Each practice has its own personality. This is the first of a two-part series focused on preparing a dental practice for sale. One of the most overlooked part of the Dental Practice Sales process is the sales negotiation. Let’s crunch some numbers. We've helped hundreds of dentists sell their practices to DSO's, other dentists, and everything in between. Selling your dental practice is a complex process that involves far more than finding a buyer and closing the deal. As knowledgeable professionals we value your practice, in confidence, show you how you can get the maximum return on your investment and then take you through the steps of marketing the practice. Looking ahead, it’s expected consolidators will continue to drive up prices, making it more challenging for new dentists seeking to open an individual practice. Selling a dental practice takes time. Dental practices vary considerably. Selling a dental practice is a big task, so it’s important to prepare both mentally and financially. How to Sell a Dental Practice . First, take a view from 40,000 feet in the air and talk with your professional advisors. Among those are how to value your practice. george@heapsanddoyle.com, Ruth Chatel 604-220-4830 However, one thing that is generally not factored into the selling price is the accounts receivables. is a partner in The Greenberg, Dresevic, Iwrey, Kalmowitz & Pendleton Law Group. Seller’s Checklist. What is the current state of the transitions market? And now they’re thinking about selling their practice. Selling your dental practice is a serious matter. In the second article, MNP gets to the root of the consolidation trend, gleaning insights from an investor dentist and a consolidator. Square Feet: 1,370. Henry Doyle 604-724-1964 ddsmatch Four States serves both dentists who want to buy and dentists who want to sell a practice in the Kansas, Western Missouri, Arkansas, and Oklahoma areas. One single event does not typically lead to … If so, click here or call 636-362-4986. On average, a well-run dental practice can make an approximately 20 per cent profit margin; and banks will lend money to dentists at prime, which is currently below three per cent. So if you’ve decided to sell then it’s important you get a valuation from an independent expert before you put your practice on the market and accept an offer. H3B 4W5. Get a Free Consultation on Selling Your Dental Practice. When selling a dental practice, there are a lot of things to consider and details to manage. Gross Revenue: $1,466,169. Selling a dental practice can be a daunting task at the best of times, and many owners may not be aware of the relevant considerations when preparing for and carrying out such a sale. Do you want to learn more about our services? We are known for our honesty, integrity, and superior value. How to Sell a Dental Practice? We provide extensive marketing strategies with maximum exposure. George is a wealth of knowledge and during our time with him, he shares informative tips for those of you who plan on selling a dental practice at some point, even if it’s not in the near future. The following lists some key items you need to be mindful of: Use this checklist to help you start the process of selling a dental practice. Steps towards selling your dental practice. Next, let’s take a look at the two most common ways you can sell your business. It requires solid advice and sound guidance. With proper planning and competent professional guidance, the experience can be pleasant, seamless and, most importantly, rewarding. West Hastings Street So if you’ve decided to sell then it’s important you get a valuation from an independent expert before you put your practice on the market and accept an offer. Selling to a consolidator - an option that did not exist in the past - would be a strong option for an owner with a very large practice, or one who wants to ‘cash out now’ but continue as a long-term associate. Before you think about selling your dental practice, there are a host of essential points to be considered. Once again, history provides us some great guidance, for when we emerge from practice closures. SIGN IN to see pictures of the practice, the seller's name and the address of the practice. Calgary, AB To learn more, contact Gary Marcus, CPA, CA, Partner, Professionals at 416.260.3507, toll-free 1.877.251.2922, or Professional Practice Sales has been serving the dental profession in Ontario and Western Canada for over 25 years. Your dental practice is a valuable asset. With a file of more than 300 potential purchasers, and contacted daily by more, we provide the information and time needed to make your transition smoother. If a practice has $1m in collections but 75% overhead (if, say, the practice has more employees than it needs or the doctor pays themselves a hefty salary), the EBITDA is only $250,000. Getting the best professional advice at the outset can go a long way to ensuring that you make the right decisions for you, your practice, your employees and your patients. al@heapsanddoyle.com, George Osterbauer 416-312-6166 This method measures a practice based on the average annual net receipts over the last three years. 107th Ave. We’ve thought of … Selling your dental practice is a life-changing, emotional event, and the process isn’t as simple as posting a “For Sale” sign. Here are four key considerations that you as a dental practice owner should be thinking about as you begin to mull a sale of your business: 1. Jaideep Sekhon, Burnaby, BC, I decided to use the services of Al Heaps & Associates Inc. to evaluate my practice a couple of years ago, based on their experience and good reputation. Operatories: 2. While there are a number factors to consider, one of high importance for the seller is the tax implications when organized as a C-Corporation. and Alberta and throughout much of Ontario. Today I’ll be writing about some important things to consider before you buy or sell a dental practice. Get Your Practice Valuation Then give us a call and we can help you get the ball rolling. About the Authors: Ron Lebow, Esq. Selling a dental practice in stages is becoming more popular in recent years. Ref# Available Location Region Practice Type Revenue Status; 4575: 07 / 01 / 2021 : Ontario : Toronto : General ~$200,000 : Updated : 4515: 06 / 01 / 2021 You’ll never have trouble selling a practice that already has a great system in place, has a great team, is profitable, has great technology. Professional and confidential service is only the beginning with Al Heaps & Associates Inc. Our evaluations establish the fair market value of your practice and help you to prepare for your transition. However, one thing that is generally not factored into the selling price is the accounts receivables. As part of our commitment to Professionals, we regularly develop events and insights specifically for this sector. By now you have decided that selling your dental practice is the right decision for you; however, this realization raises newer – even more complex – questions about the best next step in transitions. Post the Practice That You Seek Practices For Sale Disclaimer: The UBC Faculty of Dentistry is not an employment agency and is not responsible for the information in these postings. Practice calculations of value. (417) 425-0992; Menu Menu; Important Factors When Selling a Dental Practice December 18, 2020 / 0 Comments / in Selling a Dental Practice / by admin. Every contact between buyer, seller and broker, from initial discussion to closing, is an opportunity to lay the groundwork for future negotiations. I would recommend Al Heaps & Associates to any dentist thinking of appraising or selling their dental practice. Get your free consultation. Here’s what to expect: Read More. Andy Acton and Chris Strevens discuss why it’s so important to have your dental practice properly valued before you sell it. For example, a practice with annual net receipts of $900,000 would fall between $450,000 and … First things first, data is king when selling your practice. ruth@heapsanddoyle.com, Al Heaps & Associates Inc. were very helpful in assisting me to find and purchase my new dental practice. The experts at USDT have 20+ years of experience guiding dentists through the complexities of selling their practices. Generally, you will pay income tax on any profits you make. I look forward to working with them again. While the rise of corporate dentistry has meant challenges for the market, there are positives as well. I was seeking a large, successful store front practice in downtown Vancouver. Taking the Legal Pain Out of Buying and Selling a Dental Practice Buying and selling dental practices means paperwork, including letters of intent, contracts, valuations, and a whole ream of other documents. In episode #54 of the Cultivating Business Growth, we welcome George Bozonelos, an expert in the field of dental practice sales and director of practice sales at Joseph Rossi & Associates. de La Gauchetiere St W The closer you are to Toronto the higher the demand. As an entrepreneurial firm, we truly believe there are no limits to where your career can go. © 2018 Al Heaps & Associates Inc. All Rights Reserved. The practice is stated as a percent of average annual net receipts. Steps towards selling your dental practice. Al Heaps and Henry Doyle provided me with their expert, professional assistance throughout the entire process. At the end of the day, when you sell your practice you want to get the best possible value for it. We are known for our honesty, integrity, and superior value. You may be trying to access this site from a secured browser on the server. Selling a Dental Practice; Practice Optimizer Experience; Available Matches. Ideally, these matters should be dealt with early in the sale process. There are many legal issues to consider. A Dental Practice Seller’s Checklist Use this checklist to help you start the process of selling a dental practice. This article focuses on legal issues when selling a dental practice. Professional Practice Sales has been serving the dental profession in Ontario and Western Canada for over 25 years. – Dr. Parviz Roshhanzamir, Vancouver, BC, Ten years ago, I engaged Al Heaps & Associates Inc to appraise my dental practice in Vernon, BC. 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