We've compiled a list of our frequently asked questions to help familiarize you with the process.
What is my practice worth?
Because every practice is unique, it’s essential to evaluate each situation individually in order to provide as candid an appraisal as possible. Our practice valuation considers a broad range of factors beyond a practice’s reported gross and net income some of these include the quality of the patient base, the amounts and types of payment for services, and the proportional amounts spent on various expenses.
Why do I need a professional appraisal?
There are many reasons aside from an impending sale to have your practice professionally evaluated; some of the most common include taking in an associate or partner, obtaining additional financing for expansion or modernization, dissolving an existing partnership, forward planning, or impending litigation. Dentcetera valuations are consistently accepted by lenders as being within 5% of a practice’s true value.
Should I contact the landlord regarding selling?
Generally, your landlord should be approached once you have a signed contract of sale in hand or when you need information on a new office lease or lease extension.
When should I tell my staff?
Circumstances vary based on several things: the relationship you have with your staff, whether the buyer intends to extend that relationship, or whether you intend to stay on during the transition period. Generally, in order to allow staff time to adjust accordingly, it’s best to inform them once the terms of the transition are in place.
How much will I have to pay in taxes?
That depends on a number of factors including accounting practices relating to state and federal requirements. Carefully structuring the allocation of the purchase price will likely serve to minimize your tax exposure.
How long will I have to stay after sale?
There are no set rules; the length of time you stay on after a sale is completed is determined by mutual agreement of the parties involved.
Do I need a special lawyer to handle the sale?
It is to your advantage to use a lawyer who is familiar with dental practice-related matters including sales contracts, partnership and associate agreements, leases, and employment issues.
Who do you represent?
Although we generally represent the seller, we work to build solid relationships with both parties to the transaction. Buyers are pre-qualified through interviews, background and credit checks, and confidentially agreements in order to save time and avert potential problems going forward.
How long will it take to sell my practice?
Dentcetera is able to achieve near-perfect matches that expedite the transition process and obtain the highest value for the seller. Generally, most appropriately priced practices close within a matter of months.