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In this video, Cole Brenny, DDS, talks about a dental practice appraisal to buy and sell the practice. Cole is the founder of Dental CEO Practice Launch. This one-on-one dental coaching program helps dentists buy, run, and grow dental practices.
The first section is understanding dental appraisals.
You should first worry about finding a practice that fits what you want. Once you find it, then you request an assessment. This video covers topics such as: Why do you need an appraisal? What does an appraisal mean? What do you do with it?
An appraisal is the health sheet of the practice. A valid source provides the numbers of the practice. It includes a printout from the practice management software that consists of the number of active patients and the production for each month. It consists of the past three years’ tax information for all the dentists in the practice. It should include the monthly revenue of the practice. In addition, it should include the income of the past several years so you can identify any trends.
Don’t spend your money carelessly. Make sure to go through this checklist before buying a dental practice for the first time. .