That issue has just been and is still upon us via COVID. This month alone, twelve principals have called for advice to prepare their practice for sale at the earliest. They are taken aback when advised this could take some time depending on circumstances. Funnily enough, so are many unprepared practices.
Once prepared, it’s not that hard; if you don’t intend to sell immediately, you just update as required. How hard is that?
But, the great thing about doing this, you can address small overlooked issues that can lead to more significant revenue or reduced expenses in the meantime.
COVID19 placed much stress on the entire dental industry, which was out of our control, and some won’t come back from that where others will flourish. It all comes down to preparation, planning, and having the right team around you. It’s that simple!
It’s one thing to engage marketing coaches to help create better Facebook and Google campaigns. Still, most older practices have massive databases of patients that can be your best and cheapest source of new business, yet so many don’t look within.
When preparing a practice, it’s interesting seeing how many patients were active in the last year out of the entire database, then view the spend on advertising; in most cases, active patients are less than 10% of total patients numbers. Those who nurture their database and receive referrals from within tend to be higher-earning clinics.
Many younger buyers look for clinics with preferred provider agreements, believing they are an easy way to more new patients. Yet, they come with a reduced fees structure, so why would this practice be more attractive? One needs to work harder to achieve the same revenue as a solid practice with a higher fees structure; in some cases, you are competing against the health funds’ own clinics.
So, what’s the takeout from this article.
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