Posted on Oct 13, 2014
Image Credit: © Dreamstime.com
Posted on Oct 13, 2014
When looking to sell your dental practice, as with any business, you want to maximize the value of the sale.
Unfortunately, many dentists are often skilled in dentistry but don’t have much time for the ins and outs of running a small business. So when the time is right to sell the practice, they’re not prepared to get the most out of what they have to offer.
Fortunately, there are a few things you can do to increase the value of your dental practice that requires reasonably little time or financial investment, and they can up the value of the sale by thousands or even tens of thousands of dollars.
1. Improve your online presence
Having a strong online presence is essential in today’s business climate. Not doing so immediately gives off the impression that your practice is old and will need to be updated.
Flip this image on its head by having a professional looking website, active social media profiles and even a detailed digital marketing strategy to show. You should also have a number of online reviews as these testimonials are not just for other customers, but they can showcase the efficacy of your practice to buyers.
2. Hire an interior designer and a photographer
First impressions count and you don’t want your office to look worn down and old.
Hiring an interior designer and having a photographer take some professional photos can mean that the first contact your potential buyers have with your practice – which is often online – leaves a great image in their mind.
3. Build the best possible team
When someone buys a dental practice it is common that they will keep the current staff. You want to make sure your staff is experienced, professional, provide excellent customer service and run a tight ship.
If someone is buying your practice, they’re effectively buying into a lifestyle and you want to let them know that the lifestyle that your practice can offer them is profitable, enjoyable, and stress-free.
4. Create a detailed business plan
You’ll want to show the prospective seller that your practice can generate income for them for years and years to come. Hiring a financial adviser to help you create a tight-knit, long-term business strategy will prove the value of your business.
Make sure you cover all of these bases when looking to sell your dental practice. Establish an online presence, hire a professional designer and photographer, build a competent team and have a detailed long-term business plan in place.
When the practice is running like a well-oiled machine, you’ll find more interested buyers as they’ll know they’re purchasing something of value.