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Articles

The Professional Advisory

  1. Is it Time to Move?
  2. Staging A Dental Practice
  3. The High Cost of Dying
  4. Deal-Busters
  5. Patients - Attract and Retain
  6. Should I Stay or Should I Go?
  7. Is There a Buyer for Every Practice?
  8. Good, Better, Best - The Market has Spoken
  9. Smooth-Sale-ing
  10. Buying Time
  11. Patients, Patience, Patients
  12. A Real Patient
  13. Why Do a Practice Valuation? I'm not Selling
  14. Irrational Exuberance or The New Normal?
  15. Do dental equipment and dental technology affect a practice value?
  16. Finding and Being a Mentor
  17. Bigger is Better
  18. Daves Top Ten List for Buyers (Vendors should read this too!)
  19. How Well Do You Know Your Practice?
  20. Dave
  21. What will happen to dental practice Values in the next 10 years?
  22. Your Premises Lease is an Important Asset
  23. What are Associates Thinking?
  24. There is Life Outside the GTA
  25. When Is the Right Time to Sell My Dental Practice?
  26. Mergers are a Viable Option
  27. Is Your Associate an Asset or a Liability?
  28. Has your Practice Facility Kept Up With Your Billings?
  29. The 100 per cent of Gross Myth
  30. The Past, The Present and The Future
  31. Caveat Emptor
  32. Overpaid Long Term Staff
  33. Selling your Practice in Stages
  34. A Potential Pitfall of Selling Shares
  35. Value in Your Practice Through Balance
  36. Only Trusted Staff Can Defraud You
  37. To Own or Not to Own Practice Real Estate? That is the Question.
  38. Coping With A Large Patient Base
  39. Successful Dental Practice Transitions
  40. Taking Care of Business
  41. The Investing Dentist Phenomenon
  42. Two areas to focus upon that could negatively impact the value of your practice
  43. Organize your Debt in Order to Sell your Practice
  44. Having a Better Team
  45. How Do I Prepare My Practice For Sale
  46. How Do I Prepare My Practice For Sale? Part 3
  47. How Do I Prepare My Practice For Sale? Part 2
  48. How Do I Prepare My Practice For Sale? Part 1
  49. Advice to My Son or Daughter Graduating from Dental School
  50. Transition - What to Expect
  51. Discussion on Digital X-Rays
  52. Partnerships and Shotguns
  53. Strategic Planning - How to Get Started
  54. Calling All Vendors - Practices have Gone Up in Value
  55. Purchasers: Expect to Pay More for a Practice because of Lower Professional Corporation Tax Rates
  56. Matrimonial Practice Valuations
  57. Purchaser's Guide to Affording a Practice
  58. Location Improvements Throughout Your Career
  59. Small Practice Valuations
  60. Partnerships – The Best and The Worst
  61. Changing Location When the Opportunity Comes Along
  62. Visual Presentation of Your Practice
  63. Presentation of Charts
  64. Your Premises Lease Can Be Your Worst Enemy
  65. How to Select an Appraiser for Your Practice
  66. How Are Your Billing Ratios?
  67. It Pays to Invest in Your Tangible Assets
  68. The Importance of Separate Financial Statements
  69. Five Time Frame Levels to Sell a Practice
  70. 12 Suggestions to Safeguard Computer Data
  71. How to Buy a Visible Practice
  72. Why is there a shortage of good practices today?
  73. The Importance of Equipment in the Purchase of a Practice
  74. The Balanced Practice
  75. Will My Practice Be Saleable in The Future?
  76. Buyer Be Aware
  77. Excess Profit - The Second Key
  78. Patients and Profits are the Keys
  79. Plan Ahead

Volume 18: Visual Presentation of Your Practice

Download the PDF version now!

How does your practice look? Many practitioners have had their practice with no significant change month-to-month and year-to-year – and it does get old and tired. If your leasehold improvements are 20 years old without any major refurbishing you probably fall into this category. This article is written on the basis of presentation of your practice being for sale but it also applies to your every day operation of the practice.

Colours, layout and design continually change and after a number of years one has to give consideration to what others see when looking at your practice for the first time. Does your office have the sliding window between the waiting room and the receptionist? This is a dated look. Do you remember the oranges, browns and purples of the 1970’s? These colours are not in today. Older design, layout and colours will probably make the purchaser wonder if contemporary dentistry is being done in the practice. Today’s look is open and inviting. In the 1970’s and the first part of the 1980’s many practices were closed to new patients. Today, very few practices are closed to new patients and the practice should reflect this new openness.

Investing in your practice is important. Put your money where it will get maximum impact. Take pictures of your office; look at the pictures to see what others will see. This may seem ridiculous but the concept is to really see your office. If your facility is old and tired, hire a qualified dental designer to reinvigorate your practice. This will probably involve some minor structural design and colour changes. And making your sterilization area a focal point, rather than hidden in a backroom, is a good design feature.

We recently completed a valuation in which the hygiene operatory had a broken up floor and three different paint colours on one wall due to moving x-ray wall mounts. When this was mentioned to the dentist, he not only had the floor rebuilt and tiled but also had his entire practice repainted. What a difference! The practice looked cared for and the landlord paid for a portion of the renovations. We went back, took new pictures and now have an accepted offer on the practice.

First impressions are important, as the purchaser has to think about working in this location well into the future. I believe updating also brings a new vitality to the practice. You the dentist, your staff and of course the patients, will enjoy being in a fresh newly remodeled surrounding. Remember dentistry is perception. How are you perceived?

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