Dentaltown February 2020 - 92
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Retain a company experienced in dental practice valuations to confirm
value, and work with your advisers to estimate your tax liability from
the sale.
Prepare a letter of instruction with key information relative to the
practice to include with your will in the event of the unexpected.
Get a professional practice management practice analysis to show how
you may increase the value of your practice and improve your profits,
as well as streamline office procedures and operations.
Determine whether it makes sense to upgrade to new, updated
equipment and technology.
Spruce up the office-new paint, wallpaper, carpet, etc.
Confirm your fees and compensation structure are in line with the
local market and industry standards. (Inflated employee compensation
rates will dictate a reduced sale price, and buyers may not want to
retain any overpaid employees.)
Review your website to ensure you're using it most effectively.
Review your office lease, and possibly renegotiate a longer-term and
favorable assignment clause. (Buyer usually gets a better deal by
assuming an existing lease.)
If you are overstaffed, reduce your staffing level so the percentage of
wages falls within the accepted guidelines.
3-5 years before the sale
Do not pay personal expenses through the practice, particularly as you
approach three years before a sale. Although experienced valuators may
"add back" seemingly personal expenses to profit, most buyers and
lenders become skeptical if there are too many add-backs.
Terminate low-profit insurance participation plans, which will increase
your bottom line if you have a busy practice.
If you own the real estate, do not sell it during this time period.
Adding a third party is not suggested. A real estate investor landlord
has the potential to negatively affect the sale price for your dental assets.
Many buyers will want to acquire the real estate with the practice assets.
If you do not sell to the buyer of the practice assets, hold the real estate
for an additional three to five years after the practice sale to generate
some additional revenue or to spread out the tax burden.
Similar to before:
Confirm your fees and compensation structure are in line with the
local market and industry standards.
Review your website and SEO protocols to ensure you're using them
most effectively.
Review your office lease and possibly renegotiate a longer-term and
favorable assignment clause.
92
FEBRUARY 2020 // dentaltown.com
http://www.dentaltown.com
Dentaltown February 2020
Table of Contents for the Digital Edition of Dentaltown February 2020
Dentaltown February 2020 - Intro
Dentaltown February 2020 - Cover1
Dentaltown February 2020 - Cover2
Dentaltown February 2020 - 1
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Dentaltown February 2020 - Cover3
Dentaltown February 2020 - Cover4
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