{"id":1985,"date":"2013-01-08T16:02:11","date_gmt":"2013-01-08T05:02:11","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=1985"},"modified":"2013-01-08T16:02:56","modified_gmt":"2013-01-08T05:02:56","slug":"on-the-list","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/on-the-list\/","title":{"rendered":"On the list"},"content":{"rendered":"<h3>If you\u2019re considering selling your practice, you should prepare for the sale. Here, the experts give their tips on how to run your practice so that it\u2019s ready to go when you are. Amanda Lohan reports.<\/h3>\n<p>Many dentists dream of retiring \u2018one day\u2019, but often it is not until they wake up (one day) and decide that time has come and they finally decide to do something about it. Simon Palmer of Dentist Job Search (DJS), a specialist dental employment and practice sale service, says that preparation is essential for sustaining the momentum required to finalise a sale. \u201cIt\u2019s concerning to the buyer when the financials are not readily available\u2014however it is surprisingly common for potential buyers to have to wait for the accountant to finish with the financials,\u201d he says. The problem with these sorts of delays, says Palmer, is that the buyer ends up losing interest, finding other options, or simply backing away believing that the vendor is not serious about selling.<\/p>\n<blockquote><p><strong><em>\u201cBuying new equipment four or five years out from sale will ensure you get good capital returns.\u201d<\/em><\/strong> &#8211;\u00a0Graham Middleton, The Synstrat Group<\/p><\/blockquote>\n<p>While financial details will be the buyers\u2019 primary concern, the aesthetics will also play a major role in securing a sale. \u201cIt\u2019s like selling a house or apartment\u2026 it\u2019s an emotional decision as well as a financial one,\u201d says Palmer. \u201cWhen they walk through they are trying to imagine the feeling they will get when working there.\u201d If it has been a long time since the practice was refit, Palmer advises spending a couple of thousand dollars on a coat of paint and some new furniture. Particular attention should then be paid to the areas that will be used the most or that will impact on the first impression, such as the reception and waiting areas.<\/p>\n<figure id=\"attachment_1986\" aria-describedby=\"caption-attachment-1986\" style=\"width: 199px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice.jpg\"><img decoding=\"async\" class=\"size-medium wp-image-1986 lazyload\" alt=\"Your exit strategy from your practice should begin at least a year-and-a-half prior to listing it for sale.\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-199x300.jpg\" width=\"199\" height=\"300\" data-srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-199x300.jpg 199w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-279x420.jpg 279w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-100x150.jpg 100w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-50x75.jpg 50w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-126x190.jpg 126w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-70x105.jpg 70w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice.jpg 300w\" sizes=\"(max-width: 199px) 100vw, 199px\" \/><noscript><img decoding=\"async\" class=\"size-medium wp-image-1986 lazyload\" alt=\"Your exit strategy from your practice should begin at least a year-and-a-half prior to listing it for sale.\" src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-199x300.jpg\" width=\"199\" height=\"300\" srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-199x300.jpg 199w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-279x420.jpg 279w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-100x150.jpg 100w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-50x75.jpg 50w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-126x190.jpg 126w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice-70x105.jpg 70w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2013\/01\/selling-your-practice.jpg 300w\" sizes=\"(max-width: 199px) 100vw, 199px\" \/><\/noscript><\/a><figcaption id=\"caption-attachment-1986\" class=\"wp-caption-text\">Your exit strategy from your practice should begin at least a year-and-a-half prior to listing it for sale.<\/figcaption><\/figure>\n<p>Graham Middleton of The Synstrat Group has been advising dental practitioners on strategic processes, practice management and practice valuation for over 25 years, and says that many dentists who are approaching retirement age are reluctant to invest in their practices in this way and, as a result, the practices start to look like they\u2019re falling apart. \u201cBuying new equipment four or five years out from sale will ensure you get good capital returns,\u201d says Middleton. \u201cThe only trouble is, no- one knows five years in advance that they want to sell.\u201d<\/p><div class=\"bitem-article-desktop-720x300-in-text\" id=\"bitem-2061749485\"><!-- Bite 720x300 [async] -->\r\n<script type=\"text\/javascript\">if (!window.AdButler){(function(){var s = document.createElement(\"script\"); s.async = true; s.type = \"text\/javascript\";s.src = 'https:\/\/servedby.engagemedia.com.au\/app.js';var n = document.getElementsByTagName(\"script\")[0]; n.parentNode.insertBefore(s, n);}());}<\/script>\r\n<script type=\"text\/javascript\">\r\nvar AdButler = AdButler || {}; AdButler.ads = AdButler.ads || [];\r\nvar abkw = window.abkw || '';\r\nvar plc705185 = window.plc705185 || 0;\r\ndocument.write('<'+'div id=\"placement_705185_'+plc705185+'\"><\\\/'+'div>');\r\nAdButler.ads.push({handler: function(opt){ AdButler.register(165450, 705185, [720,300], 'placement_705185_'+opt.place, opt); }, opt: { place: plc705185++, keywords: abkw, domain: 'servedby.engagemedia.com.au', click:'CLICK_MACRO_PLACEHOLDER' }});\r\n<\/script><\/div>\n<p>What is essential, then, is to come up with an exit strategy well in advance of the decision to sell. Since smooth handover is an essential component of the value of your practice, Middleton says your exit strategy can incorporate a period of \u2018semi-retirement\u2019, during which you keep your name on the wall but gradually phase yourself out to reduce patient attrition.<\/p>\n<p>Your exit strategy should begin with benchmarking your practice against the competition at least 18 months prior to listing. \u201cMost dentists tend to operate as little islands and don\u2019t really know how their practice compares to everyone else,\u201d says Middelton. \u201cBut you can\u2019t fatten the pig the day before you take it to market.\u201d By benchmarking your practice, you can identify issues that may impact on the value of your practice with enough time to address these issues before listing. This may include negotiating a longer lease, reassessing the appropriateness of current staffing arrangements and fees, or investing in new fittings and equipment.<\/p>\n<p>The end goal, says Middleton, is to demonstrate continuously improving financial performance in the years leading up to the sale. Essential to this process is the untangling of any personal investments, clearly separating, for example, the salary and superannuation for yourself and your spouse, and any personal shares or property.<\/p>\n<p>Once these things have been done, Middleton says the next step is to obtain an accurate valuation from a valuer specialising in dental practices. A good valuer, he says, will look at the value of similar practices bought and sold in a similar area and ask \u201cWhat is the practice doing right now and what will be maintainable?\u201d The key is to discover not the highest price, but the optimum price.<\/p>\n<p>The disadvantages of under-pricing are obvious, but Middleton says overpricing can be just as harmful. \u201cYou don\u2019t want to overprice your practice because you can\u2019t lower the price later on and expect everyone to come back,\u201d he says.<\/p>\n<p>Any valuation performed in the current climate should take into account the surplus of dentists and how this will impact on the future growth and fee-earning capacity of the business. \u201cAt the rate we\u2019re producing dentists\u2026 practices can hold onto existing patients, but their ability to grow in the face of competition is pretty doubtful,\u201d says Middleton.<\/p>\n<p>Palmer agrees, adding that there are around 65 practices listed for sale with DJS and around 350 registered, active buyers. \u201cAbout eight years ago we had close to 100 practices for sale and about 100 registered buyers,\u201d he says. \u201cThe ratios have shifted and I would say it\u2019s much more of a seller\u2019s market right now than it has been in the past.\u201d<\/p>\n<p>While, however, a surplus of demand can lead to higher prices for sellers, Palmer cautions that strong preparation is still required to achieve the optimum possible price for each individual practice. \u201cThe decision to list is usually an emotional one. It is essential that when a dentist gets to that threshold and they decide to sell, they are fully prepared,\u201d he says.<\/p>\n<p><b>Essential documents<\/b><\/p>\n<p>Simon Palmer of Dentist Job Search advises that potential vendors prepare in advance of listing their practice for sale by obtaining the following documents:<\/p>\n<ul>\n<li>Profit and loss statements for the last three years<\/li>\n<li>A list of equipment of note<\/li>\n<li>A floor plan<\/li>\n<li>Evidence of security of tenure on the lease for the premises and any major equipment<\/li>\n<li>Depreciation schedules<\/li>\n<li>Fee schedules<\/li>\n<li>Photos of the practice<\/li>\n<li>Employee agreements for staff.<\/li>\n<\/ul>\n<p><b>More information<\/b><\/p>\n<p>Graham Middleton\u2019s booklet, Buying and Selling General &amp; Specialist Dental Practices is available for free from The Synstrat Group at <a href=\"http:\/\/www.synstrat.com.au\" target=\"_blank\">www.synstrat.com.au<\/a>. The booklet includes a checklist of essential steps in preparing a practice for sale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re considering selling your practice, you should prepare for the sale. Here, the experts give their tips on how to run your practice so that it\u2019s ready to go when you are. Amanda Lohan reports. Many dentists dream of retiring \u2018one day\u2019, but often it is not until they wake up (one day) and [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[691],"tags":[692],"class_list":{"0":"post-1985","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-your-business","8":"tag-sell-practice"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On the list - Bite Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bitemagazine.com.au\/on-the-list\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On the list\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re considering selling your practice, you should prepare for the sale. 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