Establishing, building and maintaining a practice can take an entire career to accomplish, and when a dentist is ready to put that practice up for sale, there is a lot to think about. A lecture at CDA Presents The Art and Science of Dentistry in Anaheim will take the selling dentist through the necessary steps and precautions that must be taken during such a transaction.
The lecture, titled Strategic Exit: Succession Planning for Dentists, is sponsored by CDA Practice Support and will be led by an attorney who is one of the leading legal authorities in the country on topics relevant to dentists; a chief executive officer of a national financial services and wealth management firm; and a CDA practice analyst with experience as a senior consultant with a practice management firm.
One of the most critical issues discussed among dentists is how to exit their dental practice, and in a way that will let them recapture the investment they’ve put into building the practice.
Ali Oromchian, Esq., an attorney at the Dental & Medical Counsel; Mark Murphy, chief executive officer of Sequoia Private Client Group; and Katie Fornelli, practice analyst with the CDA will answer questions such as “When should I begin and how do I maximize my practice’s value?,” “What is my practice worth?” and “What’s involved in the sales process?”
“You will definitely leave with the proper skills to assess if you are ready to sell and how to attract buyers to your practice,” Fornelli said.
Fornelli said buyers have become more and more savvy in recent years in conducting research on the practices they are interested in purchasing. She will challenge those in attendance to do their due diligence to make sure they pass the test of a buyer when it comes to a sell. Fornelli said sellers need to focus on the following:
- Get staff in order by preparing them for the transition, updating job descriptions and making important employment decisions.
- Make sure patient records are current.
- Shore up the accounts receivable and other financial aspects of the practice.
- Kick the practice’s marketing into high gear and try to increase patient volume.
- Work on patient retention.
“These are all things that can help maximize your practice’s value and put you in good shape when it comes time for a buyer to place an offer and go through the process of vetting the stability of your practice long term,” Fornelli said.
Oromchian will teach attendees how the sale of a practice can lead a dentist into retirement.
“Most dentists, unfortunately, are not ready for retirement — this lecture will be highly informative and educational to ensure that as dentists finish their careers they are in a position to not only maximize their sell price, but limit their legal risks,” Oromchian said. “Dentists usually rely on the proceeds of the sale of their practice to fund their retirement — this lecture will educate them on strategies to ensure that their proceeds last well into their retirement.”
The speakers will also teach attendees about transition timing and how to conduct a financial analysis and a practice valuation. The sales process itself and legal considerations involved in the transition will also be highlighted.
For more information and to register for this course, visit cdapresents.com.