Chances are that if you are selling a dental practice, you have been thinking about it for years. Regardless of whether you’ve been following a legacy plan, many of your practice transition details may remain unknown until you begin negotiations with the buyer. This makes negotiating one of the most critical components of selling a dental practice. When stepping up to the negotiating table, there are three things to keep in mind:
Know What You Want
You probably have a good idea of what selling your practice should look like—less responsibility, high price-point, friendly negotiations— but what about the details? Before you start making plans with the buyer, it’s important to decide what you care most about. Are you interested in sticking around and servicing your patients for a few more years? Maybe you’d like to be included in management decisions for a short while during the transition? By going on the offense during negotiations and carefully deciding on the details of your transition, you are more likely to get more out of the deal.
Do What’s Best For You (And Your Practice)
Buyers are typically attracted to the value of a dental practice, just as you are enticed by the best selling price. Why not work together? A slower transition typically spells out consistent revenue and higher patient retention— two of the most influential factors in value. If you agree to stay on and see the dental practice through the transition, the buyer is more likely to purchase at a higher price. It also means that you, as the seller, can continue working with your current patients without worrying about the managerial side.
Don’t Do It Alone
Negotiating the sale of a dental practice can be both tricky and emotional. With that in mind, it’s important to find the right professional advisor to help guide you through the process. Experts can help you maximize value, manage relationships with buyers or attorneys, and navigate nuances of the selling process to ensure everything goes smoothly up to the closing date.
Before you walk into negotiations, let our team of dedicated experts help you prepare for the process. Sign up for a free valuation and assessment today to get started!