Working with dentists for over 16 years I respect the intuitive nature of the dentist. Most practioners I work with ask great questions and exemplify “lifelong learning.” In my experience at DDSmatch I continue to receive these questions and thought I would showcase a few of them in this article:
When is a good time to get an appraisal on my practice?
Answer: Since dental practices are always evolving, my opinion is not to get an appraisal until you are truly ready to transition the practice. Dental practices have rebounded of late and values are higher than they were even three years ago. I always encourage sellers to consider paying for a true appraisal or “business valuation” from an accredited firm that specializes in business valuations. Some of those accredidations
are Certified Valuation Analyst (CVA), Accredited Senior Appraiser (ASA)- Business Valuation member of the American Society of Appraisers and the AICPA’s specialty designation for business valuators (ABV).
When is a good time to take my practice digital if I am considering selling in 3-5 years?
Answer: Almost all of the potential buyers which I am in contact (over 200 and counting) are currently using digital radiography in thier associateships or jobs. It is not critical to be digital at time of sale, but it helps in the marketing of your practice and can help the “right” buyer to choose your practice over another. If the practice is not digital, the buyer may ask for a discount on your appraisal to help he/she purchase the technology from the start. If you are 3-5 years away, it makes good financial sense to make the change now and experience the benefits for your practice, and will help you transition in the future.
When is a good time to sign up for new insurances?
Answer: This is a critical decision for the practice, and in those critical decisions I always communicate to clients to consult with trusted advisors in this field. Dr. Charles Blair is the foremost expert in this space, and has given sound advice to dentists all over the country. His product Practicebooster has incredible insight on this and other dental practice challenges. Visit http://www.practicebooster.com/
When is a good time to tell my staff my desires to sell?
Answer: “The fear of change is worse than change itself” is a common quote I use when confronted wih this question. In 90% of practices we represent there is very little change (staff, patients, practice operations) after a transition…so why put your staff through the stress of potential “CHANGE” when rarely it happens? I am not a proponent of “secrets”, but it is in the buyer and sellers best interest to not have to respond to the many questions that do not have answers during the search and interview process.
In conclusion, there are so many questions arise in the process of considering transitioning your practice. The first step of “The Trusted Transition Process” is Conceptual Transition Experience where we address your custom desires and needs in a potential transition. I am available any time for a complimentary discussion on these and all the questions and concerns a dentist may have on the subject. Please email me at tmiller@DDSmatch.com and we can arrange a time to talk.