It seems like there have been so many interruptions in our lives with the onset of COVID-19. Many dentists felt the impact when they had to temporarily close their dental practices. But as we begin the re-opening process, many dentists have started to contemplate if now is the time to sell, even if they were thinking about selling before the pandemic. Whichever direction you are leaning, rest assured that now IS STILL a good time to sell your dental practice(s).
However, the idea of selling your dental practice during a pandemic might seem a little scary. There may be some questions or concerns that have come up with that thought of selling, but the experts at PMA are here to calm those fears that come along with selling a dental practice — even during a pandemic.
Are there still going to be buyers post-pandemic?
Absolutely. Buyers are still hungry for acquisitions, and banks are approving loans. As you consider selling your dental practice, feel confident in knowing that there are buyers that are looking and your practice might be the one they want. In talking with banks, other dental transition experts and DSOs, we have only seen a slight decrease in interested buyers.
Has the value of my dental practice been impacted due to being temporarily closed?
Since most dental practices have been closed for only the past 60 to 90 days, the value of your dental practice shouldn’t be negatively impacted. You also have to keep in mind your dental practice wasn’t the only practice closed, collections are down across the board. Now is probably the best time to get an appraisal done on your dental practice to get a true look at the value of your practice.
Can buyers visit my dental practice during the pandemic?
Yes, there are a couple of ways to showcase your dental practice. Having a buyer walk through your dental practice is still doable, just make sure to follow social distancing guidelines; keep six feet apart, wear masks, and avoid shaking hands.
Another option that might be easier and safer are using video conferencing tools. There are many online platforms like Zoom, Google Hangouts and BlueJeans, that offer the ability for video conferencing. A virtual meeting and tour can be done on your phone so you can easily walk a potential buyer through your dental practice.
We are facing unique challenges that have had an impact on every part of our lives. But if selling your dental practice was something you started to think about in 2020, it can still definitely happen and we would be more than happy to assist. The process of selling your dental practice can stressful and time-consuming, so let our transition consultants make the process easier while ensuring you get the best value of your dental practice. Contact us today to begin the discussion.
Published by Matthew Scherer on May 18, 2020