Sellers often ask the same questions so here are the answers to the most asked questions:
How long will it take to sell my dental practice?
The time it takes to sell a dental practice is based upon several factors.
- The asking Price
- Income from the practice
- The lease terms
At The Dilwith Group we spend time with the seller discussing what the market value is for their practice. If the practice is price too high many buyers will not even consider looking into the practice. In regards to the location some buyers will not consider medical buildings in only one high visibility locations. In addition there are cities in California that are less desirable, sellers in these areas need to understand that their practice may take longer to sell. In regards to the income that is produced from the practice lower grossing practices will often take longer to sell. The lease terms may also be a problem if the seller did not take their time when negotiating their lease. If the lease is higher than market value many buyers will not look at those practices.
What are the steps and selling a dental practice?
- First we review your tax returns and lease.
- Next we have a site visit at which time we discuss the value of your practice
- Once a price has been determined we enter into the listing agreement
- Next a marketing program is customized for your practice which may include direct mail marketing, Internet marketing, print advertising in The Dental Shopper and other methods we determined will get the best results.
- When potential buyers are interested we will prescreen the buyers and set up appointments for the practice to be shown.
- We will write up a letter of intent to purchase with the terms the buyer is offering.
- We will work with the seller to accept or counter the offer.
- Once an accepted offer is in place we will work with the sellers and buyers attorneys, accountants, consultants or other professionals to move the sale forward. During this time the buyer will also apply for a loan in the landlord will be contacted to start the assignment of the current lease or the negotiation for a new lease.
- Book reviews will be done along with chart reviews and other due diligence
- Once the buyer has completed their due diligence we will move into the buy sell agreement.
- As soon as we have the loan secured, the buyer sell ready to sign and lease ready we will enter into the final stage of closing.
There are many other items that need to be completed during the steps listed above. At THE DILWITH GROUP we will be in constant communication with seller, buyer, attorneys, banks and landlord to complete the transaction.
WHAT IS MY PRACTICE WORTH?
PLEASE FILL OUT THE FOLLOWING FORM AND YOU WILL RECIEVE A E-MAIL ON WHAT YOUR PRACTICE IS WORTH IN TODAYS MARKET
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