After building a successful dental career and running a practice in San Diego for years, you are now ready to move ahead. Selling your dental practice or clinic is a significant milestone, and you have to get things right. One of the first steps is to consult a San Diego Dental Attorney to understand the process of transition. For your help, we have enlisted the mistakes that you need to avoid.
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Mistake 1 – Telling your staff
Yes, you want to sell the practice and probably want to be fair to your employees. Before you do that, just remember that a change in ownership can trigger different emotions, and some of the loyal people you have worked with may leave. This could impact the deal in adverse ways. Instead, consider getting a broker who will prepare you to deal with the transition.
Mistake 2 – Expecting to do it all alone
Selling your dental practice is a huge decision, and you need to be sure that every step is done right. There are a few people you would need to get started. The first one is a dental practice broker, who is responsible for putting a dollar value on the deal and finding prospective buyers. It would help if you also had a business consultant on your side who would guide you through the transition process. Finally, you must engage a reliable dental attorney who will draft and negotiate documents and will safeguard your rights and interests.
Mistake 3 – Ignoring the lease obligations
A prospective buyer can only go ahead and operate the dental practice when all lease obligations are met. If you have obligations that you must keep up with, talk to your lawyer and figure out a way to resolve key issues. This should be done before the lease is assigned to the buyer.
Mistake 4 – Ignoring the practice
You have worked hard to build the practice and are probably relieved that you are ready to think ahead. However, don’t make the mistake of ignoring the clinic. You need to be as proactive, if not more, as you were when you owned and operated the practice. Unless your broker finds a buyer immediately, you can never really say when you will be able to sell the brand. As such, don’t pause right away merely because you have made up your mind.
Selling a dental practice can be a bag of mixed emotions, but ensure that you take practical steps.