It is fantastic when a dentist has had a successful career in their chosen field, but there comes a time when everyone must retire. There are also times when life happens, and someone must move from the area where their business is located. In both of these instances, it will be necessary to sell your dental practice in Arizona. Here are some frequently asked questions and their respective answers in regards to how this is done in a timely and efficient manner.
How will the current patients react?
Most patients will be more than happy to accept a new incoming doctor. One key to making this transition successful is to introduce the doctor to them if this is possible and to also ensure the current staff is excited and enthusiastic about the transition.
What is the best exit strategy?
While the specifics of each exit strategy can vary widely between each doctor and their practice, most experts recommend plotting an exit five years before retirement occurs. Various professionals will need to be consulted to make sure everything is done correctly. These consultants should include tax, real estate, and legal professionals. There should be no unwanted surprises when it is finally time to make the transition.
Is there anything needed to be done to improve the money made on the sale?
Most patients these days prefer the look of modern facilities. For this reason, make sure that any outdated furniture, equipment, or other machines are replaced before attempting to sell your dental practice in Arizona. It may also be necessary to update the look of the reception area that patients see when they first walk in. Nothing will sour a potential sale faster than a clinic that is not pleasing to the eye.
While selling a practice and coming to the end of a lifelong career can very often be a stressful situation, it does not always have to be, especially when working with an experienced broker such as Western Practice Sales. A professional dental practice brokerage company can take much of the pressure off of one’s shoulders and lead to a happy and satisfying final sale.
