Building the value of your practice
Alpesh Khetia emphasises the importance of pre-planning when selling your practice
When selling a dental practice, careful planning and preparation are essential to ensure the sale goes as smoothly as possible and you achieve the best price. There is more to think about than simply if it’s the right time or right place. Preparation should start months in advance to help increase the value of your business prior to selling.
As the saying goes, the longer you have to prepare the more control you have. As an owner you are going to want the best price possible for your business in order to achieve your exit goals and fund the next stage or your life or career. There are a number of ways you can build the value of your practice, including becoming active on social media, updating your website, and marketing to new patients. If done correctly it could help you not only get the best price for your business, but also reduce the amount of time it could take to sell.
A website is the most valuable marketing tool for a practice and opens the door to many other advertising opportunities. If your dental practice does not have a website or it requires a revamp, now is a great time to invest in this area of your business in order to attract patients and increase sales. The website should be full of informative content and educational material. It needs to be easy to navigate, be up to date with all treatments and services currently offered, display information on members of your team, your opening hours, accepted plans and payment policies. To boost traffic further and reach a wider audience, you could consider features such as Google AdWords and pay-per-click advertising for search engine optimisation.
Your website will remain one of the main resources – but creating an online presence through social media sites, such as Facebook, Twitter or LinkedIn can help to take your practice to the next level. A dynamic online presence will allow you to connect with your current patients, as well as attract prospective customers. Word-of-mouth recommendations remain one of the key advertisements of any business, and this can be enhanced through social media. Being active online gives you an opportunity to share news about your practice, build relationships, and connect with future patients. LinkedIn can be a powerful networking tool, while Facebook and Twitter accounts should be updated a few times each week with interesting and interactive information so that patients will be aware of new promotions and practice news.
Both an up-to-date website and online presence will help to get individuals through the door. However, it is not always enough to grow the practice and attract new patients, instead dentists need to think outside the box and implement a strong business plan. Looking at all aspects of your company and considering where you could enhance your business is key to creating new sources of revenue. A good marketing plan should be implemented to encourage referrals from active patients, as well as attracting new individuals or inactive patients. Furthermore, having a strong plan and building goodwill demonstrates the potential and reputation of the business.
Do your research
When it comes to selling your practice, there are three main routes available; developing a partnership, selling and staying on, or selling the practice and making a clean break. You need to carefully consider all of your options, as well as researching each potential buyer thoroughly. Ethics, values and intentions should all be discussed prior to the sale, particularly if you are looking to work alongside or under the new buyer.
Selling to an experienced group, such as Rodericks Dental can help make the process as smooth, efficient and stress-free as possible. Rodericks Dental is dedicated to excellent patient care and can provide friendly and practical support throughout the sales process. They have the capability to complete in just 12 weeks, can contributing towards your legal costs (when you used an experienced dental representative) and offer free practice evaluations.