Dental Practice Appraisals |
A dental practice appraisal utilizes objective information and examines many elements of the practice, in sharp contrast to the "here's what I think it's worth" method that some brokers use.
The practice appraisal depicts the financial aspects, the character, personality and decor of the practice. A detailed description and information on the practice provides a mental picture for the prospective buyers and enables them to make a decision as to whether to follow through with the due diligence phase of the decision-making process. The appraisals are all professionally bound and presented in such a way that any attorney, accountant, lending institution and prospective buyer can readily access all of the information in a complete and concise manner to disseminate the information for all to review.
There are different types of appraisals for different circumstances that occur in the life of a dental practice.
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Practice Sale - now or in the future:A dental practice appraiser can determine what would be a reasonable price for a seller to ask for the practice. Although a dentist may not be contemplating a sale in the immediate future, a current appraisal would establish a benchmark price now for future reference and point out some areas that may need attention and upgrading to enhance the value of the practice.
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Purchase of a dental practice:An appraisal provides the potential buyer with an independent and unbiased opinion of the value of the dental practice before he/she buys the practice.
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Partner's termination from the practice:An independent third-party appraisal is the best means of determining value for the purpose of the agreement.
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Bringing in an associate or partner into your dental practice.
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Establish personal net worth:This may be important to add to your financial statement for investment purposes or for a loan for your own dental building you want to build some day. |
Other reasons for an independent appraisal may include divorce, death of the owner-dentist, associate buy-in, and estate planning.
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