You are ready to sell your dental practice with PMA Practice Transitions but want some insights into how your dental practice will be marketed to potential buyers …
Well, dental transition experts, Matt, Doug and Adam, are here to provide you with those insights. Learn how our team reaches potential buyers and will find the right one for your dental practice.
Hi, my name is Matt Scherer. I’m with PMA Practice Transitions, and I have Doug Sellan and Adam Goldsmith, and we assist dentists in transitioning out of practice ownership, and today’s topic is while my practices for sale, how will it be marketed? And I think we got to take out the marketing word. The reason why I say that is, is when people think of marketing, we’re going to go out to the field and go, “Hey, Dr. Smith is trying to sell their practice.” When we say market, we market the practice without allowing people to know who’s practice it is. “What do you mean market?” That’s how you market things, right? You do those types of things. You’re on TV or you’re on the radio, but in all seriousness, when we market the practice, we are marketing on three different websites, I don’t know if you want to talk a little bit about it…
Sure. We have our own website, pmagroup.net. We’re part of ADS Dental Transitions, and then we also use other venues like Dentaltown to market our opportunities on a national level. It gives our sellers national exposure while maintaining confidentiality because we’re excluding their names. Most of time even their city. We just put it more of a general location, enough information to prompt someone to contact us, and then we then share with them the proper information once we get the proper non-disclosure agreement signed.
Yeah, you bring up a good point. When there’s a town that has very few dentists, sometimes we can’t use the name of the town, we have to use the name of the county, just so that people can’t recognize it. I want to go back to one thing Doug said on what websites we market on is the ADS. The ADS is American Dental Sales, it’s a national consortium of 23 individual practice transition companies, and it’s really a marketing platform for us. As Doug stated, we get a lot of buyers from outside of our area that were selling practices and that want to buy practices, so it really gives us a national reach.
And I think one of the most effective marketing vehicles we use is our own personal contacts.
We’ve all been in this industry for over 10, 15 years- And have a lot of contacts that we know, whether it’s supply reps, CPAs, attorneys, you name it, anyone that services a dentist in any capacity, we’ve probably networked with them, and they may or may not know a dentist or two who might be interested in your practice. So we are constantly engaging our contacts, people that we network on a regular basis so that they can know if there’s some opportunities we think that they may know a buyer for, they can kind of help market the practice, obviously under wraps, confidentially to their potential parties. We leverage our contacts quite a bit in the process and marketing practices.
Phenomenal point and again, going back to confidentiality piece, when we’re marketing to our COIs, our center of influences, we’re doing it in such a way that we’re not telling them who the practice owner is, we’re just saying things like, “The practices located in this area with this much revenue and this many operatories. Do you know anybody that’s looking to transition or buy a practice in that area?” Anything else on the marketing platform?
Well, we also have a newsletter that goes out once a month. I think we have over 5,000 dentists that subscribe currently. Even though it’s just a small snapshot of the practice that’s marketed, it’s still getting a lot of eyeballs on it. I think that’s really effective, it’s been proven to be really effective for us.
It has. We market on that platform. We put our practices in that. Hopefully, you found this helpful and useful. If you did, please give us the thumbs up, share it with your colleagues. You can certainly see our practices, if you’re interested in purchasing, on pmagroup.net. Also, if you have any questions about marketing or how we market, or you’re looking for our practice, please give one of us a call.