subject: Best Way To Sell Dental Practice Staten Island [print this page] I think you are looking for the best strategy in order to sell dental practice Staten Island. There can be different reasons to sell a dental practice e.g. retirement, moving to other place, health reason etc. But one principle of good business is that you must prepare exit strategy at the start of business. This article addresses everything that you need to sell dental practice Staten Island.
I will provide you an outline of the whole process. But you can also seek professional help in this process. Guidance of professionals is really valuable it makes the whole process easy and manageable.
1.Make an exit strategy
Make a good exit strategy for selling your dental practice Staten Island. While making the proper strategy you must consider different factors. One important aspect is tax on the sale. As you already know tax on the sale is an important consideration while selling your dental practice. Your attorney and advisors need to settle this before final transaction. You must be careful and fully aware of all this.
2.Now decide to whom you will sell and how you will sell.
You can sell dental practice Staten Island in the open market or to any of your associates. Another thing is that whether you are going to sell it or you want a broker to do this for you. There are specialized brokers dealing with dental practice sale in Staten Island. They can assist you in the whole procedure because they have up to date knowledge of market rates.
3.Decide price and make amendments.
Decide the price at which you want to sell dental practice Staten Island. And that must be decided very carefully and after proper research of market rates. Perform certain amendments to give a fresh look to whole environment. If your equipments are very old then replace them with new equipments.
4.Gather all data and complete documentation
Prepare a list of all practical data. Also check that accounts payables and receivables will be included or not in the sale price. In addition cancel your insurance policies of business. Also make contact with licensing authorities of Staten Island and American dental association. You must be sure that your name and information must be removed from the business.
5.Alarming the employees and patients.
After you secure your buyer you must inform your employees and patients. If your buyer is not ready to keep the same employees then give three months time to employees to find a new job. Give some cash rewards or bonuses, as a gesture of good will, to your staff members.
Most deals to sell dental practice in Staten Island usually take around three months. One month is required for finalizing the deal and the letter of intent. One month for due diligence and finally one month to close the whole business set up.
I hope after reading this article you have become aware of all basic aspects of selling dental practice in Staten Island.
