Buyers will not care how much revenue you made over the past 15 years. They, and their advisors, will focus on your last few years’ gross revenue, net profit, and positive cash flow. More importantly, they will show special interest in the practice’s current year. What matters most is how your practice has performed recently. A trend showing declining revenues will have potential purchasers running to the next practice on their list, or they will try to mercilessly beat you down to get a bargain- basement deal. The golden rule is: Never let your revenues decline. As you transition from thinking about selling to doing something about it, it can be tempting to slow down or work fewer days. Don’t!
We live in competitive times so bringing in new patients is not always easy. If you are well-established, then chances are you may not have a website or actively use social media. Many highly successful practices are living in the golden glow of the past. If you want to sell, however, that must change. You will need to bring your practice into the 21st century.
I know many dentists who are social media savvy but who tell me their marketing efforts have only helped with patient attrition, that their patient numbers remain steady, but any increase is moderate at best. Often this is because they confuse marketing with selling. In fact, the two words are often, erroneously, used interchangeably. The reality is that marketing raises awareness and produces inquiries, but someone must convert that interest into signed-up patients. That is, somebody must bring new patents through the door. That person is usually your receptionist. Let me hold your feet to the fire for a second; does your front desk person have the skills to sell someone on your practice? Honestly? When a prospect calls in, do they know how to turn that incoming call into a practice visit?
Marketing without selling is trying to bail out a boat with a hole in it. It is the act of selling that will boost patient count and that in turn is what will increase the value of your practice when the time comes to sell. (Excerpt from: The Simple Guide To Selling Your Dental Practice For More Money)
Visit Booth #1436 to receive your FREE copy of the Simple Guide To Selling Your Dental Practice For More Money. The book is full of practical advice to help you sell your practice, whenever you are ready, for more money than you ever thought possible.
