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| Ed has been involved with cases when there have been sudden or unexpected injury, illness, or death resulting in an idle practice while looking for another dentist. Every day that a practice is idle, means greater loss of value. For this reason, you do not need to wait until the unexpected happens, leaving the entire practice unprepared. A thorough evaluation needs to be done NOW. Evaluating the current status of your practice and updating it on a yearly basis allows you to find areas that may need attention. | ||
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| Because this formal evaluation can be the cornerstone of your retirement or estate planning, or may accompany a financial request, using an analyst familiar with dental practices is a must. Evaluations, improperly done, could result in lost time and money. | ||
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| Another must of practice valuation is that it depict the financial aspects, the character, personality and decor of the practice. This is important because a large number of buyers come from outside the state where the practice is located. A detailed description and information on the surrounding areas are also important components. Photographs of the practice, inside and out, should be used, where applicable. This should enable the buyer to create a mental picture of the practice and make the decision of whether to take the time to travel to the practice location. | ||
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| Ed does not feel that a practice can be evaluated, effectively, over the phone or by mail. Therefore, a hands-on approach is used, educating buyers and sellers on the importance of continuity of quality dental care. This should result in staff involvement, cooperation, and a smooth transition for everyone involved. Ed's valuation process also includes intangible assets such as facility location, potential for increased business and number of years in a given location. Such intangibles may, for the selling doctor account for a large portion of a practice's equitable value. For the purchaser, this will shed light on the potential of the practice to service debt and generate income. | ||
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| Production and overhead of the practice are also charted to complete an overall financial picture. All information is presented professionally bound, in such a way that you will be proud to have any attorney or prospective buyer review. These valuations are also readily accepted by most lending institutions to process a loan for the buyer. Contact Ed today for a free consolation concerning an evaluation of your practice. | ||
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