When you are ready to sell your healthcare practice, one of the first steps, in order to do so, is getting your practice appraised. A healthcare practice appraisal will help you decide if now is the right time to sell your practice or not. Appraisers will look at a number of important factors to help determine a fair market value for your practice. These appraisals will allow you to see as a seller which aspects of your practice may need more attention before you pursue selling your healthcare practice.
At Crossroads Transitions, we help our clients prepare for healthcare practice appraisals. We act as financial advisors and CPA’s for our clients to ensure that everything is in order and that you receive a fair appraisal for all of your practice’s assets. Your peace-of-mind is our priority, and we will do everything we can to help you successfully sell your practice.
Understanding Healthcare Practice Appraisals
The appraisal process can be a source of anxiety for sellers. You’ve worked at your practice for many years, built relationships with your patients, and helped build its overall reputation for quality care. Now that it is time to sell your practice, it’s important that others see the value in your practice as much as you do. At Crossroads Transitions, we help sellers ensure that all of their assets are accounted for in the appraisal process so that you know you are getting exactly what you deserve for your years of hard work and dedication. During the appraisal process, a number of important factors help to determine the market value of your practice, including:
- Tangible and financial assets (furniture, cash, prepaid insurance, loans, and retirement plan contributions, etc.)
- Patient accounts receivable
- Office building location, value, and profitability
- Goodwill & intangible assets (practice’s brand name and recognition, patient relationships, good employee relations, etc.)
Historical tax returns, on-site assessments, and a professional broker with a dental CPA firm to back them is vital to an accurate assessment and maximum practice value. While there is much to be aware of throughout the appraisal process, don’t be overwhelmed by it. It is an essential first step toward selling your practice and securing your legacy.
Ready to get started?
We understand that selling your practice is nothing to take lightly. If you have questions about the selling process or practice appraisals, please feel free to contact us. Our team is excited to work with you and help you successfully sell your practice while maintaining your legacy and peace-of-mind.