Dental practice transitions can be complicated. It requires knowledge of contracts, the ability to negotiate, making the correct valuation of the practice and so much more. Even the most skilled and experienced dentist may have difficulties navigating through this process. That is why Bryant Consultants has partnered with Tony Myers who is able to assist in every aspect of a practice transition. Here are some factors you should consider when trying to find the right consultant for your dental practice transition.
No matter which side of the transition you are on—whether you are looking to leave a practice, or seeking to acquire ownership of a new one—you want to make sure there is an accurate estimate of the total value of the dental practice. Make sure to choose a consultant with plenty of hands-on experience determining these valuations. A savvy consultant is experienced in calculating an accurate assessment and valuation.
Key factors to consider when determining the valuation include:
- The value of existing equipment in the practice
- The current total number of patients
- The current staff, and their experience and training
- The location, and how the practice compares to competitors in the surrounding area
- Whether or not the facility used by the practice is rented or owned
- Monthly profit margins
Understanding of contracts and negotiations
Once valuation has been determined, get ready to close the deal. That means negotiating with your new associate dentist, determining a timeline for the transition, and several other crucial aspects of the financial transaction that need to be communicated in specific language in order to protect your best interests. A qualified consultant in dental practice transitions can handle all of this for you.
Your consultant should be able to represent you through the entire sequence of negotiations, including any and all communications with the other party involved until mutual agreement has been achieved. A qualified consultant also can help in the writing legal contracts that will be necessary as part of the transition, and go over every aspect of the contract with you so that you have full understanding of its meaning, and can make the best possible decision for yourself and the future of your business.
Overseeing the actual transition
Once the deal is done, and the transition is complete, your consultant still should be available for help. It can be daunting for a new dentist to step into a new business populated by unfamiliar staff members and clients who may be hesitant about this change and what it might mean for their care. The outgoing owner faces the challenges of getting all their personal and business affairs in order before transferring ownership to the incoming buyer. No matter which side of the dental practice transition that you are on, this can be a stressful process. Our consulting services make sure all of your needs are met, whether that means fulfilling all of your obligations as the seller or coming in as the buyer with the knowledge that you have everything you need to keep the practice running in a smooth and successful manner.
A dental practice transition can be complicated, but hiring the right consultant can make it easy. Bryant Consultants is excited to announce a partnership with Tony Myers, an experienced practice transition consultant that can work with you to meet your unique goals. To learn more or to get started, contact info@bryantconsultants or call (877) 768-4799. You can view the nondisclosure agreement here. We are happy to answer any questions that you may have.
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