Keys to Maximizing Practice Value
It’s Never Too Early to Start Planning Your TransitionAs practice brokers, we are frequently contacted by dentists who have an immediate need to sell their practices due to retirement, disability, etc. After meeting with the doctor and reviewing the practice financials, we often find that practice revenue and profitability have declined over the past few years due to various reasons such as the dentist cutting back his work schedule to pursue other interests, not actively marketing the practice
Is Now a Good Time to Sell a Dental Practice?
As practice transition specialists, we are often asked “Is now a good time to sell a dental practice?” While there are many factors involved in deciding to transition your practice, the short answer is YES. The current practice transition environment features several attributes that are helping to enhance practice value and make it an ideal time to consider a practice sale:1. High Demand – The substantial increase in the profitability of dental practices and the poor economic outlook in medicine
Communication is the Key to a Successful Dental Practice Transition
As dental practice brokers, we are often asked “What is the most important factor in facilitating a successful dental practice transition?” The simple answer is: Communication. While it is imperative for the buying doctor to build a strong team of advisors, complete due diligence on the practice, secure financing, and navigate the closing process, all else could be lost if there is no effective communication between the buyer and seller during and following the transition of ownership.As part of
Top 5 Reasons to Hire a Practice Broker
Selling a dental practice is a complicated process. Don’t go at it alone.Your dental practice is one of your most valuable assets and the proceeds of the sale will likely be used to fund a significant portion of your retirement. Selling a dental practice is a complicated process that involves numerous steps including determining the market value of your practice, finding the right buyer, negotiating the purchase price, purchase agreement and lease assignment, and facilitating the transition of o
INCREASING YOUR BOTTOM LINE AND PRACTICE VALUE
The most important factors in determining practice value are Current Annual Revenue and Net Cash Flow. Therefore, increasing productivity and improving the bottom line of your practice will increase your income and enhance the value and marketability of your practice when the time comes to sell. Here are a few ways that you may be able to increase production and efficiency in your practice:1. Offer flexible financial plans that allow the patient to pay their portion of the fee with equal monthly
HOW TO IDENTIFY IF AN ASSOCIATE DOCTOR (OR BUYER) IS THE RIGHT FIT FOR YOUR PRACTICE
Most dentists will, at some point in their career, either work as an associate or hire an associate. Consequently, it is a transaction type we deal with often, and one of the most common questions we field on the subject is, “How do we know if there is going to be a good fit between the host dentist and the associate dentist?” It is an excellent question. So let’s discuss some signs to look for and the right questions to ask to determine “the right fit.”You may have heard the saying, “I searched
The Essential Steps to Selling a Dental Practice
Selling your dental practice is a significant milestone in your professional career. Managed effectively, it can be a rewarding and beneficial experience for everyone involved. To ensure a smooth transition and a successful sale, it’s essential to follow a clear and structured process.1. Start Planning EarlyBegin preparing for a sale three to five years in advance. This timeline allows you to address any issues that may negatively impact the value of your practice while providing ample time to i
UPDATE…BOI DEADLINE IS BACK!! LLCs, S-Corps, etc. MUST REPORT BY 1/13/2025!!
(THIS IS AN UPDATED BLOG POST FROM fryepracticesales.com STAY CONNECTED WITH Frye Practice Sales & Healthcare Real Estate FOR ADDITIONAL UPDATES AS THEY COME ABOUT)CORPORATE TRANSPARENCY ACT – CTABENEFICIAL OWNERSHIP INTEREST REPORTING – BOIRHas your CPA or Attorney contacted you about the Corporate Transparency Act (CTA) and Beneficial Ownership Interest Reporting (BOIR) requirements? If they haven’t you need to contact them or take the time to handle this yourself prior to 1/13/2025 If you
BOI UPDATE! FEDERAL COURT BLOCKS CORPORATE TRANSPARENCY ACT, BOI REPORTING PUT ON HOLD.
As un update to a previous post FRYE PRACTICE SALES put out, a federal court in Texas issued a nationwide injunction on December 3, 2024, halting the enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. This decision affects all businesses, pausing the January 1, 2025, deadline until further legal proceedings determine the CTA’s constitutionality.We at FRYE PRACTICE SALES wanted to share the updates and let our clients, collea
IF YOUR ENTITY IS AN S-CORP, LLC, etc….YOU MUST DO THIS BEFORE 12/31/2024! CTA & BOIR REPORTING!
CORPORATE TRANSPARENCY ACT – CTABENEFICIAL OWNERSHIP INTEREST REPORTING – BOIRHas your CPA or Attorney contacted you about the Corporate Transparency Act (CTA) and Beneficial Ownership Interest Reporting (BOIR) requirements? If they haven’t you need to contact them or take the time to handle this yourself prior to 12/31/2024. If you don’t the penalties for non-compliance are $591(adjusted for inflation) a day up to $10,000 and/or two years in jail! If you want to jump past the who and why and l