When a dentist has been operating practice for years, and it is time to retire, they often choose to sell the practice. The money they get from the sale will finance their retirement. If the dentist wants to get the most money possible from the sale, they should know a few tips regarding dental practice sales in Arizona.
Don’t Announce the Retirement Too Early
It is best that the dentist waits to announce their retirement until the sale of the practice is complete. If they begin telling the staff and patients about their retirement too soon, staff members may start looking for a new employer, and the patients may start looking for a new dentist. This can have a huge effect on the sale price.
Avoid Taking Time Off
Before selling the practice, the dentist should avoid taking time off. If they are taking many afternoons off to enjoy themselves, it will reduce the amount of income that is coming into the practice. Potential buyers will see the lack of income, and it can greatly reduce the amount of money the dentist will get from the sale.
When a dentist chooses to sell a practice, they should continue marketing. They should keep the website up to date and continue asking for referrals. If the practice is thriving at the time of the sale, it will look more attractive to potential buyers, and the seller will get more money in the sale.
Profits and Losses
Before the sale, the dentist should check their profit and loss statement. The more they can lower their overhead costs, the better it will look when the practice goes on the market.
The Office’s Appearance
Before potential buyers tour the office, the dentist should be sure it looks good. A fresh coat of paint will make the office look nicer and brighter. They should also replace any broken or worn furniture and have a thorough cleaning done in the office and storage rooms. Finally, get rid of any broken instruments and equipment.
It is essential that a dentist understands the dos and don’ts before dental practice sales in Arizona. The more informed the owner is, the more they will get in the sale. For more information, visit the website.