If you’re planning on selling your dental practice, then you should be ready for the process. When it comes to selling dental practices, the process can be long and challenging. From properly valuating the practice to finding the right buyer and straightening out the paperwork. It’s a business transaction that is sure to encounter some snags and delays along the way to completion. However, it’s worth noting that some mistakes can elongate the process even further. These mistakes could end up making you, the seller, waste more time and even lose potential buyers. But with the right guidance, you can avoid making these mistakes and enjoy a smooth sale. Here are the most common mistakes to avoid during the selling process.
Doing It on Your Own
It’s hard selling any business, and it gets even harder when you try to do it on your own. Several dentists believe that they’ll save money by going about the selling of their practices alone. However, it’s hard for just one person to have the expertise to facilitate a smooth sale of a dental practice. It’s best to consider getting assistance from professionals. Consulting with any of the dental accountants Chicago for transitioning advice and guidance can go a long way in having a successful selling process.
Valuing Your Practice Wrongly
Placing the right value in your practice is crucial to the entire selling process. If you value it too low, you’ll end up with the short end of the stick and lose lots of money. If the opposite is the case, you may scare potential buyers away and end up wasting time before the sale is completed. There are several factors to consider when valuing your practice. Getting the most accurate valuation is only possible when you enlist the help of dental accountants in Chicago. These experts know the best valuation methods and can help you put the right price on your business.
Being Pressured Into Making a Sale
When you decide to sell, make sure it is for the right reasons. First of all, ensure that you really want to sell. It’s not unusual to see dentists pressured into selling their practices by investors or because other dentists have done so. Also, you have to confirm if a sale is the best move for your business financially. Some dentists are also pressured into selling or backing out of a deal because of poor financial state. It’s advisable to always hire one of the seasoned dental accountants Chicago to go through your books and give you sound financial advice.
Announcing Your Intention to Sell to Everyone
A dental practice has several moving parts, from staff to patients. It’s essential to keep the dynamic going as balanced as possible during the sale process. And doing that involves maintaining the details of your sale private. Announcing your intention to sell prematurely can affect the business negatively. Patients may decide to leave and even employees too, and this can reduce the value of your practice. It’s best to work discreetly with your financial advisor and wait for the right time before making the announcement.
Selling your dental practice is a big step in life. Ensure that you avoid the mistakes above and enjoy a smooth sale. Good luck.