Dental Practice for Sale?
If you have a dental practice for sale, we can help. Our team at Menlo Dental Transitions is equipped to offer guidance and advice while helping you in this process. Unless you’ve done this kind of thing before, it’s possible to overlook key items that will help you get a better price and a faster sale. Unlike buying a piece of residential real estate, there are many specific questions you will need to answer regarding the profitability of your practice. When you have a dental practice for sale, potential buyers will want to see various financial documents to determine if your practice suits for their needs.
For buyers to understand if your dental practice for sale is a good fit, they will want to see lists of financial documents and assets. We suggest preparing a profit and loss statement with a balance sheet and the last three years’ worth of income tax reports. If these are all in good shape when you put your dental practice up for sale, it will go through more easily. Potential buyers will also want an evaluation of your equipment that has been prepared by an independent dealer. Other items that will help you sell your dental practice include a complete description of the physical office and whether the real estate is rented or owned, what percent of billings are needed to cover overhead expenses, all assets and outstanding debts and of course a detailed breakdown of expenses. This should include insurance payments, retirement benefits, payroll taxes and general office expenses and salaries. Include an assessment of how much of your revenue is dependent upon reimbursements from insurance companies.
In addition to financial reports, the most relevant bit of information when selling a dental practice could be your current patient status and your practice’s reputation. No matter what the fixed expenses are set at, the profitability of a dental practice for sale ultimately depends on the number of new patients a business pulls in and how you and your staff are perceived. If you have built up a good name for your dental practice, you can ensure any buyer that your client list–and profits–will continue to grow.
Have more questions? We are here to help you with your dental practice for sale.