How to Maximise the Value of Your Dental Practice Before You Sell - Our 4 Top Tips
Whether you are soon to retire, considering a career change or are still happily treating patients with no imminent plans to sell up soon - at some point, you will want to sell your dental practice, and when that day comes, no doubt you will want to do everything you can to achieve the best possible selling price.
By giving some thought to how you can increase the value of your dental practice now, you can ensure that when the time comes to sell, you will be in a position to achieve a great return on your investment.
So how do you increase the value of your dental practice? And how do you meet those all-important dental practice goals?
There are several ways to achieve this - here are our top tips highlighting the four key areas you can start working on right away for the very best results:
1. Invest in upgrading your equipment
Keeping your equipment up-to-date is important both for patient care and staff morale. It also shows potential buyers that you are keeping up with the latest technology and trends. Dental practices with state-of-the-art equipment are always more attractive to buyers, as it gives them peace of mind knowing there is no immediate need for further investment. With dental technology continuing to evolve, by investing in new equipment you are future-proofing your practice and making it more valuable.
2. Expand your offering
Another way to increase the value of your dental practice is to expand your range of treatments. By offering new treatment types in-house through upskilling your existing clinical team or using visiting specialists, you can increase revenue opportunities from your current patient base. You will also be able to attract new patients, which can help to grow your practice income even further. If there’s space for physical expansion too, adding another surgery can be a great way to add value to your practice and may even attract a larger pool of buyers when the time comes to sell.
3. Implement new software and technology
Dental practices should constantly be looking for new ways to improve efficiency and patient care. By staying up-to-date with the latest software and technology, you’ll be able to ensure the most efficient and streamlined processes for your patients - improving patient satisfaction and increasing practice growth.
4. Have a service team on hand
The best dental practices are becoming more and more customer-centric. A good customer service team will make patients feel cared for, listened to and appreciated - all of which are essential to creating a good customer experience - encouraging patients to stay with your practice and recommend it to others. This can be the difference between a practice that just gets by and one that’s thriving, and it’s one of the most important investments you can make.
Each of these tips will contribute to a better patient experience, helping you to retain patients as well as grow your practice through referrals. By making some simple changes and improvements in these strategic areas, you can make a big difference to the value of your dental practice - ensuring that when the time comes to sell, you will be in a great position to achieve the best possible price.
If you’re thinking of selling your dental practice and would like more advice on how to maximise its value, our team of experts can help. Why not get in touch today to find out more? We’d be happy to explore your options with you.