When preparing to sell your practice, thinking like a buyer can help you succeed
April 20, 2015
The dental practice transitions market is undergoing considerable growth, and there are several important tips to keep in mind when buying or selling a practice, according to practice financing experts at Wells Fargo Practice Finance, the only practice lender which ADA Business Resources endorses.
“Beginning in 2009, the number of available practices for sale started declining as retirement opportunities diminished and doctors chose to continue practicing for a few more years,” commented Gavin Shea, senior director of sales and marketing at Wells Fargo.
“Now older practice owners are beginning to leave their careers and sell their practices. At the same time, practitioners just now reaching the traditional retirement age are placing their businesses on the market as well.”
As a result of these market changes, the dental industry is likely to experience a large number of available practices for sale over the next two to three years.
“Sellers can preserve practice value and attain top dollar in a vigorous buyer’s market, but keeping the buyer’s perspective and lender’s requirements in mind will be critical,” Mr. Shea said.
By following these important guidelines — maintaining production levels through the sale of your practice, staying technologically current, leaving future work for your buyer and keeping your financial books in order — ADA members are more likely to increase their chances of gaining the highest dollar for their career-long investments and attracting the perfect new owner for their practices and patients.
Wells Fargo Practice Finance has specialized in dental practice financing for nearly 30 years, providing clients financing and access to tools and resources to help them achieve their practice goals.
ADA members receive preferred pricing on practice financing, as well as equipment, expansion and relocation project funding, practice equity loans and more.
Wells Fargo’s Practice Success Program for dentists offers complimentary business planning tools, referrals to professional dental practice service providers and short term management consulting. To learn more, call Wells Fargo Practice Finance at 1-888-937-2321 or visit wellsfargo.com/dentist