10 Steps To Marketing Your Dental Practice
Selling your practice often seems like an overwhelming process. That’s why Karpa Dental Brokerage promises to be with you every step of the way.
Your Practice for Sale – A Roadmap
- Concept Phase: This is truly the first step in the process. It’s the stage where you are contemplating retirement (or some other post-practice activity), what you want that to look like, and what your preferred timeline is.
- Consultation: During the consultation phase, you will meet in person with one of our associates. We will help you walk through the maze of questions, answers, and unknowns that mark the beginning of the journey of selling your dental practice.
- Information Acquisition: In addition to financial statements, we will help you to gather and assess information on assets and patient flow, and begin to determine the sale potential as determined by your location, size, and other physical attributes.
- Valuation of your Practice: Depending on the preliminary value estimate, we will either perform the practice valuation in-house, or will refer you to a Certified Valuation Analyst (CVA) or a bank.
- Planning: During this stage, we will work together with you on a plan that takes into consideration a variety of financial options, your timeline, and your unique circumstances.
- Getting the Word Out: In marketing your practice, we will list your offer in select dental school and dental society publications.
- Potential Buyers for your Dental Practice: We will gather resumes from prospective buyers, interview them, and curate the list to help you with the process, saving you time and enriching the process with our expertise.
- Directing the Transition: Our years of expertise ensure a smooth transition plan for you, the seller, and your buyer.
- Letter of Intent: This non-binding agreement allows the two parties to come together on all matters of the transition, and many of the points will be incorporated into the APA (see next point) in the end.
- Asset Purchase Agreement (APA): This is a longer, legally binding contract. Once it has been signed by both parties, you are well on your way to accomplishing your post-practice dreams, whether that includes retirement or something else entirely!