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- STREAMLINING THE SALE AND PURCHASE PROCESS
STREAMLINING THE SALE AND PURCHASE PROCESS
The current process of buying and selling a dental practice is complex due to so many moving parts.
Coordinating buyers and sellers in every aspect can be challenging due to differing time frames, availability, confidentiality, expectations, valuation disagreements, and complex negotiations.
This is where it all comes unstuck,
“Coordinating availability and times is the biggest roadblock for all parties concerned.”
Practicelink uses a five-step process in our sales cycle.
Step One:
We check the potential buyer’s validity, followed by a phone interview to qualify them as a genuine buyer with finance, legal, accounting, and everything in place to move forward.
Step Two:
A non-disclosure document is generally completed, and as the second step, an essential Information Memorandum is sent to the interested party.
Step Three:
A more comprehensive interview usually follows, with pertinent information shared with the buyer’s accountant and other specialists as required.
Step Four:
Problems arise when arranging a site visit. This process is demanding on all parties and, in most cases, draining on the vendor, having several possible buyers over different times and, in many instances, days due to their work demands and practice availability.
This process will ultimately reduce our pool to only serious candidates. Still, finding the right candidate to proceed can take several days or weeks.
This process is not only about the money; more importantly, finding the right fit is also tricky.
Step Five:
From here, we proceed to contracts and a different set of complications. Both parties must align on financial terms, regulatory requirements, and transition plans. Clear communication, legal support, and structured timelines ensure a successful transaction.
Additionally, negotiating fair terms, handling employee contracts, and resolving potential tax implications can create significant hurdles, complicating the process for both parties involved.
The Practicelink Solution
After consulting with many past practice owners regarding this challenging subject, we have streamlined the process and introduced a webinar-type step between steps three and four.
We will invite all parties left at this stage to join a webinar to discuss their issues and participate in a video walkthrough of the practice, hopefully saving everyone time.
It’s not intended to be the final step; we expect step four to remain. Still, it will provide better buyer insight, reduce some of the issues mentioned, and streamline the overall experience for all parties.
Hopefully, this will streamline the process and help make a better experience for everyone involved.
