3 Ways to Maximize the Value of Your Dental Practice Before Retirement

Planning for your retirement after running a successful dental practice for many years poses a great challenge to any dentist. If you’re starting to wind down your professional career and wish to sell your practice in the next two years or so, you should make sure that you end up with the maximum sale price. After all, you’ve invested a great deal of time and money into your practice and you most certainly want to have a nice nest egg available as you enjoy your much-earned status as a retiree.

Cosmetic Surgery Verses Wrinkles

Dental practice transitions typically take about 12 months to complete so now’s the time to maximize the value of your practice to ensure that you get your asking price.

Here are three things you can do in the years prior to selling your practice which will help increase its value.

Increase Your Practice’s Physical Appeal

The appearance and image of your office has a profound impact on how potential buyers view and value your practice. This is why you need to make any needed improvements to your office décor, equipment and even customer service. When a potential buyer walks through an attractive office environment and sees nice décor, modern equipment, advanced technology and friendly customer service, a good impression will be made.

Create an Online Presence
If your dental practice doesn’t have a website, now is the time to get one. It doesn’t cost much to have a website designed and put on the web so find a web designer with experience building and optimizing dental websites. Your website should be filled with content and educational materials. It also should include online appointment forms for your patients so they don’t have to spend time in your office filling out paper forms. You also should become active on social media. Good networks to join are Facebook and LinkedIn. You could assign a social media savvy employee the task of updating your accounts weekly. Focus on keeping the information interesting and interactive. Today, buyers like to see dental practices that are being current and active online as a strong online presence attracts patients.

Get Your Financial Records in Order and Maximize Your Practice’s Efficiency

Any interested buyer will want to know that you’ve kept a good eye on how your practice is performing money-wise. This is why you need to make sure that your financial records are accurate and up-to-date. A good way to do this is to track your income and expenses using financial software.

Buyers also want to see that your practice has been steadily growing in terms of patient base and profitability. By doing things like streamlining your scheduling process, improving collections and maximizing the number of patients you see each day, you’ll be able to demonstrate that your practice is running efficiently and with profit in mind.

In conclusion, it’s necessary that you make your dental practice appealing to potential buyers before listing it for sale. Advanced planning is the key to successful dental practice transitions so take the time to evaluate your practice so you can make necessary improvements during the few years leading up to the time you wish to sell.

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