A dental practice is an asset. Unfortunately, most dentists don't view their practices in this way until they get close to retirement. Practice leaders must continue to build value in their practices throughout their entire career to ensure the greatest return on investment.
Work to maintain or increase your patient base. Many practices that are for sale have lost current patients as well as experienced a decline in new patients. A decline in patients above the average or a decline in new patients automatically decreases the practice value. Practices must continue to maintain and increase their patient base.
Don't forget to improve your office décor prior to sale. Update or upgrade your office décor three years prior to sale. You want to show your patients, staff, and future potential buyers a modern look but not one that you did the month before you offered the practice for sale.
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
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