You completed your education, you served your community through your dental expertise, and now, you are ready to put the dental equipment away. When you have decided that it is time to sell dental practice San Francisco Bay Area, there are a few things to consider. The same goes for those who are interested in purchasing a dental practice.
Here are three tips to take into consideration when selling or purchasing a dental practice.
Assess the Value of the Dental Practice
If you have decided that it is time to hang up your dental equipment, one of the first things you must do is assess the value of the practice. Take into consideration the value of your equipment, your roster of clients and if any staff is going to stay on even if there is a new owner. It is a good idea to ensure that your books are in order, too, because potential buyers and brokers will want to know what kind of annual income the practice earned. Then, in the best case scenario, you can estimate to receive around 65% of that average annual revenue.
Hire the Services of a Professional
As you begin to get things in order to sell your dental practice, you are going to find the process is involved. Assessing your business is one task of many, so you are encouraged to hire the services of a professional. Brokers who specialize is this area are readily available to assist in setting up the sale and closing the deal.
While you speak with interested buyers, you are going to find out what interests them the most about your practice. This helps you determine what can be packed up and what can be left behind as you sell dental practice in San Francisco Bay Area.