Buying or selling a practice is one of the most significant financial events in a dentist’s career – with only one chance to get it right.
If you’re considering a transition, it makes sense to deal with a broker possessing the highest skills, experience, and integrity. EMA Dental Practice Sales has been providing full-service solutions since 1993, and has been fully engaged in the sale of more than 235 practices.
At whatever phase you find your career – actively seeking to buy, planning for retirement, or considering future transition date, we encourage you to use this site as a resource, and to contact us for help in this major life/career event.
Happening at EMA. . .
EMA sale number 243: We were pleased to represent Dr. Roger Casper in the sale of his practice to Dr. Mark Jensen. Dr. Mark is seen below accepting the keys to the practice from Matthew Null, Vice President of UMB’s Dental Practice Solutions in Kansas City.
Dr. Jensen and his team have plans for a new office to be located on the campus of John Knox Village. We offer our congratulations to Dr. Mark and our sincere respect for Dr. Casper and his legacy in Lee’s Summit.
Midwest Dental Conference: It’s hard to believe that this meeting has rolled around so quickly but be sure and put April 9-12 on your calendars and visit us on the exhibit floor of the Sheraton Kansas City Crown Center hotel in Booth 214. We always look forward to visiting with UMKC alumni, former clients, students and other great folks from the dental industry.
Another great day in Lincoln: There is no doubt that one of the best days of our year is the day we get to speak to the students at the University of Nebraska Medical Center College of Dentistry. The culture of the school and the hospitality of our host, Dr. David Dunning, always make for a great experience. While the fact that Dr. Wolff wrote the chapter on practice valuation may contribute to the attentiveness of the students, the respect shown by the school to outside resources is exemplary. This program is one of the finest in the nation and others should take notice.
No, Dr. Wolff is not trying to sell anyone a classic car. The picture was used as a conversation starter about the concept of Subjective Valuation.
Probably nowhere is it easier to illustrate this concept than to ask various members of the class to give their dollar value of the 1957 Chevy convertible shown in the picture. Prices ranged from $30,000 to $250,000. Color and engine type made a difference as did originality. Emotion, history and sentimentality were also factors. While the current market price for such a vehicle might be in the $75-100,000 range, the student’s numbers reflected exactly what was asked; what is this car worth to you? Some were ambivalent while others thought it was iconic.
Doctors trying to sell their own dental practices (For Sale By Owner or FSBOs) frequently fall into this trap, often as a result of any hard data or knowledge of objective valuation methods. What their practice is worth to them may not always suit the market or lending institutions. Placing too high a price on the practice will result in disappointment as buyers turn to other opportunities while placing the value too low diminishes the value of the seller’s legacy. Ironically, while location and practice size might be deciders, properly appraised practices are seldom rejected over price. Since the Nebraska students are pretty well schooled on methods of valuation, maybe it would be a good idea to get a little objectivity into your practice transition by giving us a call for a no-charge consultation.