Chris Salierno and Greg Winteregg read the tea leaves and predict how the business of small-practice dentistry will change in the near future. Buying and selling dental practices means paperwork, including letters of intent, contracts, valuations, and a whole ream of other documents. To find out more: Call Simon Knighton: 07377 336038 Are you ready to buy, sell, merge or form an associateship? "World's Most Ethical Companies" and "Ethisphere" namesand marks are registered trademarks of Ethisphere LLC. As dental transition brokers, we use the power of our extensive marketing pipeline of ready, willing, and able buyers to attract the right buyer for your dental practice. *Henry Schein Professional Practice Transitions is not, by means of providing these sample contract templates, rendering any legal or tax advice. With our extensive knowledge, expertise and involvement in the dental industry and community, we have an efficient and proven process that we apply to each practice we transition. This is why it’s so important to have a qualified team of professionals, with knowledge and experience specific to dental practice transitions, to advise you throughout the process. For instance, they may assume that a buyer will give them three to five times earnings before interest, taxes, depreciation and amortization (EBITDA), which traditionally has been what privately held small businesses could expect in a sale. We will market your dental practice using our: Our dental brokers provide our clients with professional contract templates that contain suggested language and terms and conditions that are often overlooked in “standard” agreements when selling a dental practice. Read more This type of liquidity event has massive financial ramifications. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. Last week’s ADA Practice Transitions Coffee Talk webinar delved into the legal aspects of practice transitions. Thousands of dentists nationwide have chosen Henry Schein Professional Practice Transitions (Henry Schein PPT), a subsidiary of Henry Schein, Inc. to help them close the deal. A good blueprint for maximizing value is to build a turnkey operation that allows a new owner to step in without having to incur any significant capital expenses. Brian Hanks explains. We understand that building a successful dental practice didn’t happen overnight. When it comes to valuing a dental practice for sale, there are a lot of different methods and theories.In all honesty, there are so many variable factors that there is no one formula where you plug in numbers on one end and get an objectively correct answer out the other. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. Dr. Brady Frank is familiar with helping dentists tackle a recession. Scott Firestone, DDS was the broker and he helped me through the process expeditiously. The seller is also usually restricted from soliciting patients or staff. It took years of hard work to establish your reputation, dedicated patient base, and loyal staff. One single event does not typically lead to … My rule of thumb is that selling through your accountant is a poor decision as most accountants only talk to their dentist clients. Here’s what to expect: Read More. Alan Mazer, D.M.D. Our dental practice brokers are ready to help with a 30-minute complimentary consultation call. Whether you are looking to evaluate the value of your practice to sell your practice, merge with another practice, determine value for a … As with any major decision, the better informed you are, the more likely you are to make the right choice. In a previous blog, I wrote about How I VALUE Your Dental Practice.. Here are four things dentists should know when they get ready to sell their practices that will make their transitions easier. Speak with one of our professional consultants now, or whenever is convenient for you (at no charge). Marketing activity and reputation stand for a great deal where value is concerned. Taking the big step of buying your own dental practice can be daunting. ©2021 Henry Schein Professional Practice Transitions. Our experienced specialists will ensure your dental practice sells for top dollar to the right buyer—a dentist who will take care of your staff, your patients, and the legacy you’ve built. Boost your DentistryIQ: Don't buy a practice without talking to this guy! ddsmatch Four States serves both dentists who want to buy and dentists who want to sell a practice in the Kansas, Western Missouri, Arkansas, and Oklahoma areas. Sell A Dental Practice, Optical And Medical Practice With Practice Trader "Selling a practice on Practice Trader is easy. The experts at USDT have 20+ years of experience guiding dentists through the complexities of selling their practices. The top 20 best states to practice dentistry. Would you pay top dollar for your own dental practice? With our Complimentary Rate Analysis, Henry Schein Financial Services, in partnership with Worldpay from FIS, can help you understand your current rate and show you how to save on your credit card processing expenses. Here he shares some of the helpful resources he recommends. Use this checklist to help you start the process of selling a dental practice. Mark Palmerino is a partner at CCR Wealth Management, a Boston-area-based wealth management firm that specializes in serving dental practice owners. Learn about our process. Ideally, everything will culminate with a nice prize when it comes time sell your practice. It requires solid advice and sound guidance. This applies to transitions for your dental practice. This is one of the main reasons that dental practice owners should not be too reliant on a potential liquidity event to fund their retirement. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. If you’re looking for info on how to sell a dental practice or tips on a great valuation, this post is for you! There, I looked at bunch of qualitative and quantitative factors (location + metrics + opportunities) to assess what the intrinsic value of your dental practice would be to an objective buyer backed by a smart lawyer, accountant, and banker. Is now the time to start your own dental practice? To be blunt, older patients are depreciating assets. Ready to sell your dental practice today? This small, tight-knit dental team is shocked that the dentist has sold the practice to a group. To maximize the value of the sale of your dental practice, you need to be careful with your allocations to reduce the amount that the IRS will take of your proceeds. Your Henry Schein sales consultant and dental broker will take care of all the details, including: Ready to talk with a professional consultant about selling a dental practice? He showed his concern and his integrity for the process throughout the time. This is because perhaps the biggest source of concern for prospective buyers is that existing patients will disappear when ownership changes. What this means is that sellers should not provide would-be acquirers any openings during sale negotiations to claim that vital equipment and facilities are outmoded, which would give them a chance to come in with a low-ball offer. Dr. Chris Salierno waited a week after dentists in his state were told they could reopen. Get your practice ready for a successful transition. When you come to sell, dental practice value is of great importance, not only for the obvious reason of gaining a higher selling price, but also because greater values tend to rouse more interest. I recently utilized Henry Schein Professional Practice Transitions to sell my general dental practice. This business advisor has seen how failing to address exit plans can make the difference between dentists retiring on their own terms or having to make significant lifestyle reductions when they retire. If you are considering selling your dental practice, talking with PARAGON is a wise and informative first step. Practice owners may be asked to stay on temporarily after a sale has been executed, even if only in a part-time role. Just beginning to investigate your transition options? There are many steps and people that can make this huge life change much easier. By now you have decided that selling your dental practice is the right decision for you; however, this realization raises newer – even more complex – questions about the best next step in transitions. Like other business owners, dentists often have an inflated view of how the market will value their practices. PREPARING TO SELL A DENTAL PRACTICE. Dental Practice Broker Services. Dentists can take their pick of locations to establish their practices. If you are looking to buy a new dental office and begin a practice, call us! Selling your dental practice is a life-changing, emotional event, and the process isn’t as simple as posting a “For Sale” sign. Is one of them calling to you? ADA Practice Transitions (ADAPT) will find the buyer who will care for your patients. He was very efficient and caring in his demeanor and I would highly recommend using his services. Practice transactional attorney Todd Erdman shares some advice on how to proceed. Affinity Dental Management is a dentist-run organization that provides comprehensive practice management and administrative support services for dental practices across the Northeast United States. The service that comes along with each practice we sell is unmatched by any dental practice brokers that you may have heard of, regardless of company size. We're experts in selling dental practices and finding the best offers. © 2021 Endeavor Business Media, LLC. SIGN IN to see pictures of the practice, the seller's name and the address of the practice. The PARAGON consultant in your area will answer questions and take you through your options. Dentistry is an in-demand career. When PARAGON guides your dental practice transition, everyone leaves with a smile. Negotiating deals on behalf of dentists is what makes us excited. Remove any items not included in sale and replace, if necessary. Rex Plamann of ddsmatch shares six ways doctors looking to transition can increase their practice valuation.. Transitioning out of your practice isn’t a snap decision. Therefore, sellers should anticipate less up-front, and this will be offset by incentives that reward owners for acting as a bridge with patients. Practice brokers usually have a pretty good pipeline to sell, but sellers beware…find a broker that is hungry for a sale. It requires solid advice and sound guidance. Selling a dental practice is a big task, so it's important to prepare both financially and mentally. These all have legal implications for dentists and their offices. Here are four things dentists should know when they get ready to sell their practices that will make their transitions easier. These templates can help reduce your legal fees*, and they cover everything from employment and purchases to Letters of Intent/Offers to Purchase. The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. It’s a process that typically takes years and often hinges on firming up the financial plan of the owners. The restrictive covenant establishes a time and geographic area within which the selling doctor agrees to not practice or participate in another practice after a sale. Plus, when you sign-up with Worldpay you can process the contactless payments that patients are coming to expect, like Apple Pay and Google Pay! When you work with ADAPT to sell a dental practice, we will make the process more predictable – and more successful – so you can retire with confidence. Selling? If not, you should have. It’s free and there’s no obligation, just an extremely worthwhile education. Together Dental is committed to developing mutually rewarding relationships based on respect, understanding and a willingness to work together to achieve our shared goals. We’ve overseen hundreds of dental practices for sale and helped their owners get the most from their years of hard work. Professional Transition Strategies offers dental practices to sell online. In the latest DE's Recall Visit video, Drs. Dr. Chris Salierno believes the COVID-19 pandemic can be divided into three phases for dentists. But practice owners should know that it’s not necessary to spend extravagantly to make a lot of wholesale changes all at once. Unfortunately, since dentists typically only do this once in their lifetime, they do not have a chance to learn from previous mistakes. Our conversations are always confidential. As previously mentioned, selling a dental practice is a complicated process which extends far beyond simply finding a buyer and closing on the sale. First, prepare for a smooth transition with these quick tips: Loose lips sink ships. Operatories: 2. What can they do to prepare? The SECURE Act: How does it impact you as an individual and an employer? 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