When it comes the time to sell a dental practice, it is often better to seek help to know when the best time to sell is, what to prepare beforehand and what to know before you make such an important decision.
Many experts on the field have noticed that compared to previous years where dentists worked in their practices until they could no longer work, now dentists only practice for about 10 to 15 years before looking to sell their practices and transit into another one.
There are many ways to transition our of your current practice and add value to your business 12 months prior to selling it.
Some activities that can create value to your practice is by managing the dental office website, having a more active presence in social media, acquire new patients and improve the look of the office.
Many dental practices do not have a website or are active on social media. It is vital to the growth and value of the practice to reach out online and become aware of the benefits of having a presence online. Websites can increase the amount of new patients enormously as well as engaging with existing patients. The site should have educational and informative content that can show viewers what you can offer and potentially convert those viewers into paying customers. The best thing you can do for your practice is to use this technology to your advantage, Twitter, Facebook and sites like LinkedIn are great platforms that can help you connect with your patients and new patients and build new relationships that can help your practice exponentially. Keep your updates on social media interesting and interactive – that way you can attract potential buyers and patients.
With social media presence it is important to keep updated on what is being said about your practice. Patients can write reviews and comments about their experience, it can be of huge help to help you identify what your customers like or dislike and you can fix and improve your practice. Creating a positive reputation is very important!
There are many ways the look of your office can add value to your practice, prior to selling make sure you get a professional office decorator advice on how to plan for your rooms to look current and fresh. Make it an attractive space for potential buyers to be attracted to and remove any personal items or artifacts. Touching up your office will not only keep it looking fresh but will also appeal more to buyers who are looking for a fresh new office that is well lit, fresh and clean.
Before you even think of touching up your practice, make sure you have a clear and concise business plan design to help you bring in new or existing patients. The more activity you have, the more new patients will come and help you develop a stronger plan for when you are ready to sell which will in turn bring in more potential buyers.
Selling your practice requires a lot of research, preparation and planning, so make sure you are well informed about taking this next step.
Tralongo can help you manage the day to day operations while you focus on retaining your current patients happy. Call us for a quick consultation on 404 537 5211 or visit us at www.tralongo.net