McLerran & Associates has the experience and expertise to help you navigate the transition process from start to finish, including developing a customized transition strategy for your individual situation, finding a buyer who is the right fit for your practice, and maximizing the value you receive for your practice. While some practice owners may be able to identify a buyer who is interested in purchasing their practice with little difficulty, getting from that point to the closing table is the most challenging component of a practice sale. Provide draft contracts including the Letter of Intent and Asset Purchase Agreement. When announcing the sale of a business, timing is important. Send them a letter -- or an e-mail if they have stated that as a preference -- announcing that you've sold the business. Provide an organized process so the practice sale and transition go smoothly, including managing all correspondence between both parties and all of their advisors (attorneys, accountants, consultants, lenders, etc.). The most valuable type of dental practice continues to be orthodontics at 79.81% of collections. It is also important to remember that selling your office is not synonymous with retiring, as there may be opportunities for you to continue generating personal income following the sale by working as an associate in your office or outside of the non-compete radius. As a medical professional, you also likely will have legal obligations related to communicating how your patients' medical records will be maintained in the future. Asset value 3. Identify and accomplish the seller’s goals for the transition – Every doctor and practice is unique so it is imperative for us to spend the time to understand the seller’s individual situation and goals and formulate a transition strategy to meet their needs. Here are some of the key considerations you should take into account when planning your practice transition: For many doctors, their dental practice is one of their most valuable assets and the proceeds from the sale of their office will be utilized to fund a significant portion of their retirement. Our professional dental brokers facilitate and assist in the purchase and sale of dental practices, as well as provide assistance in obtaining practice acquisition financing, locating and negotiating dental … At McLerran & Associates, we work diligently to structure a win-win transaction for all parties involved in the transition but our fiduciary responsibility is solely to the seller. This typically involves meeting the selling doctor, reviewing patient charts and practice reports, inspecting equipment, and consulting with an accountant to evaluate practice financials. What interests or hobbies do I have to keep me busy following the sale? to help you navigate the process, protect/maximize the value of your practice, and ensure your transition is as smooth and successful as possible for all parties involved. There are over 1,000 active patients with a steady referral base. Therefore, it is crucial for you to understand the key factors that influence the value and marketability of your practice to ensure that you are in the position to maximize the value of your office at the point of sale. How strong is my emotional connection to my practice? 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