The answer is very simple. A precise practice valuation gets your practice sold fast. When we perform a practice valuation, we don’t take shortcuts, and we don’t suggest a high selling price just so you sign by the dotted line. We do perhaps the most extensive practice valuation in the industry.
What do our practice valuations consist of? It includes Limiting Conditions and Assumptions, Appraisal Specifics, Summary of Salient Facts, Appraisal Scope, Legal Description, Subject Photographs, Assessment Information, Parcel Map, Zoning Analysis, Highest and Best Use Analysis, Valuation Methodology, Cost Approach to Value, Transactional Comparison Approach to Market Rent Value, Income Approach to Value, Final Reconciliation, Market Rental Indicators, Market Rental Value Conclusion, Certification Statement, Appraisal Certification, Assistance Addendum, and Letter of Engagement.
So, you see, when we suggest a listing price, it is after a thorough and vast assessment of your facility and financials. Furthermore, if a broker does not broadly understand practice valuations, they generally suggest a high selling price to earn your business. And that is so unfair to you. Because all that means is that your practice could be listed for up to 12 months without a single bona fide offer. In fact, you may sit around for months without anyone expressing interest. All because the broker’s main objection was to get you to sign by the dotted line.
When a practice is priced right, it generally sells quickly. Hence, the reason practices sell so quickly on our website. The most important thing to remember, however, is that dental practices never under sell. Because if a practice is such a good deal, there will be multiple offers on the practice, And, of course, that only drives up the price. But overpricing your practice from the start will do more damage than good. Integrity is everything in this business and when you price a practice right, it speaks volumes about the seller’s authenticity and responsibility for a seamless transition.
The longer your practice stays on the market, the less likely it is your practice will sell. That is exactly why you don’t want to get excited when an overzealous broker suggests a high selling price for your practice. A proper valuation will ensure the correct selling price. And the correct selling price will get your practice sold quickly.