1) Build Your Team of Advisors:
Broker/Consultant, CPA/Accountant and an Attorney and keep them in the look on all topics big and small. Trusted advisors are key to a smooth transition and in the end will save you time and money.
2) Prepare to Transition
Clearly outline the goal you have for transitioning your practice with your Broker. Be brutally honest with why your transitioning now and what your concerns are in transitioning your practice.
3) Secure a Practice Valuation from a degreed dental analyst.
You need to find out what your practice is worth in the current market environment you are selling in preferably with professional Certified Valuation Analyst – look for CVA designation.
4) Marketing and Networking the Practice.
Your Broker will handle this step. Creating a prospectus for your practice to send to qualified Buyers that are interested. Make sure you choose a broker with a large reach in the dental market. One that will be able to market both locally and nationally.
5) Showing the Practice to Potential Buyers that have bank approval.
Once you start getting interest in your practice from potential buyers, you need to get those potential buyers to a bank ASAP to see if they are credit worthy for a loan. There is no sense wasting your time and effort showing your practice to individuals that cannot get a loan. The more people you walk through your office, the better chance you have of having your staff/the community and other local dentists find out you are sell (and that rarely is a good thing).
6) Patience is a virtue. Due Diligence
Information Gathering and Sharing. Interested parties will start asking you for a lot of information to review. Having most of this information ready and available at a moment’s notice will only help the process of selling. Be Available and Responsive to all Parties, as delayed response can compromise any deal.
7) Receiving Offers and Negotiations
Finalizing the details of the transition. Working closely with your advisors to finalize terms of sale and post sale.