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Dental Practice Evaluation
By the simplest definition dental practice evaluation services provide a financial assessment of your dental practice. The motivation to evaluate your dental practice may be to gain insight into the value of your asset, plan for retirement, or simply understand your practice within the market. Most often dental practice evaluation services with Legacy Practice Transitions are used by dentists who are considering selling their dental practice. At any stage of your career, a dental practice appraisal is a powerful tool used to understand the health of your business and drive sound financial decisions.
Understanding Dental Practice Evaluation Methods
There are several evaluation methods that can be used to arrive at a dental practice value. However, it should be stressed that there is no empirical formula to arrive at an exact value. No evaluation method is right or wrong, but the knowledge of the company and the individual performing the evaluation methods is very important to arrive at a reasonably fair dental practice value.
Our Approach to Dental Practice Evaluation
A commonly used method is the Market Value Analysis approach, it is routinely used by those familiar with the sales of dental practices by taking into consideration such aspects as geographic location, assets, growth potential, management systems, staff stability, profitability, patient demographics, etc., and comparing the subject practice to practices with similar characteristics to establish “marketability” of the practice. The weight assigned to the tangible assets does not always draw a dollar for dollar in the appraisal process. Whereas the intangible assets can be a driving factor when establishing a final price.
It is worth restating that there is no empirical formula available to determine dental practice values. Legacy Practice Transitions uses a version of the Market Value Analysis approach. Using our modified and proprietary system, several variables and sources of information are analyzed as objectively as possible to arrive at a value that we believe to be reasonable and fair. The practice evaluation may be completed for purposes of a practice sale, for estate or financial planning needs, or a variety of other possible causes.
Legacy Practice Transitions is a leader in the field of dental practice evaluations and dental practice sales. Our extensive experience in practice transitions enables us to provide clients with the most complete determination of fair market value for dental practices. This approach has enabled Legacy Practice Transitions to become one of the largest and most successful firms of its kind with a reputation for evaluating and successfully selling dental practices. Call us today and arrange for a fair market evaluation of your practice.
Not Looking To Sell Yet, But Want a Dental Practice Evaluation?
It makes smart financial sense to always know the value of your dental practice. In the event of the dentist’s disability or death, the value of a dental practice can plummet within 30 days. If you’re unprepared to sell your practice in an emergency, your estate may not receive the highest value from your dental practice.
Legacy Practice Transitions offers the Legacy Protection Plan to help keep dentists aware of their current dental practice value. As a member of this program, we evaluate your practice and then provide you with a dental practice appraisal annually at no additional cost. This keeps you constantly aware of your practice’s value in the changing market, helps you prepare yourself to sell your dental practice as you approach retirement, and protects your assets should the unexpected happen. Talk to Legacy Practice to learn more about the Legacy Protection Plan.
Gain an Advantage By Partnering with Legacy Practice Transitions
Dental practice evaluation requires experienced professionals who specialize in considering all the factors to determine fair market value. Dental practice evaluation with Legacy Practice Transitions has a single objective focusing on your goals. Whether you are considering selling your practice, planning for retirement, or growing your practice, the business evaluation of your dental practice provides you with the information to make the best-informed decision. Contact our team to learn how we can assist you in learning this valuable information.
