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Articles

Volume 18: Visual Presentation of Your Practice

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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?

The Professional Advisory

  1. One Year Later

  2. Dealing with Unsolicited Offers

  3. Covid-19 Practice Sales Update

  4. When is the Right Time to Sell Your Practice and Why?

  5. Partnership Pitfalls

  6. The Real Cost of a Dental Practice Set-up

  7. Smaller Practice Realities

  8. Dental Market Update - 2019

  9. Creating Your Own Most Valuable Practice (MVP)

  10. Small Practice Economics

  11. The Market is Very Efficient

  12. How Can Dental Practice Values be Rising and Declining?

  13. Hygiene as a Value Driver

  14. The Value of a Good Team

  15. Is it Time to Move?

  16. Staging A Dental Practice

  17. The High Cost of Dying

  18. Deal-Busters

  19. Patients - Attract and Retain

  20. Should I Stay or Should I Go?

  21. Is There a Buyer for Every Practice?

  22. Good, Better, Best - The Market has Spoken

  23. Smooth-Sale-ing

  24. Buying Time

  25. Patients, Patience, Patients

  26. A Real Patient

  27. Why Do a Practice Valuation? I'm not Selling

  28. Irrational Exuberance or The New Normal?

  29. Do dental equipment and dental technology affect a practice value?

  30. Finding and Being a Mentor

  31. Bigger is Better

  32. Dave's Top Ten List for Buyers (Vendors should read this too!)

  33. How Well Do You Know Your Practice?

  34. Dave's Top Ten List for Vendors

  35. What will happen to dental practice Values in the next 10 years?

  36. Your Premises Lease is an Important Asset

  37. What are Associates Thinking?

  38. There is Life Outside the GTA

  39. When Is the Right Time to Sell My Dental Practice?

  40. Mergers are a Viable Option

  41. Is Your Associate an Asset or a Liability?

  42. Has your Practice Facility Kept Up With Your Billings?

  43. The 100 per cent of Gross Myth

  44. The Past, The Present and The Future

  45. Caveat Emptor

  46. Overpaid Long Term Staff

  47. Selling your Practice in Stages

  48. A Potential Pitfall of Selling Shares

  49. Value in Your Practice Through Balance

  50. Only Trusted Staff Can Defraud You

  51. To Own or Not to Own Practice Real Estate? That is the Question.

  52. Coping With A Large Patient Base

  53. Successful Dental Practice Transitions

  54. Taking Care of Business

  55. The Investing Dentist Phenomenon

  56. Two areas to focus upon that could negatively impact the value of your practice

  57. Organize your Debt in Order to Sell your Practice

  58. Having a Better Team

  59. How Do I Prepare My Practice For Sale

  60. How Do I Prepare My Practice For Sale? Part 3

  61. How Do I Prepare My Practice For Sale? Part 2

  62. How Do I Prepare My Practice For Sale? Part 1

  63. Advice to My Son or Daughter Graduating from Dental School

  64. Transition - What to Expect

  65. Discussion on Digital X-Rays

  66. Partnerships and Shotguns

  67. Strategic Planning - How to Get Started

  68. Calling All Vendors - Practices have Gone Up in Value

  69. Purchasers: Expect to Pay More for a Practice because of Lower Professional Corporation Tax Rates

  70. Matrimonial Practice Valuations

  71. Purchaser's Guide to Affording a Practice

  72. Location Improvements Throughout Your Career

  73. Small Practice Valuations

  74. Partnerships – The Best and The Worst

  75. Changing Location When the Opportunity Comes Along

  76. Visual Presentation of Your Practice

  77. Presentation of Charts

  78. Your Premises Lease Can Be Your Worst Enemy

  79. How to Select an Appraiser for Your Practice

  80. How Are Your Billing Ratios?

  81. It Pays to Invest in Your Tangible Assets

  82. The Importance of Separate Financial Statements

  83. Five Time Frame Levels to Sell a Practice

  84. 12 Suggestions to Safeguard Computer Data

  85. How to Buy a Visible Practice

  86. Why is there a shortage of good practices today?

  87. The Importance of Equipment in the Purchase of a Practice

  88. The Balanced Practice

  89. Will My Practice Be Saleable in The Future?

  90. Buyer Be Aware

  91. Excess Profit - The Second Key

  92. Patients and Profits are the Keys

  93. Plan Ahead

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