……There IS a difference in who handles your practice transition!
Sale of a Dental Practice
When a doctor considers the sale of his/her practice, it is typically a “once in a lifetime event”; hence, it is imperative that the doctor make the best decision for his/her practice transition. A practice transition involves two fundamental choices. The first choice is a “Practice Sale” (or sale of 100% of the practice). The various phases of a practice sale generally entail: (a) a thorough and complete practice appraisal; (b) determining the proper pricing, financial terms and taxation; (c) preparation of the practice for sale (see Top Ten Tips for Preparing your Practice For Sale); (d) comprehensive marketing plan; (e) cultivating and presenting the practice properly to prospective purchasers; (f) negotiating the practice sale terms; (g) qualifying the buyer for financing; (h) preparation of practice sale documents; (i) thorough practice transition plan; (j) closing the practice sale and (k) follow up post-closing.
It is critical that all the different phases of the practice sale process are done properly and professionally. At Shea Practice Transitions, we have over four decades of combined experience in taking care of the entire practice sales process from start to finish, and all the details in between (check out our testimonials on the Resources tab).
The other fundamental choice is a “Practice Buy-In”. This transition involves the sale of a partial interest in the practice (which may be a 50% interest or something less). Regardless, this process entails most if not all of the items in a “Practice Sale”, yet there are additional items that need to be thoroughly covered. In other words, the sale of a 100% interest in a practice (although very involved) is essentially, one day the doctor is owner and the next day the practice is sold. In a Practice Buy-In, there is a “beginning, middle and end”, namely an “Associateship” preceding the buy-in; the Buy-in Pricing and Terms; the “Partnership” (which entails compensation formulas, division of duties and control issues), and the Departure of a Doctor (death, permanent disability, retirement). We at Shea Practice Transitions have the most experience with not only practice sales but practice buy-ins of any other organization in the Upper Midwest. Our legal background coupled with our specialization in dentistry make us the foremost expert for both Practice Sales and Practice Buy-Ins.
Please contact us for a complimentary, no pressure consultation regarding either a Practice Sale or Practice Buy-In.