The closing negotiations of a dental practice deal are imperative for your career. If you’ve practiced as a dentist and have decided to sell, you have likely poured countless hours into your practice. You’ve seen it all and have spilled so much blood, sweat, and tears while caring for your patient base. Successfully selling your dental practice is the final step in ensuring that your patients and practice are cared for. You want to rest easy knowing that your dental practice sale is successfully in its closing stages.
If you want to finalize your dental practice transition and close the deal successfully, you’ll need to come prepared, and that will almost certainly require outside assistance. Triumphant Partners has helped countless dentists do just this over the years and has identified a few items that are always worth having when nearing close. Read on to learn more!
Financial Information
Any dental support organization or dental partnership organization will want to review your financials with a fine-toothed comb. They’re in the business of partnering with qualified companies, after all, and your financial data will be of the utmost interest throughout the sales cycle.
This starts with a thorough and detailed practice evaluation at the onset of the sales cycle. Once you know the dollar figure of your practice, you’re better equipped to field offers and answer questions from buyers. This is the first step for financial documentation in the dental practice sale cycle; without a complete practice evaluation, you run the risk of accepting a below-market offer and could potentially leave tens of thousands of dollars on the table.
However, while practice evaluation is the first step, it is not the last. The practice evaluation stage is usually followed by a review of your finances, which are documented thoroughly at the end of the deal. While you may have to disclose the below before closing, you should have most of, if not all of, the following at the end of the deal:
- Tax Returns
- Cash Flow Statements
- Evaluation of Practice Tech
- Collections Reports
- Production Reports
- Growth Projections
Operational Information
Your practice is so much more than just financial information. You’ll need to have a slew of operational details as you prepare to close. The dental support or partnership organization will be interested in financials, but they will also be interested in ensuring operations can continue unabated after close. They could want to see any or all of the following to help achieve that goal. Even if all of the below are not necessarily required at closing, it’s recommended that you assemble and package everything you can to assist in the transition period.
- Standard Operating Procedures
- Office Processes
- Staff Employment Documents
- Catalog of Inventory
- Full Assessment of Assets On Site
- HR Paperwork
- Information Surrounding the Storing and Management of Patient Data
- Practice Marketing Material
- Calendars, Log-Ins, and Other Necessary Operational Details
Compliance & Legal Information
The dental support or dental partnership organization you’re selling to will also want to ensure that all your legal affairs are in order. Transitioning a dental practice will require alignment between your attorneys and the buyer’s, which usually requires an extensive legal review. Be prepared to provide any of the following.
- Purchase Agreements
- Business License
- Business Entity Information
- Deeds
- Corporate Charter
- Bill Of Sale
- Proof Of Safety Compliance
- Any Outstanding Legal Documents Or Legal Affairs
Cross Your Ts and Dot Your Is with Triumphant Partners
An industry expert in your corner is invaluable when selling your dental practice. A dental broker with established industry connections and a proven track record of closing beneficial deals for their clients is a tremendous resource to have when nearing the close of a deal.
That’s where Triumphant Partners comes in!
You have enough on your plate. Let the experts at Triumphant Partners help you gather all of the pertinent information and prepare to close your deal. Too many dental practice brokers treat their client practices as transactional deals; we know that your practice is one-of-a-kind and will always help you find the most qualified buyer for your specific needs and goals. Relational deal-making motivates our team; we will always bring that approach to your deal.
The right buyer is more than mere financials; it’s a buyer who will integrate with the treatment philosophies, practice dynamics, and mission statements you’ve built at your office over the years. Triumphant Partners is here to help you find that buyer.
We promise to…
- Always Represent Your Interests and Your Interests Only
- Help You Value Your Practice
- Guide You through the Sales Cycle
- Assist Your Attorneys with Valuable Information at Close
Call your friendly Triumphant Transition advisor for a courtesy consultation today!
