In California, dental professionals who are retiring must prepare their practices for sale. The process involves a complete transition and modifications that could help the seller considerably. A local broker explains the process for how to sell dental practice in California when a dental professional is retiring.
Preparing the Practice
Modifications to the practice that make it more appeal are performed according to the broker’s suggestions. The changes could be minor, such as applying a fresh coat of paint or installing new flooring. The broker helps the current owners review the practice and determine which renovations could generate a higher selling price.
Contract Clauses for Employees
Retiring dental professionals add clauses to the sales contracts to protect their existing workers. The clauses define the exact terms under which the new owner could terminate employment. The terms also define the financial responsibilities of the new owner to each worker. The contract may also prevent the new owner from lowering the wages of the workers or modifying their health benefits.
The Patient Roster
When retiring, it is vital for the existing owner to include the patient roster in the sale. While there isn’t a guarantee, the patients are encouraged to continue visiting the practice for dental services. The existing dentist provides notifications to their patients of the change. The patients meet the new dental professional after the practice sale is completed. To know more, click here.
Transitioning to New Ownership
The transition stage involves a combined effort between the seller and the new owner. All employees are involved in the transition. The process helps the new owner meet the patients as they arrive for existing appointments. The new policies implemented by the buyer are followed after the property closing. The duration of the transition is defined in the sales contract.
In California, dental professionals prepare for retirement by placing their practice on the market. The process often involves some renovations to make the property more appealing and defines the management of existing workers. The sales contract identifies all terms requested by the owner. The terms include provisions for the workers and existing patients. Dental professionals who are ready to sell dental practice in California can visit WesternPracticeSales.com and schedule an appointment with a broker now.
