Niche Exit Planning Strategies
Selling a Dental Practice
In any market, there are sellers and then there are serious sellers. We'll give you the tools you need to be taken seriously when you decide to sell your dental practice.
Dire economic forecasts have forced many dental practice sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a dental practice.
Sale Documents
In a dental practice sale, the Letter of Intent contains the vital elements of the deal between the buyer and the seller . The price described in the Letter of Intent may fluctuate based on information that is revealed during due diligence, but the inclusion of new requirements in the final contract could be a deal killer. Never sign a Letter of Intent until it has been properly reviewed by your attorney and you are in complete agreement with everything it contains.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for dental practices than other buyers.
Selling to a Family Member
There is no easy way to sell a dental practice, not even to a family member. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Share this article
Additional Resources for Entrepreneurs