MORR Perspectives

Selling a dental practice is a huge life decision. You have likely been working in the industry for decades, developed a routine, and come to know your patients personally. Not only that, but you’re selling a practice that you have poured yourself into, and perhaps built from the ground up. Before you jump into the market with both feet, take time to ensure that you are sidestepping some of the most common mistakes during the selling process.

Today’s dental practice is no longer just an office and a chair. Although the clinical side is clearly a central part of the industry, a successful practice requires significant focus on management  — making the business side of every dental practice more critical than in the past. As new and existing practices experience the pressure to increase revenue and stability, more solo practices are turning to Dental Support Organizations (DSOs) for essential business management assistance.

Whether you’re buying dental practice or putting one up for sale, the transition can be difficult, and navigating the maze of taxes and finances is quickly overwhelming. But no one said you had to go it alone. Why not enlist a team of experts to help you confidently manage the process?

Jumpstarting growth for your dental practice is easier said than done. Organic growth might help keep costs down, but additional services and longer hours may not seem appealing. Alternatively, investing in a second location can afford you the freedom to attract new patients, especially if you are looking at buying an existing dental practice. However, there’s never a guarantee that patients will willingly transition to a new dentist, which poses a significant risk to the buyer. The big question remains: How can you acquire new patients, while minimizing risk and increasing value?

Deciding to sell a dental practice is no small choice; it’s a decision to move on from one of your greatest investments and a sign that you’re moving in to the next chapter of your life. While every dentist likely has some idea of what retirement means for them, the details surrounding when to sell and how to get started are often left unrealized.

Navigating a dental practice transition is no easy task. Before the final purchase, buyers must negotiate value, identify and mitigate risks, and take their time to ensure the future success of their new practice – often with unexpected factors along the way. If you’re in the market for a new dental practice, be sure to sidestep some of the most common pitfalls in the industry.

Are you ready for the next step in "making it easy?" Pre-qualify for financing with Lendeavor today so you can acquire your practice tomorrow.

Protect yourself and your practice.

Filing the majority of your practice's data via an electronic infrastructure means you must stay ahead of the curve and guard yourself against harmful malware and potential data breaches. Our friends at ACTSmart Dental have provided the following information to keep you safe, protected, and productive.

What you do is equally important to where you do it. MORR recommends giving careful consideration to your location, lease negotiations, and other major details specific to your place of practice with the aid of professionals. Dave Miller of CARR Healthcare Realty is just that sort of professional. 

If you’re considering the purchase of a dental practice, you might be grappling with pressing, complex questions.

For example: What is the value of a dental practice? Is it an average of your last three years’ collections?  Is it 1.5 times your total net earnings? Or, it is determined by one of the other commonly used methods employed by most brokers in the country?