How to increase the value of your dental practice Before Selling
Dentists are undoubtedly the masters of their craft, and it takes numerous years of education before graduating. But not all of them also have the time to go through additional business training, which is understandable. Luckily, dental practices can be very lucrative, especially when you’re just about to sell one. By following these simple concepts, any dentist can get the most value out of their asset regardless of their current level of experience.
#1: Having a website
Without a website, it’s very hard for other people to find you, especially those who are searching for a dentist in their local area. These days, it’s very easy to build one and no technical knowledge is necessary. With the help of a simple and intuitive 1-click website builder, anyone can get a website up and running within minutes.
Nowadays, actually putting together a website is the easy part. It’s the content that matters. A dentist with a small business should aim to build a website that’s packed full of educational information, a map where clients can find the office, some kind of portfolio, and anything that’s deemed to be of relevance.
It’s also very important to invest a little bit of money and hire a professional graphics designer. Remember, your website is the face of your business, and if it looks professional, that’s what people are going to think about your business too.
#2: Social media for dental marketing
Everyone (and their grandmothers) has a profile on Facebook, and that’s not even an exaggeration anymore. Not only will this help you reach your clients faster, they will also know you are the type of person who’s open and willing to help those who are seeking a professional opinion. All of this will do wonders for your marketing efforts, and you will get more clients easily.
You should also think about other social media, like Twitter and Linkedin. The wider you throw the net, the more fish you’re likely to catch, so it makes sense to go wide. If you have a limited amount of time on your hands, however, Facebook should probably be your primary concern, since most of the social network users can be found there.
#3: Reputation management
There are many websites out there where clients can leave a review for all sorts of businesses. In order to list your dental practice for sale and get the most out of it, you first need to make sure your reputation is shining.
There are two ways you can tackle this issue. You can either make a profile on all of these websites yourself, trying to reply to every negative feedback and share your side of the story, perhaps even offering a free re-visit for that patient, or you can hire a professional reputation management agent who will do that for you.
Choose either one of these options depending on the amount of time and finances you have available.
#4: Your office
In order to sell your business for a nice return, it’s not even up to debate that your office should look clean, tidy, and professional. No-one wants to buy a place that’s falling apart, right? Looks are the first impression your clients will get, so make sure you do your best to make it a good one.
The equipment you’re using needs to be up to date with the latest standards and regulations, and the same goes for the waiting room. Ask yourself how a potential client might feel when stepping into the building. Determine everything that doesn’t quite fit your own standards, then try to find a solution.
Remember, any potential buyers will often have the same criteria as you do, so trust your own judgement. And if you don’t have a clue, jsut ask them what they would like! That way, you will be able to sell your dental practice for more.
#5: Marketing efforts and consultations
Do you offer a free first-time consultation? That is a surefire way to attract more clients, and the size of your client base will be one of the most important things a potential buyer is considering.
The second thing a potential buyer might ask you about is your marketing strategy. What efforts have been made to promote your business? Are you still investing time or money to bring in new clients? Prepare the answers to these questions in advance.
If you follow these basic guidelines, you should have no trouble finding a buyer if you decide to sell your small business. Even if you don’t find a buyer right away, you will bring in more clients by looking professional and doing your best to please your customers, which means more profit for you.