers may view your practice as too heavily reliant on you and therefore a riskier investment, which can affect the valuation and buyer interest.
More work when you want less
By the time many practice owners are ready to start seriously thinking about selling, they are already in the mindset of wanting to scale back their involvement within the business. But if your business isn’t in the right state to sell, you may face the challenge of having to invest more hours to increase its value: a tough ask when your focus is already on your next chapter.
A better approach
Early preparation is the key to a streamlined selling process. If you’re considering selling in the next two to five years, don’t delay: start the conversation today by contacting Henry Schein Practice Sales and speaking to one of our experts.
We can help you review your accounts, identify potential areas that might raise concern or questions for a buyer, and build a plan to improve your valuation ahead of time. We work to your schedule, so there’s less pressure on you.
Let us take the stress out of your sale. A well-prepared practice is in the optimal position to sell for more – and to sell quickly – so you can enjoy less disruption to your personal life, and pursue your new endeavours.
Questions?
Whether you’re looking to sell soon, or want to understand your options for the future, book a confidential chat with one of our experts today.
Book online at https://hsdpracticesales.co.uk/valuation or email contact@hsdpracticesales.co.uk.
This article is sponsored by Henry Schein Dental Practice Sales.
