Selling your Practice
When a doctor considers the sale of his/her practice, it is typically a “once in a lifetime event”; thus, it is imperative that the doctor make the best decision for his/her practice transition. Our comprehensive approach to our clients individual business goals has resulted in hundreds of successful dental practice transitions. When it comes to selecting who will guide and advise you through the transition process, EXPERIENCE MATTERS! Do not expect anything less!
Phases of a Practice Sale
- Completing a thorough and complete appraisal
- Determining proper pricing, financial terms and taxation
- Preparation for sale
- Creation of a comprehensive marketing plan
- Cultivation and presentation to potential buyers
- Negotiation of sale terms
- Preparation of sale documents
- Completing a thorough practice transition plan
- Closing the sale
- Follow up
It is critical that all the different phases of the practice sale process are done properly and professionally. We have over five decades of combined experience in taking care of the entire practice sales and buy-in processes from start to finish, and all the details in between (check out our testimonials on the Resources tab).
Our legal background, coupled with our specialization in dentistry, make us the foremost expert for Practice Sales, Practice Buy-Ins and every other dental practice transition.
This transition involves the sale of a partial interest in the practice, often to an associate dentist. The process entails most if not all of the items in a “Practice Sale”, yet there are additional details that need to be thoroughly addressed.
- How will income and expenses be divided?
- How will administrative duties be handled?
- How can an owner leave the “partnership”?
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.
Advantages of a Buy-In
- Maximize practice earning potential
- Enhance practice value
- Share administrative duties
- Reduce your schedule
- Peace of mind for the disposition of the practice in case of death, permanent or temporary disability, or a timely retirement
- Smoother retirement transition
- Favorable tax laws for disposition of the practice
Stages of a Buy-In
“Beginning, Middle, End”
- Associateship preceding Buy-In
- Buy-In Pricing and Terms
- Partnership – It is imperative that compensation formulas, division of duties and control issues be addressed and agreed to
- Departure of Doctor – Retirement, Disability, Death
Questions to ask yourself if you are considering a Buy-In
- Do I have a facility that can accommodate more than one dentist?
- Do I have the patient capacity to accommodate more than one dentist?
- Am I willing to make certain changes to accommodate another dentist?
- Are the changes necessary to accommodate a buy-in outweighed by the potential increased earnings and value to my practice?
- Am I willing to give up some “control”?
- Is it important for me to secure the disposition of my practice, either for economic or non-economic reasons, in the case of my death or permanent disability?
- Is it important for me to be able to time my retirement?
Do you have treatment planned for patients but are simply too busy to get them into your schedule? You may need to consider bringing on an associate.
Shea Practice Transitions will find the right associate for your dental practice! We will market the position in numerous sources to find quality candidates for your associateship, counsel you on the structure of the offer to the prospective associate, as well as draft and negotiate the employment agreement on your behalf. Please contact us with any questions.