This video features David Cohen, a lawyer whose law firm specializes in dentists and specialists with their legal transactions. He offers three expert tips for selling a dental practice.
Tip #1- Make sure the timing is right. You are going to invest time, money, and resources into selling your practice. Therefore, you want to ensure that you are ready to sell before you get to this point.
Tip #2- You need to be ready to let go. Dental practice brokers will tell you that when you receive a large sum of money for your practice, you have to accept the offer before it disappears.
Tip #3- Make sure you are ready to help transition the buyer when they are prepared to buy the practice. The buyer will have some expectation that you are going to help them transition the practice. You have to stick around to introduce the buyer to people and help them acclimate to the practice. You are not only selling a practice, but you must understand that you are also selling some amount of goodwill.
With these tips, you will be ready to start selling your practice. Find a lawyer near you to help sort out the contractual aspects. .