When an existing practice hires a new orthodontist who will bring their existing patients with them or when an orthodontic practice owner decides to sell their practice, an orthodontic practice transition occurs. The attached video explains the steps for this transition.
Steps to Take in an Orthodontic Practice Transition:
Identify the Reasons for Selling a Practice
First, the reason for the sale is determined. The seller may wish to sell due to health, financial, or time constraints.
Getting the Practice Appraised
Once the reason for selling is identified, the next crucial step is getting the practice appraised.
Marketing
After the practice is appraised, the next step is to market the practice. The transition experts look for a buyer, within or even outside of the state.
Buyer Involvement
Once a buyer is identified, the transition experts accompany the buyer to do a site visit. The buyer can ask the seller any pertinent questions regarding the clinic.
LOI
The transition experts then ask the buyer to submit a Letter of Intent if they are interested in buying the practice.
If you want to sell your practice, consult experienced transition professionals for a smooth orthodontic practice transition.
