Tag: dental broker

If you’re a dentist and you’ve ever considered selling your practice, then you’ve probably thought about how you might increase the value of your dental practice. And even if you haven’t considered selling your dental practice, you might still be curious about how to improve it’s overall value. 

Improving your practice’s value offers you several key benefits as the owner. Not only will doing so increase the dollar value of the offers you’ll receive, but it will also give you more options and help you access capital through a loan or outside investment. The reasons to increase the value of your practice are myriad.

However, many dentists still struggle with increasing their dental practice’s value. Dentistry is a busy vocation, and amidst the busyness of providing care, growing your business, and tending to administrative needs, it can feel impossible to find the time to be strategic about increasing the value of your practice. 

Luckily, it doesn’t need to be challenging to increase the value of your practice. With a bit of care, effort, and planning, you can increase the monetary value of your practice and be prepared to sell it for a nice profit! Even if you aren’t ready to sell, it’s still nice to have the option if you do ever plan on selling to fund your retirement or a career pivot.

Read on To Learn About Increasing the Value of Your Dental Practice!

Understand Your Value

First off, you must have a baseline gauge of what your practice is worth. You can’t increase the value if you don’t know what your practice is worth. This might seem obvious, but again, so many dentists are so busy with the day-to-day that they likely have never tried to measure their practice’s monetary value accurately. 

Understanding your practice’s value is the first step in this process. If you want to learn more about what your practice is worth, contact your trusted Triumphant Transitions Advisor for a practice valuation. 

Consider Different Valuation Methods

So, you’ve decided to learn more about what your practice is worth. That’s a great first step! However, it is essential to remember that there are several different ways of evaluating the monetary value of any business. We don’t need to dive into every possible form of measuring the value of a practice, but these are the more common methods.

• Market-Based Valuation: A comparison of the practice to its local market to value the practice. 
• Net Asset Value Valuation: A valuation of all tangible assets tied to a practice, plus intangibles like the size of the patient base. 
• Income-Based Valuation: This can often be the most accurate and helpful way of valuing a business. There are several ways to do this, but we prefer to focus on your EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). This is, in essence, the stock of how much operational cost goes into the profit of any given business. The higher the EBITDA of a practice, the more financially healthy the practice is typically. Different practices might have vastly different sizes, incomes, asset portfolios, and debt burdens, so EBITDA is a simple and universal way of comparing apples-to-apples.

Again, you do not need to understand how to measure the value of your practice with these methods, but know that different protocols can be helpful in understanding value. For example, let’s say you received a practice valuation, but the dental broker in question used only assets to measure your value. That may not accurately reflect the value of your practice.

Now, let’s say you’re an older practice without the latest and most valuable tech, but you have a large and faithful patient base. An asset-only valuation could not accurately measure how financially stable your practice is. That’s why you should consult with Triumphant Transition Partners today so that we can accurately gauge your EBITDA.  

Acquire Assets

One of the most straightforward ways to increase your practice’s value is to increase the value of the assets the practice holds. Many dentists look to modernize outdated equipment, expand to a second or third location, or bring on another associate to increase the practice’s monetary value. 

However, while acquiring more assets is a straightforward way to grow, it’s not always the best strategy for every practice. You might not have the funds to invest in assets. And even if you do, a second location or a new associate might increase the amount of administrative upkeep necessary to keep the practice viable. You might see your practice’s value rise and, with it, the amount of effort needed to keep the practice afloat. Investing in assets is a great way to increase your practice’s value, but again, any investment opportunity should be weighed against the business’s needs.

See What the Market Thinks With Triumphant Transition Partners 

If you’re a dentist considering selling your practice to a dental support organization (DSO), you might have wondered how much your practice is worth. Well, wonder no more! Putting your practice on the market and fielding offers is a great way to understand what your practice is worth! Having multiple qualified buyers interested in your practice is a great way to increase the asking price and close above your initial target selling price. 

It is important to remember that dental support organizations (DSOs often low-ball dentists when they approach any dentist. If a dental support organization ever approaches you and makes you an offer, it’s a fair assumption that their offer is not the true high watermark of the value of your practice. You’ve put so much sweat equity into your dental practice; don’t sell to a dental support organization (DSO) alone. 

Triumphant Transition Partners can help! We’re a top dental broker, able to represent you through the entire sales process! A great relationship with a DSO can be life-changing; a bad business relationship can dramatically reduce the quality of your work life. Partner with Triumphant Transition Partners to navigate the sales process and maximize your asking price, satisfaction, and negotiating power at the closing table.

Contact Your Friendly Triumphant Transition Partners Advisor for a Courtesy Consultation!

If you’re a dentist looking to grow your practice, few organizations can be as helpful as the Texas Dental Association. This dental organization is one of the largest in the country and offers its members many benefits. Dentistry can be a very involved profession. You’re likely incredibly busy running your practice, caring for your patients, growing your business, and continuing to grow as a dentist. Many dentists find themselves struggling to balance all aspects of dentistry, business, and medical education. Membership in a dental organization like the Texas Dental Association helps many dentists grow in their careers, learn how to run their practices efficiently, and connect with other dentists within their geographic region.

The team here at Triumphant Transition Partners shares their thoughts on the many benefits of membership in a dental association like the Texas Dental Association below. 

Keep Reading To Learn About Dental Associations 

The Texas Dental Association at a Glance

The Texas Dental Association…

• Has 9000 Members
• Consists of 26 Local Component Dental Societies 
• Was Charted 1871 
• Publishes Its Own journal, The Texas Dental Journal 

Obviously, we strongly recommend joining if you’re within the state of Texas. However, If the Texas Dental Association isn’t right for you at this point in time, know that there are many other dental societies and associations that offer similar benefits. The American Dental Association is the largest and most prestigious, but there are many others with particular subspecialties and focus areas. 

If joining the Texas Dental Association isn’t right for you at the moment, we encourage you to get involved with some sort of dental association. Membership offers so many benefits, so we encourage you to find the organization that is right for you. 

Reasons To Join a Dental Association 

Advancement

If you’re running a dental practice, you know that advancement is a key part of growing your brand as a dentist. However, finding the time to grow in your career can be a challenge. If you’re looking to potentially join another dental practice or relocate to practice dentistry in a different part of Texas, the Texas Dental Association offers you some unique benefits. 

A key benefit of the Texas Dental Association – and other dental organizations – is the access it allows to other dentists. As any adroit professional knows, an organization of like-minded peers lets individuals learn, connect, and socialize for career advancement. Many dentists find that being plugged into a community of their peers is a great way to grow their careers. Remember, the Texas Dental Association boasts 9,000 members. That’s 9,000 members to discuss dentistry, network, and suggest solutions with. Access to those members can help solve many problems, including dental problems, solutions to practice management questions, or finding and offering new opportunities. 

Conferences

Texas Dental Association & American Dental Association events are great ways to increase your dental knowledge. Plus, they can be a lot of fun! Being involved with the Texas Dental Association gives you access to a number of Texas Dental Association and American Dental Association events. The Texas Dental Association also has many component societies within unique markets across Texas, so if you’re not able to take time away from the practice to travel, know that local events do exist! 

Continuing Education

As a dentist, you’re required to continue your education to stay relevant in your field and provide the best possible care to your patients. This continuing education is important, but it can be difficult to find the time to focus on continuing your dental education. Many dentists can be confused as to what their continuing education requirements actually are, which makes completing their CE rather difficult. If you’re involved in the Texas Dental Association, you’ll have access to the Association’s list of continuing education requirements for members, which can be incredibly helpful if you’re struggling to find the time to focus on your continuing education. Plus, being plugged into a network of other Texas dentists is incredibly useful for discussing CE requirements, tips, and best practices. 

Other Business Opportunities

Dentistry certainly is a complicated medical specialty, but the business side of dentistry is just as important for your career as a dentist. The Texas Dental Association is a great place for dentists looking to find other business opportunities. Your peers within the association are not only a great resource for your personal networking and hiring but can also advise you on whether selling your dental practice to a dental support organization is a good idea. Many of these dentists also have experience with the process of selling to a dental support organization and have opinions about which dental support organizations are worth considering. Their opinions and expertise are invaluable if you are a dentist considering selling your practice to a dental support organization.

If you are a dentist considering selling your dental practice, additional representation is a must. A good dental broker can help you sell your practice to a dental support organization quicker, at a higher price, and with better terms. Triumphant Transition Partners is here to support you through selling your practice.

We offer…

• Sell-Side Advisory With Buy-Side Experience
• Practice Valuation
• Qualification of Potential Buyers & Letters of Intent
• Representation Through Close

Selling your dental practice will likely be the biggest decision of your career. Ensure that you have an expert dental broker to help you navigate the complicated process of selling. Partner with Triumphant Transition Partners to sell your practice and fulfill your career goals. 

Contact Triumphant Transition Partners for Your Courtesy Consultation & Secure Your Future Today!

If you’re a dentist looking to sell your practice, a dental broker is a tremendous asset to have in your camp. Selling a dental practice is challenging work, and the right dental broker can help you maximize your value, help you reach your strategic goals, and represent you through a long and arduous sales and close process. If you’re a dentist considering selling, consult a dental broker.

However, just as all dental practices are unique, no two dental brokers are the same. As you consider selling your practice, you must consider why you want to partner with a dental broker to ensure you choose the right one. The wrong dental broker could make your dental practice sale process more complicated than needed; the right dental broker could sell your practice faster, above the asking price, and with better terms. 

Choosing a dental broker is a big decision. To help you think through this, the team at Triumphant Transition Partners put together the following to help you choose the right dental broker for your practice sale. 

Dental Broker Tip 1: Understand the Value of Your Practice

First and foremost, you must understand just how much your dental practice is worth. This is arguably one of the most important steps of this process. A well-researched and well-informed evaluation of your dental practice sets you up for success throughout the entire process. 

However, many dentists don’t fully know the value of their dental practice. Moreover, many think they understand how much their practice is worth but might be relying on outdated methodologies. There are multiple ways to value the worth of a dental practice during the sales process. Depending on your needs, you might rely on your market-based valuation, asset-based valuation, income-based valuation, or even your total collections. 

However, you must take the time to understand the EBITDA of your practice. Knowing your Earnings Before Interest, Taxes, Depreciation & Amortization equips you with a universally-accepted and comprehensive snapshot of the financial health of your dental practice. That is an incredibly useful tool to have when selling your dental practice.

If you don’t know how much your dental practice is worth, partner with a dental broker who can help you gauge your practice’s value. This will set you up for success when selling.

Dental Broker Tip 2: Know What Your Goals Are

The next step in this process is to fully understand your goals. Obviously, you want to sell your practice at the highest value, but too few dentists think beyond this. Your secondary goals are actually just as important.

Again, no two dental practices are the same, so no two sales processes are the same. Maybe you’re selling your practice and retiring. Perhaps you want to stay on as a dentist at this practice but just need help from a Dental Support Organization managing the administrative side of the practice. You should consider these different use cases when selecting a dental broker. 

Does your potential broker have a history of selling practices where the dentist intends to retire immediately? That may not be the right dental broker for you if you want to stay at the practice for a few years. Does your dental broker have a history of negotiating specific terms for dentists staying on with their Dental Support Organization? (i.e., hiring decision rights, input into administrative processes, etc.) If the answer is no, it might be worth finding a dental broker equipped to handle and negotiate specific terms.

Dental Broker Tip 3: Find the Broker That Is Best for You

Not all dental brokers offer the same services. You must research the unique offerings of every dental broker when making this decision. The right dental broker will provide specific services that align with your goals. Some dental brokers have special relationships with large DSOs. Others are well-established in specific geographic areas. Others have connections with professional lawyers and accountants who specialize in selling dental practices. Regardless of your use case, you must understand what you need and plan accordingly. 

Partner With Triumphant Transition Partners 

If you’re considering selling to a dental support organization and are looking for a dental broker to help in the process, look no further than Triumphant Transition Partners! We know the dental practice sale process backward and forwards and are excited to help you sell your practice! 

Our process sets us apart from other dental brokers and sets our clients up for success:

• Unique Sell-Side Advisory With Buy-Side Experience: We have experience on both sides of a deal, and that expertise helps us advocate for our clients.
• Detailed Discovery, Practice Valuation & Review: Researching your practice and your practice’s valuation and then reviewing with you helps us understand everything we need to know to advocate for you.
• Access To Our Private Buyer Network: Our exclusive buyers have dedicated capital and are eager to buy profitable dental practices. Our long and well-maintained relationships with these buyers help you sell your practice faster.
• Offer Qualification & Representation Through Close: Our team has the experience to help you determine which offers are qualified and worth pursuing. As you move through the close, we supply your attorneys with information and evaluations that prepare them for the close process. 

Selling your dental practice to a dental support organization may very well be the most important business deal of your life. Partner with a dental broker who knows the industry and is committed to getting you the best possible outcomes! 

Reach Out To Triumphant Transition Partners for Your Courtesy Consultation!