Dentists who work with a practice broker can expect to receive a higher value for their office, have a more amicable relationship with the buyer following the sale, and experience much less stress and anxiety during the transition process than their counterparts who attempt to sell a practice on their own. It is also important to work with a broker who has a good reputation, is involved in the local dental community, and is solely representing your interest in the sale. This means that they cannot and should not represent Buyer and Seller.
Evaluate and raise your fee schedule as needed
We often work with sellers who have realized consistent annual revenue over the years leading up to the sale but experienced a decline in profitability over the same period of time. In some cases, this can be attributed to the fact that their fee schedule has not been increased in years, resulting in a reduction in net income. Considering that practice value is most heavily influenced by revenue level and cash flow, practice owners should evaluate their fee schedule on an annual basis and make increases to keep up with inflation and rising overhead costs.