This is probably one of the most emotional questions you’ll face as a practice owner.
You’ll no doubt have poured your blood, sweat, tears, money, emotion and time into the practice and to consider selling it to someone else is a big decision and not one to be taken lightly.
You might be selling to move on to new adventures, a change of personal circumstances or quite simply you might want to cash in on all that time and money you’ve invested over the years. Whatever the reason behind your drive to sell and seek a buyer for your practice, the questions remain the same: how can you ensure you get the best price? And is there a right time to sell?
Getting an independent valuation of your practice is a good starting point for any sale. This will give you an accurate value of your practice based on current market conditions. And as you most likely won’t have any previous experience of selling, do not accept any offers until you know what your practice is really worth.
Ideally your practice turnover should be on the up too if you’re looking to sell. Any buyer, and the bank lending the money to fund the purchase, will be looking at the practice figures and you certainly don’t want them to try and negotiate a price reduction just because your turnover is dropping.
Choosing the right time to sell remains purely a decision based on personal circumstances. Some practice owners will have been planning their exit from the date they originally purchased the practice, whereas for others, they may not be as lucky to be so selective on timing.
Our advice to anyone looking to sell is simple:
- Invest time in the preparation for the sale.
- Make the practice as attractive as possible to purchasers.
- Be honest.
- Seek the support of a reputable agent to manage the sale from start to finish on your behalf.
You’ll reap the benefits in the long term.
To speak to a member of our team about selling your dental practice, please get in touch on 0330 088 11 56.