Posted on Sep 9, 2013
Image Credit: © Dreamstime.com
Posted on Sep 9, 2013
Regardless of the profession or industry, most owners hope to eventually sell their business. For many, this is how they retire comfortably, especially those in the medical profession. Not only is the owner of a dental practice a medical professional, she is also a small business owner and an entrepreneur. Likely, it is up to the business owner to keep the practice and the profession running smoothly.
Plan Today to Sell Tomorrow
A plan is a purposeful course of action taken to achieve an objective, a goal, or a specific purpose. If your long-term objective is to sell your dental practice, you need to establish a plan to sell it the right way. Putting together a map for a strategy is a relatively straightforward process if you effectively apply critical thinking. Plans are crucial in order to capitalize on opportunities and manage problematic situations.
Simplify the planning process by answering a few basic questions:
What needs to be done today to make my practice salable for the best price tomorrow?
Yes, the plan to sell the business is long-term, but thinking of your practice as a business and treating it as such will pay off tenfold. Knowing the current and future value of your business is important to know at all times.
Are you doing everything possible to maximize profits?
Keeping your dental practice in peak financial shape by understanding its potential growth and sustainability is a good habit to maintain from day one. Keeping your business market-ready for sale could grab the attention of potential buyers and generate a substantial premium while appealing to a bigger market.
If retiring, when do you want to sell your dental practice?
Determine the actual selling date.
A plan should be in place about two to five years ahead of your retirement date. Also, keep in mind that many buyers would require an owner or a few key employees to remain with the business to facilitate a seamless transition.
Commit to selling and to potential buyers by understanding the crucial variables of your business.
Selling a business effectively and efficiently is a process. While many dental practices are sold through brokerage, maintaining an entrepreneur’s perspective of your practice fosters clarity and critical thinking principles. Before seeking professional assistance, it is best to have a game plan established.
Build your own selling plan by working out the details in advance.
Preparing your dental practice for sale, will make your business better today, tomorrow, and for the next owner.
We will continue this two-part piece with specific details to prepare your dental practice for sale.