CPA-Led Training About Selling Orthodontic Practices
Selling a dental or orthodontic practice is one of the huge decisions you can ever make in your career. You might be asking questions like; what is the appropriate sale price for my practice, and how should the deal be structured? How will the tax impact be?
To get started with selling orthodontic practices, you first need to establish your goals. Why do you want to sell your practice? Are you looking to retire or move on to other things? If so, when? What is your financial situation and health? Are you ready to take this step?
The second important thing is to get an evaluation from a CPA firm that specializes in dental practice sales. The professionals will give you some guidance as to what it takes to sell a practice.
The third step is to enlist your advisory team. The team should negotiate with potential buyers on your behalf. This includes your dentist who knows his market well, your accountant, and your lawyer. The lawyer will help you draft all the legal documents you will need. It is important to have these documents prepared before you start negotiating because they will serve as proof of ownership and control of the practice.