Transitions Newsletter - May 2023

TRANSITIONS

EXPERIENCE, INFORMATION, CONSULTANTS YOU CAN TRUST

The Power of Knowing: Why Practice Owners Need An Up-to-date Practice Valuation

Ensuring compliance with regulations

Receiving an annual practice valuation can also help ensure that your practice follows regulations and guidelines. By conducting a comprehensive assessment of your practice’s operations, a valuation expert can identify any areas where your practice may be falling short of regulatory requirements and provide guidance on how to rectify the situation. This can help you avoid legal and financial penalties that can arise from non-compliance.

Maintaining lender relations

As a dental practice owner, one of the most critical aspects of running a successful and profitable business is to regularly evaluate your practice’s value. This is where a practice valuation comes into play. A practice valuation is a comprehensive assessment of a dental practice’s worth, based on a wide range of factors, such as profitability, patient base, equipment, location, and more. Here are some reasons why it is essential to receive a practice valuation for your dental practice every 18–24 months or even annually.

Understanding your practice’s worth

A practice valuation provides you with an accurate picture of your dental practice’s financial standing. It helps you understand the true value of your practice, which is crucial when making important decisions such as selling, merging, or expanding your practice. By knowing the value of your practice, you can make informed decisions that can help you achieve your long-term goals and improve your financial position.

Identifying areas for improvement

A practice valuation can also help you identify areas for improvement within your practice. By analyzing your financial statements and other key metrics, a valuation expert can identify potential inefficiencies in your practice’s operations and recommend ways to improve your profitability. This can include streamlining your workflow, controlling your overhead, investing in new technology, or developing new services to attract more patients.

Planning for retirement

Whether you are planning to retire soon, or in 5 to 10 years, it is important to have your practice valued to determine the current value of your practice. This can help you plan your retirement and ensure that you receive a fair price for your practice when you decide to sell it. A practice valuation can also help you identify any potential obstacles that may arise when selling your practice and develop strategies to address them.

If you have taken out a loan to finance your practice’s operations or expansion, your lender may require an updated practice valuation. This is to ensure that the practice’s value is being maintained from the initial practice valuation to ensure that the practice’s financial operations are sufficient to repay the loan. By receiving an updated practice valuation, you can maintain a good relationship with your lender and ensure that you have access to any additional financing you may need to grow your practice.

Having a current practice valuation is essential for every dental practice owner. It helps you understand your practice’s worth, identify areas for improvement, plan for retirement, and maintain lender relations. It’s essential to work with a reputable and experienced dental practice transitions consultant such as Henry Schein Dental Practice Transitions, to ensure that you receive an accurate and comprehensive assessment of your practice’s value.

The Long Game: When to Start Planning for a Successful Dental Practice Sale

Selling a dental practice is a complex process that requires careful planning and preparation. As a dental practice owner, it’s essential to start planning for the sale of your practice well in advance to ensure a smooth and successful transition. In this article, we’ll discuss how far in advance you should start planning when selling a dental practice and why it’s important to do so.

The short answer to how far in advance you should start planning when selling a dental practice is at least two to three years before you plan to retire or transition out of your practice. However, the actual timeline can vary depending on your specific situation and goals. It’s best to consult with a dental practice transitions consultant such as Henry Schein Dental Practice Transitions to assist you in determining the optimal timeline for your practice sale.

One of the main reasons why it’s essential to start planning early is that the process of selling a dental practice can be lengthy and time-consuming. From preparing your practice for sale to finding the right buyer, negotiating terms, and completing the transaction, the entire process can take several months or even years.

By starting early, you can give yourself enough time to:

Complete each step of the process carefully without rushing or making hasty decisions

Take time to decide what’s best for your patients and staff.

Maximize the value of your practice

Determine how beneficial it would be to invest in new equipment, expand your patient base, or improve your practice’s marketing and branding.

Network and build relationships with other dental professionals

This can be particularly important if you’re looking for a specific type of buyer, such as a young dentist who is just starting out or a larger dental group that is looking to expand.

Finally, it’s important to work with a broker, like your local Henry Schein Transition Sales Consultant, to manage the sale process. They can help you identify potential buyers, negotiate terms of sale, and manage the legal and financial complexities of the transaction. They can also provide you with guidance and

support throughout the process, ensuring that your interests are protected, and that the transaction is completed smoothly and successfully.

Selling a dental practice is a major decision that requires careful planning and preparation, so starting early and working with a reputable dental practice transitions consultant such as Henry Schein Dental Practice Transitions can help you ensure a successful transition and achieve your goals.

WHAT OUR CLIENTS ARE SAYING:

Very happy with my experience with Henry Schein Dental Practice Transitions. Chris Regnier was very responsive and able to find a buyer very quickly. Very helpful in guiding me through the process.

Jing Zhao, D.D.S.– Seller Brooklyn, NY

I’m really happy that I chose Maggie Dering at Henry Schein Practice Transitions to sell my practice. There was serious interest in my practice quickly, and I was able to sell within my ideal timeline. The dentist who purchased my practice is a perfect match. Maggie paid attention to detail, always responded quickly, and clearly cared about making the transition as seamless as possible. I would recommend Maggie and Henry Schein to any potential seller or buyer.

Jonathan Bayne, D.D.S. – Seller Woodland Park, CO

DIVE-IN & LEARN with On-Demand Content!

Now Available:

• Is Your Group Ready for the Next Step?

• What Is a DSO and Do I Need to Establish One?

• Selling Your Practice in 2023: Are You Ready?

Christy Conway is extremely talented at her job; efficient, caring, and truly an Angel. I am disabled and sold my practice without doing any of the work. She took care of everything for me. From the day she showed the practice to closing was less than 60 days. The entire process was made so easy for me. She was able to get multiple offers that overbid to get my practice. I truly appreciate what an incredible job she did and all the personnel at Henry Schein. I highly recommend Christy and her team at Henry Schein to anyone looking to sell their dental practice. Excellent work from a truly exceptional person! I will always be thankful!

Taly Huaman, D.M.D. – Seller San Diego, CA

WATCH

Webinars from Dental Practice Transitions are designed to provide tips, tools, and help you capitalize on the investments you’ve made throughout your dental career. Hear from a nationally recognized speaker, author, and consultant who has been advising dentists for more than 30 years, Senior Director of Transition Services, Thomas Snyder, DMD, MBA, for an update on practice values, dental market trends, considerations for successfully transitioning your practice, and more.

CONGRATULATIONS

CENTRAL

Durwood Alfred Nowell, D.M.D. sold to Southern Pine Dental Group, LLC

Jonathan P. Bayne, D.D.S. sold to Nation Gil Dorsey, D.M.D., PLLC

Dothan AL

Woodland Park CO

Katherine T. Johnson, D.D.S. sold to Novak Dentistry PLLC Castle Rock CO

Gregory P. Schubert, D.D.S. sold to Transparent Dental Group LLC

John R. Frazier, D.D.S. sold to Sapphire Dental Home – Anderson, LLC

Dennis E. Kelley, D.D.S. sold to Sudhakar Krishnan, LLC

Frederic C. Rather, D.M.D. sold to Sanjeev Gope, D.D.S.

Kenneth R. Anderson, D.D.S. sold to Envy Dental LLC

Matthew P. Mullan, D.D.S. sold to Crimson Maple Dental, PLLC

David I. Newman, D.D.S. sold to Christopher Clifford, D.D.S.

Katie S. Bearden, D.D.S. sold to Smilebuilders, Inc.

James E. Buttermore, D.D.S. sold to Baller and Wineland LLC

Roger S. Karp, D.D.S. sold to Peter Amin, B.D.S., MSD, LLC

Erin C. Giacomini, D.M.D. sold to Austin Owen, D.D.S., PLLC

Ronald G. Ritsco, D.M.D, M.S. sold to Star Dental Partners, LLC & TX Southern Dental PPO P.C.

J. Michael Adame, D.D.S. sold to Sul Ki Yi, D.D.S., P.A..

Justice IL

Anderson IN

Indianapolis IN

Munster IN

Wichita KS

Fraser MI

Dearborn MI

Batesville MS

South Sioux City NE

Parma OH

Maryville TN

Houston TX

Edinburg TX

Gary D. Abercrombie, D.D.S. sold to Dr. Omar Harmouche Plainview PLLC Plainview TX

Zorawar Singh, D.D.S. sold to Jenkins and Zander, PLLC Puyallup WA

Meisam Nejad, D.D.S. sold to Corina Marcus, D.D.S., PLLC Mountlake Terrace WA

EAST

Kenneth Capozzi, D.D.S. sold to Adam Richichi, MBA Oxford CT

Peter W. Brodie, D.M.D. sold to Stacy Temple D.M.D., PLLC Wellesley MA

Richard Lesnoy, D.D.S. sold to Marcela Jolivette, D.D.S. Huntington Station NY

Ruben Cohen, D.D.S. sold to Robert Cukier, D.D.S. New York NY

Donna J. Fraser, D.D.S. sold to Ozgur Kosh, D.D.S. Williamsville NY

Howard W. Schneider (Estate of), D.D.S. sold to Adam Felline, D.M.D. Huntington NY

Garry J. Bloch, D.M.D. sold to Dr. Don Chapman, D.D.S., PLLC Moon Township PA

Mark A. Antonis, D.D.S. sold to Dental Professionals of Pennsylvania, P.C. Bethlehem PA

Joel M. Brooks, D.D.S. sold to Easton Implant & Periodontics PLLC Sameer Kapoor, PLLC Easton PA

FLORIDA

J. Marie Stidham, D.M.D. sold to Varduhi Danielyan, D.D.S. Bartow FL

Joseph Walsh, D.D.S. sold to Alfredo Geoff Mateo, DMD Boca Raton FL

Benigno Ramirez, D.D.S. sold to Ahmed Elgalady, DDS Bunnell FL

Cesar Garcia, D.M.D. sold to Michelle Bargfrede, D.M.D. Lake Mary FL

David S. Ferry, III, D.D.S. sold to Hussein Abdulameer, D.D.S. Plant City FL

Asta Grinis, D.D.S. sold to Brittany Pierpont, D.D.S. St. Pete Beach FL

WEST

Brea General Dentistry Practice

Danville General Dentistry Practice

Napa General Dentistry Practice

Novato Periodontal Dentistry Practice

Oceanside General Dentistry Practice

Pleasanton General Dentistry Practice

Redondo Beach General Dentistry Practice

Roseville General Dentistry Practice

San Diego General Dentistry Practice

Torrance General Dentistry Practice

Yorba Linda General Dentistry Practice

PRACTICES FOR SALE

PRACTICES FOR SALE

FLORIDA—CENTRAL

GEORGIA

Duluth/Suwanee 4+2 Ops; A+ location; $535K collect $535K

Dunwoody 5+1 Ops Digital Desired area $375K

Marietta 4 Ops Estab Great opportunity $357K

North Fulton Ortho: N Fulton A+ location $450K

Northwest Georgia OMS: 4 Surg

FLORIDA—NORTHWEST/PANHANDLE

FLORIDA—SOUTHEAST

$1.5M

FLORIDA—WEST

Bradenton 7 Ops FFS/PPO Digital X-ray/PanUnder Contract Clearwater 6 Ops Digi X-ray w/RE

5+1 Ops FFS/PPO

3d/wk Digi Under Contract Dunedin 5 Ops FFS/PPO Prime location Sold Lehigh Acres 4 Ops FFS/PPO/HMO/

Plant City 6 Ops FFS/PPO Digi X-ray Under Contract

Punta Gorda 3+ Ops FFS/PPO Paperless RE avail $1.2M

Sarasota 3 Ops FFS/PPO Digi X-ray $541K

Sarasota 3 Ops FFS Digital X-ray Under Contract

PRACTICES FOR SALE

Baltimore County 6 ops Dentrix PPO FFS

Montgomery County OS: 3 Surgical Suites Newly renovated $871K

Rockville 2 Ops Attractive Lease

MAINE

Bar Harbor Region 6 Ops RE avail Digital X-ray I/O cams Pano X-ray EagleSoft Paperless

MICHIGAN

Lansing Well-managed Digital pan X-rays RE avail

Midland 5 Ops Digital pan CAD/CAM

Oakland County 4 Ops Highly desirable area New pan

Wayne County 5 Ops Affluent comm RE avail

West Michigan Digital X-rays RE available

MISSOURI

Northeast Missouri 5 Ops Digital EagleSoft

Southwest 6 Ops Digital 3D Cone Beam CAD/CAM $790K St. Louis State-of-the-Art Paperless

Meridian 10 Ops Primed for Growth

Central 5+1 Ops Paperless FFS

NC Coast 5+1 Ops FFS/PPO Great location

of

Salem 6 Ops Digital X-rays Lease required

The Foothills of the 3+2 Ops Digital Paperless

Ridge Mountains Easy Dental

Central Nebraska 4 Ops FFS Good Hyg Program

4 Ops All the tech RE also avail

Southern Perio: 4 Ops Digital X-ray Paperless

County Newer tech

Monmouth County 4 Ops Panorex Digital X-ray iTero

Albuquerque 10 Ops Assoc can stay on RE avail

5+1 Ops All the tech! CBCT

scanner

3 locations GP: 8, 10, 5 Ops Hi-tech

Continued on next page

PRACTICES FOR SALE