By Corey Young, DDS, MBA, CVA
What a crazy time we are in. At least to me, this is a sober reminder that major disrupters are almost impossible to predict. I am reassured that our nation seems to be taking the situation seriously and I do firmly believe we can weather this storm. Most of you reading this are making difficult decisions about staffing, how to deal with emergencies, and how you...Read More
By Megan Urban, OMNI Practice Group
As many of you know, in the sale of dental practices, typically the biggest contributor in determining the purchase price is “Goodwill”. Are you aware of the aspects that make up goodwill? Of course, it includes your patients and business reputation, but it’s also based on patient retention, which is your hygiene program or Recare.
Savvy buyers understand...Read More
We have been involved in practice transitions since the mid-1990s. Our company has sold over 500 practices in 10 different states. Doctors have sold their practices for numerous reasons ranging from just being tired of owning and managing a practice to severe health issues forcing them to sell. In all these years and transactions we have performed, not one doctor has come up to us after the...Read More
By planning your transition carefully and working with a trusted broker in the dental practice marketplace, practice sellers can ensure each element of the process is completed smoothly. But first, it’s important to learn more on the types of dental practice transitions available for those considering a sale. In this article, the team at OMNI Practice Group explains the processes involved in...Read More
1. When should I start thinking about and preparing to sell my practice?The earlier the better, but no later than 3 years prior to selling your practice in order to optimize your sales price and find a good buyer match. Practice values are typically based on 3 to 5 years of financial information with the numbers weighted heavier towards the most recent years. If you focus your last 3...Read More
There are many advantages to owning a dental practice over being an associate dentist and not owning a practice. For one, the average dental practice owner makes approximately 20% more in income than an associate dentist working for someone else. A dental practice owner also gets to choose what procedures he or she wants to perform, refer out, or delegate to an associate (if there is...Read More
I’m sure many of you have sold a car, boat, or a house by yourself. For the most part, cars and boats are pretty simple to sell. Even selling a house only involves a couple of pieces of paper, an escrow agent, and a few other steps. But selling your practice is another ballgame. Emotions get involved as you are attached to your patients, staff, and heck, you built this baby! There...Read More
Practice valuations and those that value practices can come in all shapes and sizes. Did you know that there are probably 20 different methods you can use to value a practice? Did you know there are 5 to 10 different certifications or accreditations for those who value practices?
Rule of thumb valuations are ones that are typically quoted and overly abused. The typical rule of thumb...Read More
By Megan UrbanBroker/Production/Collection Consultant, Omni Practice Group
Thinking of selling your practice but don’t want to pay the broker’s commission? Think again. Do you ever refer out procedures because you know the specialist has more experience, may get a better result, and take less time? History shows that any time you sell your business and/or real estate yourself, the...Read More
By Megan UrbanBroker/Production/Collection Consultant, Omni Practice GroupIf you are considering selling in a few years, contact a broker now that has lots of dental experience and can assist you to prepare. You may want to continue the way you have until you sell, but if you have any interest in doing a few things to secure a higher price and have a desirable practice to buyers,...Read More