Confidentiality is Paramount
At OMNI Dental Practice Group, maintaining seller confidentiality is one of their highest priorities. Deciding to list a dental practice for sale is a major career move, regardless of the reasons behind it. When confidentiality is breached, the practice risks losing valuable patients and employees who would otherwise have remained during and after the sale, which reduces the overall value of the practice. For this reason, the professional team at OMNI Dental Practice Group have dedicated themselves to becoming experts at maintaining complete confidentiality throughout the process, while ensuring high listing exposure.
Even the most profitable dental practices for sale can sit on the listing pages indefinitely when marketing efforts are lacking. At OMNI Dental Practice Group, this is not an option. The OMNI team of professionals have extensive experience and formal training as marketing experts to ensure the highest exposure for the listing as possible without risking the seller’s confidentiality. Each practice is listed across the nation in over 30 locations, including:
- Social Media Platforms
- Online Marketing Efforts
- And More
To better expose dental practices for sale, OMNI Dental Practice Group has built strong lasting relationships within the field. These relationships, which also help in speeding up dental practice transitions, include:
When you are ready for a career move involving the selling of your current practice, you can trust the experts at OMNI Dental Practice Group to maintain your confidentiality, while marketing your practice to a large group of potential buyers. To better assist you in the transition, OMNI Dental Practice Group is a leading provider of a wide range of services to dental professionals, which include:
- Practice Sales or Transitions
- Real Estate Service
- Buyer Representation
To learn more about listing your dental practice in the Washington, Oregon, or California areas, please contact the expert team at OMNI Dental Practice Group. OMNI specializes in dental practice sales, and are dedicated to ensuring your success throughout the entire process.
Common Reasons for Dental Practice Valuations
There are several reasons doctors need to know the value of their dental practice. The most common reason is for dental practice transitions or sales. Valuations help to determine if the asking price is reasonable, to figure out a reasonable asking price to begin with, and to ensure the practice is profitable enough to invest in; this is also important to know when considering a merger. Doctors should also get their practice valuated within ten years of retirement and every two years after for estate planning purposes. Therefore, it is important to make sure the valuation is not a cookie cutter process.
Rule of Thumb Should Not Apply
No two dental practices are the same, so no two valuations should be the same. Often dental practice valuations are conducted using a rule of thumb method. The method does a major disservice to both the seller and the buyer, as it often does not highlight the practice’s uniqueness and how that influences the actual value of the practice in question. For a true valuation, many aspects of the practice must be taken into account and evaluated by experts with extensive formal training and resulting certifications, such as the experts at OMNI Dental Practice Group.
When looking into dental practice valuations, it is important to make sure the professionals have extensive experience performing said valuations. The team at OMNI Dental Practice Group; for example, have helped hundreds of doctors buy and sell their practices using accurate valuations based on the practice itself and are considered dental industry experts in practice valuations. As members of the Institute of Business Appraisers and the Practice Valuation Study Club, OMNI Dental Practice Group offers accurate and individualized valuations for dental practices in Washington, Oregon, and California.
To learn more about why and how dental practice valuations are conducted, or to request a free consultation in the Washington, Oregon, or California areas, please contact the expert staff at OMNI Dental Practice Group. OMNI’s team of experts are dedicated to ensuring each client’s success through transitions, valuations, consulting and other real estate services in the dental field.
What is Dental Practice Consulting?
Running a successful dental practice takes a lot of work, much of which may not be immediately apparent. Expert consultants, such as those at OMNI Dental Practice Group, will evaluate each practice to determine the best course of action necessary to take that practice and turn it into a profitable endeavor. A detailed analysis is performed and a plan is developed to increase practice production and collections, as well as developing prospectus, compiling management reports, helping with financing and lease assignments, and more. For those looking to sell their practice, or those who already have a buyer, OMNI Dental Practice Group can act as a transitions consultant as well.
How Can Dentists Benefit?
Through dental practice consulting, a detailed analysis looks at all aspects of the practice in question, from which suppliers are used, to the management team, and everything in between. An expert team then evaluates the dental practice’s needs and goals to find out where the practice may need assistance. The information is used to develop a plan of action that will ultimately improve the overall success of the practice. The coaching experts at OMNI Dental Practice Group have averaged a 20% increase in practice production and collections for their clients.
OMNI Dental Practice Group has helped hundreds of doctors not only buy and sell their dental practices, but they have also helped to grow practices into profitable businesses through their dental practice consulting services in Washington, Oregon, and California. OMNI Dental Practice Group are a leading provider of practice transitions and sales, valuations, consulting and real estate services, specializing in creative dental practice transitions and consulting.
For more information on how OMNI Dental Practice Group can help to grow your dental practice through their consulting services, or to request a free consultation, please our team of highly trained and dedicated professionals. OMNI strives to ensure each clients’ success, through detailed formal training and certification.
The Seller May Not Receive Full Practice Value
A broker can help their client to achieve full value for the money they’ve placed into their business over the long-term. They can then work to obtain viable selling opportunities and to locate qualified buyers within the marketplace. Without this type of guidance, the seller may find their selling opportunities restricted. They may discover that they can only achieve a small proportion of their total dental practice value in the sale.
Sellers are Unable to Handle the Legal Aspects Alone
The legal aspect of a practice transition is often a critical element within the dental practice sale process. Buyers will have their lawyers review the business’s paperwork and any issues they find must be analyzed closely by experts in the legal field. Brokers often have significant legal experience or have a legal team on their side and can help handle any challenges that arise during the transition process, while keeping the seller’s needs as the foremost consideration. The broker will be available at any time via phone or email to answer the seller’s questions and move the transaction process along. This can help prevent the seller making poor choices and becoming embroiled in legal challenges.
The Seller Doesn’t Have Marketing Experience
When bringing a dental practice to the marketplace, the seller must be able to highlight the advantages of their business in a way that attracts qualified buyers. Brokers are often experts in this area. They can use their experience to craft compelling marketing materials for the seller and use their experience in the marketplace to build target buyer lists and send out high value content to these buyer lists.
Sellers Cannot Handle Mediation with Buyers Alone
The buyer will likely have a lawyer driving their purchase process. The lawyer will be negotiating with the seller on all elements of the transaction, including the final price. Having a broker on-hand during this process ensures the broker can handle all mediation, negotiating on the seller’s behalf to get the right price and the ideal structure for the purchase.
Working with a qualified broker can help dental practice sellers reduce their transaction challenges and secure a seamless sale. To learn more, speak with the team at OMNI Dental Practice Group at 877.866.6053 or visit their business website at www.omni-pg.com.
Selling a portion of your practice via a partnership has its own pros and cons. One of the pros is that if you can find a partner with similar interests and philosophies as well as a set of skills that enhances your practice and you get along well, you’ve found a winner. The cons are that those types are difficult to find. The ADA states that 70% of partnerships fail. However, if done right using experts in partnerships, you can have a successful and happy partnership transition.
Walk Away Sale
A walk away sale involves the seller removing themselves and their business interests from the practice the moment the sale is completed. This could be ideal for those in the process of retiring or relocating to a new area across the country. But sellers must analyze whether they truly want to walk away from the business they helped create. To complete a walk away sale effectively, sellers must tie up all loose ends many weeks before the buyer completes their transaction. This ensures a seamless handover process and allows the buyer to immediately enter the business with a fresh start.
Sell and Work Back
This can often be very gratifying. The seller sells 100% of the practice, but stays to work as an employee in the practice. The seller may cut back their hours, or may keep up the pace. The seller and buyer work together and the seller may even mentor the buyer. The seller no longer has any management responsibility or ownership. He simply does clinical dentistry. As long as the two get along, this can work wonderfully.
Working with a dental practice transaction broker can help sellers customize the sale according to their unique requirements. Brokers are experts in managing the transition process, from organizing the timing of asset sales to implementing buy back procedures once the sale has been completed. It’s important the company the seller works with has a full understanding of their business plans before they begin the transition process, as this will help reduce potential issues as the transaction is completed.
By having a clear understanding on the available dental practice transition options, owners can ensure the right model is found for their sale process. To learn more, speak with the trusted team at OMNI Practice Group at 877.866.6053 or visit their business website at www.omni-pg.com.