Thinking about selling your dental practice is a major career step which cannot be treated lightly. It is imperative to not only stay in step with all the legal practices and procedures to protect against liability issues down the road but also to ensure that you get the most profit possible from the business you’ve worked so hard to create. The process of preparing your dental practice for sale should start months in advance so you can address any issues early and prior to having a purchase agreement in place.
Know the Cost of Selling Your Dental Practice
Before you begin the process of putting your dental office up for sale, it’s a good idea to know all the costs involved. Speaking with your accountant to better understand the tax implications and how to manage equipment issues, unsold goods, employee transfer, and more can help you determine when might be the right time to sell. In some cases, it may be prudent to postpone a sale by a few months or years to get everything in place. You should also meet with a practice consultant that can help re-organize the practice and its flow. An experienced healthcare business attorney can help restructure corporations, contract key employees, prepare a fair market value lease agreement, and even begin to draft key terms for the sale.
Know the Value of Your Dental Office
A proper valuation should be completed prior to putting your dental office up for sale. Work with an experienced practice consultant or appraiser to identify the key assets and liabilities of the practice to obtain the most accurate valuation.
During the process, keep up a steady level of patient care and continue to take on new patients. This will ensure that the value of your practice does not drop. You might also want to consider avoiding major financial outlays that won’t increase the value of your practice. Finally, it will be important to gather all important documents which affect the value of the practice (material contracts, equipment purchases, key employee agreements, etc.).
Choose a Healthcare Law Firm With Dental Experience
It will save you thousands of dollars in the long run to work with an experienced law firm who knows the ins and outs of the paperwork, the questions you should be asking, and the lay of the land in the dental community in your area. An experienced attorney also includes an experienced team of dental related professionals, such as an accountant, practice broker, and financial advisor.
Contact Florida Healthcare Law Firm today to begin the process of preparing your dental office for sale.