Practical Guidance When Selling A Dental Practice
- Selling a dental practice can be an overwhelming undertaking. At Triumphant Transition Partners, we guide and support dental practitioners in partnership with all organized dental groups. We know the decision to sell your dental practice is a difficult one, but here at TTP, we view it as a 100-year decision. Triumphant represents your best interests only, while buyers solely represent theirs. With experience in the DPO and DSO space, we know the necessary metrics to maximize our clients’ return, negotiate the ideal sale terms you want, and keep you in control.
You Want to Sell Your Dental Practice- Now What?
When selling your dental practice, selecting the right dental practice brokerage is an indispensable step. This decision holds paramount importance because Dental Support Organizations (DSOs) and Dental Practice Organizations (DPOs) vary significantly, and not all of them will align perfectly with your unique practice. It’s not just about finding a buyer; it’s about ensuring a smooth transition while maximizing the value of your dental equipment, financial assets, and practice goodwill.
Our Commitment to Excellence in Dental Practice Sales
We’re dedicated to forging a partnership that serves your best interests. If you’re contemplating the sale of your dental practice, reach out to us today to experience a tailored approach that optimizes every aspect of your transition. With our specialized expertise, you can confidently navigate the complex world of dental practice sales and achieve the financial outcome you deserve.
Equipment Appraisal and Financial Analysis:
Our expert team specializes in comprehensive equipment appraisal and financial analysis. We understand that your dental equipment represents a substantial part of your practice’s value. By conducting a thorough assessment, we can provide you with an accurate valuation, ensuring you receive the full worth of your investment during negotiations.
Negotiation and Financing Solutions:
Effective negotiation is at the heart of any successful dental practice sale. Our seasoned professionals excel in negotiation strategies, working tirelessly to secure the best terms and value for your practice. Additionally, we can assist you in exploring various financing options, ensuring that you have a range of choices available to you as you embark on this important transition.
Facilitating Successful Dental Office Sales
An experienced dental office broker can do more than just secure a substantial sale; they excel in identifying the perfect match for your dental practice’s specific requirements and company culture. These meticulous considerations are pivotal in determining the success of your practice transition. It’s crucial to remember that when selling to a prominent dental group, a post-sale partnership typically extends for the duration of the agreed-upon contract. Thus, the importance of securing a seamless fit cannot be overstated.
Our seasoned brokerage team specializes in guiding you through selling your dental practice, recognizing that the right partner extends beyond monetary gains. We delve deep into the core of your dental practice, encompassing factors like patient demographics, treatment philosophies, and team dynamics, to identify an entity that seamlessly integrates with your vision. Our thorough approach ensures that the transition not only maximizes your practice’s value but also safeguards its legacy and fosters enduring success.
With our dedicated brokerage services, you can trust that we will work diligently to connect you with an entity that aligns perfectly with your practice’s unique identity. Your future partner will not only honor your legacy but also contribute to its growth, creating a mutually beneficial alliance that transcends the financial transaction alone. At Triumphant Transition Partners, we are committed to making the transitional process as smooth as possible for all our clients. If you’re looking for an experienced partner to sell your dental practice, look no further than TTP.
With our dedicated brokerage services, you can trust that we will work diligently to connect you with an entity that aligns perfectly with your practice’s unique identity. Your future partner will not only honor your legacy but also contribute to its growth, creating a mutually beneficial alliance that transcends the financial transaction alone.
At Triumphant Transition Partners, we are committed to making the transitional process as smooth as possible for all our clients. If you’re looking for an experienced partner to sell your dental practice, look no further than TTP.
WHAT TO CONSIDER WHEN SELLING A DENTAL PRACTICE TO A DSO or DPO
DSO & DPO due diligence is critical. There are countless DSO/DPOs & Dental Office Brokers to choose from, and each is unique – selecting the perfect one for your practice is very important. Partnering with the best dental practice brokerage is essential.
Pros and Cons of Selling Your Dental Practice
Deciding to sell your dental practice can be a demanding choice. At Triumphant Transition Partners, we take the time to sit down and discuss your needs and understand your goals. This allows us to determine the best route forward and custom-tailor your transition strategy. We have experience selling to doc-to-doc, Private Equity, and with all the organized dental groups. Our team is fully equipped to guide you through every step of the way.
How Much Control Do I Have?
When looking to sell your dental practice, this is often an overlooked and extremely vital aspect of any successful transition. You will be expected to share some or all the control within your practice. Letting us negotiate the precise deal terms to protect you is essential, and we remove all the hidden terms that can be in a contract agreement.
What If I Own My Real Estate?
This is often overlooked and very important in recommending the best DSO/DPO for your transition. Here at TTP, we have a team of licensed and experienced Commercial Real Estate agents that will discuss the best fit when deciding to transition your building or negotiating the lease terms with your new partner. This aspect is critical in maximizing the return on your commercial space now or selling to an investor in the future.
How Is My Practice Valued?
Here at Triumphant, we have certified healthcare public accountants on our team to maximize the value of your practice. During our intake and discovery, we will partner with your team and review all your financials to secure that you receive the highest valuation possible. This is done through a process where we build up your EBITDA. Your EBITDA and our carefully crafted metrics formula ensure we get you the highest VALUE.
Consider Your Post-Sale Role
What happens after you sell your dental practice? The decision on your post-sale role is crucial and depends largely on your personal and professional goals. When selling a dental practice, many practitioners opt to stay involved during or after the transition period to ensure a smooth handover and maintain continuity for patients and staff. This involvement can range from a short-term advisory role to a longer-term operational position.
Options for Post-Sale Involvement:
- Short-Term Transition Period: Some dental practitioners choose to stay on for a few months to help transition the practice to the new owner. This period allows you to introduce the new management to your patients, staff, and the operational procedures of your dental practice. This involvement can significantly reduce disruption and help maintain patient loyalty.
- Long-Term Engagement: For those who prefer to remain active in their dental practice, negotiating a long-term role post-sale can be beneficial. This could involve continuing as a dentist within the practice, taking on a managerial role, or acting as a consultant to ensure the continued success of the practice under new ownership.
- Complete Exit: Alternatively, some dental practitioners may prefer a complete exit from their dental practice post-sale. This option is ideal for those looking to retire, relocate, or pursue other opportunities. Our team will work to secure the best terms that support a seamless and satisfying departure from your dental practice.
Tailoring Your Post-Sale Role:
At Triumphant Transition Partners, we understand that each dental practice sale is unique, and so are the goals of each dental practitioner. Our dedicated team will work closely with you to identify your objectives and design a post-sale role that aligns with your desires. Whether you want to remain active in the practice or exit entirely, we ensure you get the terms you desire, protecting your interests throughout the process.
Key Considerations:
- Contractual Terms: We help you negotiate the precise terms of your post-sale involvement, whether it involves staying on as a dentist or exiting completely. Clear terms help avoid future misunderstandings and ensure you are satisfied with your role post-sale.
- Transition Support: Our team offers comprehensive support during the transition phase, ensuring that both you and the new owners are prepared for a smooth handover. This includes training for the new team and detailed handover documentation.
- Patient and Staff Communication: We assist in communicating changes to patients and staff, ensuring they are comfortable and confident in the new management. This helps maintain the goodwill of your dental practice during the transition.
Achieving Your Desired Outcome:
No matter your post-sale aspirations, Triumphant Transition Partners is committed to providing a tailored approach that meets your specific needs. Our expertise in selling dental practices ensures that you achieve a favorable outcome, whether you seek continued involvement or a complete transition away from the practice. With our support, you can confidently navigate this important phase, knowing that your future and the future of your dental practice are in capable hands.
Ready to Hire Experienced Dental Brokers? Find Someone That Cares About You.
You are, of course, not expected to know everything about the process of selling a dental practice – but dental brokers are. The industry landscape is changing daily, and it is our job and passion to stay up to date with it all. We see this as a true partnership, and picking the right partner can mean the difference between a successful transition and a poor one. Our team truly cares about you and your dental practice and is committed to providing the best transition experience possible.
What is a Dental DSO or Dental DPO?
A Dental Partnership Organization (DPO) contracts with dental practices and dental groups to provide non-clinical operations support services and core business management services.
By law, in most states, dentists must own and operate their dental practices. DSO/DPO-supported dentists can free up time to do what they love, practice dentistry, and leave the operational tasks to others who have created efficient systems. This allows dentists and dental groups to earn more income and flexibility in their professional and personal lives.
DSO/DPOs may be referred to synonymously as dental management service organizations, dental practice management firms, group dental organizations, dental management organizations, organized dental groups, and dental management service organizations. A broad term for Dental DSO/DPOs is Corporate Dentistry, but they are so much more.
At first, some dentists are afraid to relinquish control of the day-to-day dental practice business operations to a Dental DSO/DPO. In our experience at TTP, joining the RIGHT Dental DSO or DPO can be one of the most freeing experiences of your entire dental career. The key is to find the RIGHT Dental DSO/DPO Partnership structure for you. Did you know there are over 4,000 Dental DSO and DPOs in the United States? Finding the right fit for you is where our expertise comes in.
Dental DSO/DPOs can provide support services for:
- General administrative services
- Human resources and staffing
- Payroll and billing
- Insurance coding and insurance services liaison
- Advertising and marketing services
- IT services – Information technology
- Building and facilities management services
- Procurement services – durable and exposable goods
- Accounting services
- Regulatory compliance
By freeing up the numerous hours spent on these time-consuming tasks, solo dentists and group dental practices can have free time to balance their lifestyles, have a higher quality of life, and expand their clinical skills to deliver higher levels of service to their patients while building generational wealth.
Free Dental Practice Valuation
An accurate valuation greatly contributes to the overall success of your dental practice’s sale and ensures you receive the highest possible value. At Triumphant Transition Partners, we offer free dental practice valuations and consultations. Call us at 512-924-8808 or schedule a 15-minute courtesy consultation.