The business of transitioning in or out of a dental practice can be complicated, but how successful the practice will depend on the plan followed during the process. Whether you’re ready to start a new practice or sell an existing one, Western Practice Sales offers some basic steps to take when making a move.
Determine Financial Viability
Things like buying or selling a practice need to be done at the right time. While it may seem that the time is just right to retire or to go into a new practice, the market conditions need to be right. As a buyer, it is important to see that the loan terms are favorable and that real estate is in ample supply to keep prices down. On the other hand, those who are selling should see that there are a present and growing demand for dental care in a particular area. This will have a direct impact on the profit.
Value the Practice
Those who are selling practice in Arizona will want to consult with a broker who specializes in dental practices to determine the value based on each aspect of the business. They are looking beyond the value of the real estate. They are evaluating things like the existing client base and infrastructure to determine what the practice is worth.
Sort Out Staffing
The dentist isn’t the only one impacted when a practice is sold. The staff can be greatly impacted by the transaction. In some cases, more assistants and staff may need to be hired and trained to bring a new practice up to speed. If the practice is being sold, it might be a situation where the current staff will need to be downsized.
Mapping Out the Closing
Working with a professional that has experience in dental practices will ensure that there are clear sales agreements allowing for a seamless transition. A firm will make sure that no detail is overlooked and that needs are satisfied before closing.
For expert advice and assistance about dental practices for sale in Arizona, click here. Working with people who understand the dental profession goes a long way. This organization has been providing brokerage services to professionals in the healthcare industry for over 20 years.