Making the decision to sell dental practice in Arizona is a big one. There are a few steps that can make this process easier. Knowing what these steps are can be beneficial.
Create a Strong Team of Advisors
It is important to have the right people on board when a person takes the time to sell dental practice in Arizona. The team should consist of an attorney, CPA or accountant, and broker. Having the right team on board can ensure that every step of the process is handled legally.
Get Ready for the Transition
What is the reason the practice is being sold? Is the owner trying to acquire enough money to retire? Is it to ensure the staff has jobs after the owner retires? There are many reasons that a person may want to sell. Determining what they are can help steer the transition plan. Take some time to sit down and identify the goals of the sale. This can help ensure that everything is in place once the practice is sold.
Acquire a Practice Valuation
Most dental practice owners don’t actually know what their practice valuation is. This is why it should be handled by a professional. The owner can hire an attorney, CPA, or broker to help with this. They also need to take some time to understand the place in the market for the sale of these practices. If the owner doesn’t have a full understanding of what their practice is worth, it may result in some problems when it comes time to sell.
Invest in Smart Marketing
To get a fair price for the practice, it is important to invest in smart marketing. The practice has to be advertised to the right investors. This is the only way to ensure the asking price is received.
Hiring a professional service that has experience with these types of sales can pay off. It can help ensure the desired outcome is achieved. If more information about selling dental practices is needed, the owner can take some time to contact the staff at Western Practice Sales. Working with the professionals can pay off in the long run.
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