It’s never too soon to start thinking about how to maintain your dental practice value for future sale, even if you’re just starting your first practice. Despite all of your advanced planning, you may find yourself expanding to a larger location, opening a second practice, or ready to retire sooner than expected. The value that your practice holds at the time of sale could make the difference between a successful transition, and a challenging one.
Over the next month, we will share four key steps to building and maintaining practice value. First, start with location. Just as with your home purchase, a good portion of your practice value is based on “location, location, location.” If you are planning to build or purchase your practice, spend as much of your investment as you can afford to secure a premium practice location. Nothing speaks more to the quality of services your patients can expect than the location of your practice.
Look for a professional neighborhood with a good reputation for safety and services, and plenty of foot traffic. Seek out a location that has excellent visibility from the street or from traffic thoroughfares if you are in a mall. Ensure the site has adequate parking for staff and patients, and good lighting day and night. If your location is less than ideal, use attractive signage, a superb building design or an expert paint job to communicate the quality of services you provide. All will contribute to the ultimate value of your practice.
Click to read Maintaining Practice Value Series.