Thinking of Selling Your Practice? Here’s How to Prepare
Are you thinking of selling your dental practice? It’s a big step. There are lots of things to consider before, during, and even after selling your practice. That’s another post for another day. So, what are the key things to keep in mind as you prepare to sell your practice? Let’s take a look.
PATIENT EXPERIENCE
Like many other business models, a successful dental practice hinges on the reputation and opinion of your clientele. Because of that, any changes to your practice, including one as big as a sale, should be disclosed to your patients. The more transparency you can offer them will not only solidify your reputation but also provide the incoming practice a boost in revenue as well. Keeping your patients in the loop is a simple way to prepare for selling your practice without them feeling like you’re pulling the rug out from under them.
INCORPORATE YOUR TEAM
Similarly, your team plays a vital role in keeping your practice running. Make it a point to keep your employees informed and educated about the potential sale, and especially during the crucial parts of the transition. Communication regarding any changes in roles or job reductions is imperative. Do you have a plan for your employees to stay on in the current location, or move with you? Can you incorporate meetings with the new management to foster trust and rapport? The more honest and transparent you can be during the process, the more successful the transition will be.
LOCATION IMPROVEMENTS
Does your dental equipment need an upgrade? Could your walls use a fresh coat of paint? Now is the time to focus on physical improvements within the practice location. It’s important to take stock of potential areas of improvement even if you’re not looking to sell, but if you want to attract buyers, don’t skip this step.
ADMINISTRATIVE TRANSITION
As tedious as it is, an integral part of getting all of your ducks in a row when you sell a business has to do with administrative organization. Make sure to keep any vendors or other business relationships in the loop to avoid unwanted pauses in service or programs. Since dental practices rely on secured systems to manage and hold sensitive patient information, a successful administrative transition is crucial. Communicate with your electric, heat, and internet providers and work with the buyer to see if they might want to transfer the services. All of these factors help make the process of selling your practice less stressful and more seamless overall.
GOT QUESTIONS?
For more questions or concerns about how to move forward with selling your dental practice, contact Dr. Coughlin today. He helps dental practitioners sell their practices with a high return on investment – he can help you too.
