A day may come when you consider selling your practice. Maybe you are retiring. Maybe you’ve decided to move your family to a new city or state. Or, maybe you just feel that the time is right to move on. Whatever your reason, you don’t want to just walk away from your practice without being compensated for the value of what you have created.
How do you put a price on a dental practice or small business?
There are many things that need to be considered and key systems that can be implemented to increase the valuation. But first, your data and finances need to be cleaned up. To do this, you are going to need someone with extensive experience in accounting, business consulting, and transaction services. You are going to need Wallace Accounting & Advisory.
Our Transaction Services
At Wallace Accounting & Advisory, we offer a comprehensive list of transaction services, including:
Strategic business plans
Risk assessments
Business evaluations
Forecasts and projections
Tax evaluation
We cater our services to meet the needs of our clients. This means we can discuss your needs and offer those most beneficial.
Why Choose Us?
You have your choice of accounting firms when it comes to seeking out guidance on transactions. A quick online search will return hundreds of possibilities. So, why Wallace Accounting & Advisory?
Well, let's just say that handling transaction services for dental offices is our specialty. We firmly believe that dental practices, no matter how small or large, deserve the same superior services that major corporations do. And, that is exactly why we do what we do.
Because our clients are primarily those in the dental and healthcare field, we understand their inner workings and what it takes to find success. There is no need to try to explain your business or how it works. We already get it. When the time is right to sell your practice or merge with another, we get that, too. We offer a hands-on approach to get you the maximum value for your practice.
Change is always scary. Knowing whether you are making the right decision can give you confidence to take that step. When you work with the experienced professionals at Wallace Accounting & Advisory, you can feel confident in your decisions moving forward.
Frequently Asked Questions
How much should I sell my Business or Dental Practice for?
Answering the question involves a lot of due diligence. There are different valuation methods used, including all factors such as patient base, equipment, financial profitability, and the like. To get a very general idea, you can take the average of net income over the last few years and divide it by a cap rate, say 25%. However, if you are interested in showing the most value and selling your dental practice for what it is truly worth, you need the help of professionals.
Will I pay taxes on the sale of my Business?
Most likely. You will owe taxes based on anything you gain from selling your practice. Each situation is different and we can discuss how this may or may not impact you.
How can I get started?
If you want to learn more about transaction services and how they can help you sell your practice or business for what it’s worth, call Wallace Accounting & Advisory today at (214) 741-6721.