Last-minute improvements before a dental practice sale

We ask two experts the same question on a complex issue.

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Question: What are the most cost-effective ways for a seller to increase the value of his or her practice in less than six months?

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EDWARD C. CHALLBERG, MBA, MST, CPA

For five years you’ve been increasing production, revenue, profitability, and new patients, as well as updating technology and making major equipment purchases to maximize the practice value before sale. Now, during the last six months, what can you do to add value? You need to look at your practice through the critical eyes of a potential buyer.

1. Cosmetic—Clean up debris around the office, paint, repair broken equipment, replace carpets, refinish floors, replace worn furniture and fixtures, dispose of old plants, add new plants, and display flowers.

Goal—Show that your practice is a showcase for patients.

2. Staff—Tune up the staff, but proceed with caution. Set the tone with the team that the transition will be welcomed and embraced as a positive step forward. If a spouse is working in the practice, does the person need to step aside? If there is a position in the office that needs to be filled, should a new person be hired and trained before the transition occurs? If a person needs to be terminated, how and when should that be handled?