What’s On Your Bucket List For Your Next Chapter Of Life?

If you are planning to transition out of your practice, having enough retirement money is extremely important. You’re on the verge of finally pursuing your other goals and dreams outside of your practice, and now it the time to ensure that you have the proper finances to enjoy your next life chapter.

You still have many years ahead of you to enjoy your retirement. Let N/L Transitions support you in the transition planning and sale of your practice, so you can focus on the fun ahead. As your trusted transition adviser, I can help to ensure that you receive the maximum market value for your dental practice sale so you can have more funds available to enjoy your retirement years.

How to get started on your bucket list

1.       Start drafting your bucket list now of at least 20 things that you have always wanted to do

a.       Don’t worry about finances, I will work with you to get the most value for all your years of hard work

2.       Need a jumpstart on things to add, have you consider any of these ideas?

a.       Learn a new language

b.         Write your memoir

c.          Run for public office

d.         Run a marathon

e.         Take up mountain climbing

f.           Live in another country 

g.          Live on a houseboat for a year or two

h.         Visit all 50 states

i.            Visit all the National Parks

j.           Travel to Europe--or Asia or Africa

3.       Once you have created your list, regard it as your list of goals. Studies have shown that setting goals can contribute to healthier lifestyles.

4.       And finally, develop a retirement financial plan

In order to successfully achieve all four steps, let’s start with planning your transition out of your practice. The thought may seem a bit overwhelming, don’t worry- I am here to support you every step of the way.

Equipped with knowledge, integrity and expertise, N/L Transitions is your trusted dental brokerage firm. Working with a trusted network of dental CPAs, dental attorneys, dental insurance brokers, dental lease specialists and other professionals, my goal is to ensure that you receive the maximum market value for your investments.

If you are still actively involved in your practice and may not plan to transition out for a few years, here are some tips to consider to maintain the value of your dental practice. Whether you are planning on transitioning out of practice in a few years or are ready now, give me a call at 410-616-2042 or email me at info@nltransitions.com.  Also, take a look at this checklist for a list of the items you will need begin the process. I would be happy to meet with you to get the transition process started. 

What is the Value of Your Dental Practice? Tips on Setting Your Practice Value

Whether you’re transitioning out due to retirement or preparing your practice for a merger, it’s important to position your practice to be as attractive as possible to the potential buyer. Do you know the value of your dental practice? How does your practice size up in the competitive marketplace?

I’m here to get you started with some tips on setting your practice’s value. Though each situation is unique, here are some general tips to consider:

1.       Keep Up Your Numbers

If you are planning to retire within the next year or two, it is important to keep your productionnumbers up. Maintaining or increasing the growth of your practice by continuing to market and increase new patient numbers is really beneficial when trying to sell. Though you are in the transition stage, buyers look for stable production rates to get the assurance that their investment will be worthwhile. So continue to boost up your practices marketing by improving customer service, training your staff to ask for referrals, and improving your case presentation skills. These little changes can help to increase overall production and production per hour.

2.       Reevaluate your finances

Be prepared to provide a number of reports including tax returns, profit and loss statements, patient demographic reports, copies of lease agreements and several others- clickhere for a full checklist. Determining the value of a practice involves a variety of expense and revenue multipliers and an assessment of tangible and intangible assets, with the value of intangible assets playing a major role. Having a healthy cash flow is also critical.

3.       Strategically Plan for the Practice’s growth and sustainability

Location does play a role in your practice’s value. Since you are selling more than just a property, location also translates demographics and population trends. Though, in some instances, a long-established practice may be located in an area that has changed considerably over the years. Documenting the patient demographics and how they have grown as well as demonstrating how the practice has adapted as the area changed can be very useful.

4.       Developing your practice’s profile

Your practice’s profile should demonstrate your specialties as well as your established business model. Your practices profile is created by your broker and is usually included in their service package. All buyers are required to do their duediligence on a dental practice in which they are planning to purchase, a very detailed practice profile makes the sale process go smoother and faster

5.       Determine your practice’s Philosophy

What is your practice’s Philosophy? Are you primarily a cosmetic or restorative practice or combination? Understanding your patient base and documenting patient services will provide insight into the practice’s philosophy and how it meshes with a potential buyers’ goals. Good Will is a key intangible asset. What are some business practices that led to your practice’s success? Consider having established policies and procedures in place that demonstrate sustainable business practices that should continue after the transition. Your practice’s good will is the practice’s reputation in the community, it consists of your staff, patient loyalty and referrals.

6.       Keep your plans to sell private

Also another factor to keep in mind, when planning to sell your practice, it is recommended to keep the sale of the practice quiet. If employees or patients become aware to early they make start leaving in search for other places of employment or another practice to get services.  Losing employees or patients which would devalue the practice and could really hurt the sale as buyers are also looking for an existing patient base on which they can build.

For more details on how these steps can be beneficial to your specific situation, contact me directly at
410-616-2042 or email me edorner@nltransitions.com. I will be happy to set up an appointment to talk with you.

Tips on How to Sell Your Dental Practice

      1.       How do I locate Potential Buyers?

There are several approaches to take when preparing to sell your dental practice. You have worked extremely hard to build your practice and have invested a lot of money, sweat and tears to build your dental practice into what it is today.  You are still currently working in the practice and also trying to reap the benefits from your practice by doing some travelling, spending time with your family or just enjoying your hobbies.  All of that takes time and so does selling a practice. If you are planning on transitioning out of your practice, how will you determine what the actual market value of your practice is, how are you going to locate potential buyers, screen the buyers, show the practice, and also continue to do things you've been doing?  In the past, one of the approaches was to bring on an associate and after a few years have them buy into the practice and eventually take over the practice.  In recent years that has not been as successful unless there is a buy-in clause in your initial agreement, and that doesn't always come to fruition either.  Currently, only 10-20% of the associates without an initial clause to buy-in actually purchase the practice, the other 80-90% leave and either continue to be an associate in another practice or purchase a another practice outright. So what do you do now?  Just as you are an expert in dentistry, there are experts to assist you in transitioning out of practice. NL Transitions can work as your trusted adviser to not only determine the market value of your practice but do the leg work necessary to find a suitable buyer and be there to assist you from the beginning the end of the transaction.

      2.       What preparation is required before beginning the sale process?

When dentists are looking to transition out of their current dental practice, there are a few recommended steps to take in order to build more value in the practice. You can start by organizing your client and financial records so interested buyers can get a clear breakdown of the practices’ financials and client data. Ideally, your practice should be continuing to do well when you put it on the market. The office, reception area, and operatories must look current. The entire practice space should be clean and well lit so that potential buyers will be attracted to the space. Here are a few tips on boosting your office’s curb appeal.

If your practice has a website- keep it up to date. Your website should be full of content and educational materials. Both new and existing patients should have access to online forms that they can print and complete prior to coming in for an appointment- it will save so much time. Also, become more active on social media – connect with your patients, prospects and even other dentists. It is important to be aware of the latest news in the dental industry and be a part of the conversation.  Having a great online presence and reputation can be a great selling benefit. And finally, though you are planning to sell your practice, continue to market to both new and inactive patients.

      3.       What can I do to help seal the deal of the sale?

When in the process of closing the deal on your practice with a prospective buyer, improve your chances by offering your help through the transition phase. Knowing that he/she can give you a call if they have any questions, usually gives the seller extra reassurance that the decision to purchase your practice is the best one. Also, it is typically up to the seller to send your existing patients a letter recommending the buyer’s practice or give face-to-face introductions. It’s the little things combined that add much more value to the larger picture.

For more tips on selling your dental practice and information on how to make your transition process as smooth as possible call or email Ellen Dorner at 410-616-2042. Visit www.nltransitions.com for more resources on transitioning.