Certain steps need to be taken before a dental practice sale in Arizona. Having a plan in place helps to ensure the entire process moves smoothly. Furthermore, this allows the dentist and his or her staff to have any questions answered before the sales process begins. With this information, the value of the practice can be accurately determined, the right partner can be selected, and the dental office legacy can be preserved. What are the steps that should be taken at this time?
Plan the Exit
A dental practitioner needs to consider all the implications of selling his or her practice. While retirement may appear to be a great idea, it can quickly turn bad if there are tax consequences of selling the business that the dentist didn’t take into account. If the property on which the dental practice is located is owned by the practitioner, will it be included in the sale? This could likewise have tax implications and more. Addressing these issues long before the sale process begins helps to ensure there are no surprises as it starts to move forward.
Make Necessary Changes
In addition, a dentist needs to have a well-thought-out plan years before actually selling to ensure any necessary changes can be made. No dentist wants to walk into a practice that is outdated, as it means more work on their part to get the practice up and running. Update the equipment over time, modernize the waiting room, and work on the curb appeal of the property to get the most for the practice when the time does come to sell.
No dentist wants to take over a practice that is losing business. Streamline operations in all areas, including staffing, accounts receivable, and more. Doing so will help to increase revenue which is what every dental practitioner considers when evaluating his or her purchase options.
If you would like assistance with your dental practice sale in Arizona, call on Western Practice Sales (WesternPracticeSales.com). This process does not have to be difficult. With the help of this experienced partner, the process will move smoothly from start to finish.