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You’ve worked hard to build your practice and now it is time to work towards an exit plan. Selling your dental or orthodontic practice confidentially and for the most amount of money can be a daunting task. You need a seasoned and hardworking professional to help you do this. The CBI Team has been around for over twenty years helping people successfully and confidentially sell businesses with the CBI Team’s experts on selling dental and orthodontic practices. The CBI Team can help you prepare for the sale of your practice and objectively assess the value of it in today’s market.
Preparing for the sale of your practice requires gathering together pertinent information on your practice. Below is a general outline of what you will need to gather together to take the practice to market and to properly assess it for a sale. Be sure to contact The CBI Team at 1-877-582-5200 or by email at firstname.lastname@example.org so we can answer any questions pertaining to this material and the process.
To prepare your practice for sale:
- Have an initial, free, no-obligation meeting with the CBI Team.
- Assemble the below necessary information:
- 3 years of tax returns for the practice
- 3 years of Profit and Loss (P&Ls) statements for the practice
- A current balance sheet
- A year to date profit and loss statement with results for the same period of the previous year. The comparison helps understand practice trends in collections and profitability.
- A list of Equipment used in the practice with approximate Fair Market Value estimate for each piece.
- Dollar amount of on-hand, sellable inventory at your cost
- Copies of any certified business appraisals and/or real estate appraisals
- Copies of any real estate or equipment leases
- A list of key employees with information about each one
When you have this information gathered for the CBI Team, we will review it in detail and meet with his team to generate some initial questions for you in order to best understand and assess your practice. A time will then be set to meet with and interview you about your practice. Once the interview is complete, the CBI Team will help you make the best decision about your practice and show you how the CBI Team can best help you. This initial review of your practice is a free service provided by the CBI Team.
Good planning for the sale of your practice can maximize the sales price but, even more importantly, can you help you keep more of the money from the sale.