Greetings, this is Dr. Tarun Agarwal, also known as T-Bone. In our upcoming podcast, I’ve invited Mr. Mike Geller, the founder and CEO of Dental Partners, to share invaluable insights on preparing your dental practice for a successful sale to a Dental Service Organization (DSO).
Step 1: Financial Readiness: The Foundation
Our journey begins with establishing a robust financial foundation. We’ll guide you on ensuring up-to-date, accurate financial records – including your profit and loss statement, balance sheet, and cash flow statement. It’s crucial to understand your practice’s debts and liabilities before considering a DSO sale.
Step 2: Strengths and Weaknesses: A Comprehensive Overview
After securing your financial health, it’s time to assess your practice’s strengths and weaknesses. Key considerations include your location, patient demographics, staff quality, and available equipment. It’s equally important to take a critical look at your abilities as a dental practitioner and a business owner.
Step 3: Understanding DSOs: A Closer Look
Armed with a comprehensive understanding of your practice, we delve into researching DSOs. We’ll explore different business models, fees, and terms, equipping you with the knowledge to make an informed choice. Hear firsthand from dentists who’ve successfully navigated the process of selling their practices to DSOs.
Step 4: Negotiation: Achieving a Fair Sale Price
Finding a suitable DSO is only the beginning. The process of negotiating a fair sale price requires careful deliberation, and here, an experienced attorney’s counsel becomes invaluable. We’ll explore the key facets of this complex process.
Step 5: The Final Stage: Closing the Sale
Once negotiations conclude successfully, it’s time to seal the deal. We will guide you through the closing process, ensuring a seamless transfer of practice ownership to the DSO.
Selling your dental practice to a DSO can pave the way for retirement, a career shift, or investment in new business ventures. However, thorough research and preparation are vital. By implementing the strategies shared in this podcast, you’ll be equipped to secure a fair sale price under beneficial terms.
In addition to our step-by-step guide, we’ve compiled additional tips to aid your transition:
• Ensure your practice complies with all applicable laws and regulations.
• Update your marketing materials and website to reflect current services.
• Develop a transition plan to reassure your patients and staff.
• Engage professional advice from an attorney and accountant to safeguard your interests.
About Your Host: Dr. Tarun Agarwal
I’m Dr. Tarun Agarwal, founder and CEO of 3D Dentists, dedicated to helping fellow dentists expand their practices. Through the Dentistry Made Simple podcast, I offer a wealth of insights and strategies for growth and success in dental practice.
Contact 3D Dentists
For more information on how 3D Dentists can help your practice thrive, please reach out to us by phone at (855) 332-2285 or click here. We’re excited to be a part of your journey.