A practice owner may make the decision to sell their practice and immediately be faced with the reality that their practice isn’t worth what they thought it was. Many times, the dentist has reduced their schedule in recent years, resulting in a decline in revenue, profitability, and ultimately practice value. To avoid these mistakes, we encourage you to contact us, at Hindley Burgmaier Group at least three years in advance of your practice transition. In doing so, you will not only gain valuable insight regarding the current value of your practice by way of a practice valuation, but also we will assist you with improving key factors that impact practice value and marketability.
Practice valuations consider more than revenue, fee schedule, staff information, number of active patients, number of new patients per month, specialties and procedures done in-house, patient and area demographics, market issues, and goodwill.
Our program which is called the Five-to-Ten Year Plan will offer you time to develop a customized transition strategy to meet your individual, family and practice needs, make changes to your practice that will increase value, and point out mistakes that negatively impacts value. This plan starts with a practice valuation. Over the past few years, market conditions have been favorable for doctors wanting to sell their practice, with strong demand for dental practice acquisition opportunities along with a limited supply of sellers. We have seen that most lenders are providing buyers with 100% financing at historically competitive low-interest rates. It is very important for dental practice owners to understand the factors that influence value and take the needed steps to maximize their practice value, beginning with the financial factor.
If you need assistance with your transition planning, give us a call today and we will work with you to get the most value out of what could be considered the biggest asset you own, your dental practice.
~Kelley Yardman, Client Relationship Manager
