Retiring dentist needs to sell practice & condo. San Angelo, TX
I am trying to help my dad who is retiring this summer after 40 years of owning his own dental practice. He has never really done much with the "business" side of things. Now he needs to sell this practice/building and doesn't really know what to do, so I am trying to help him. He kind of has "paralysis" about it and should have started working on a transition plan a long time ago, but just kept putting it off.
So, BP, how can I help him? His plan is to write info on an index card and try to hang it at the 3 dental schools in Texas (San Antonio, Dallas, and Houston). I'm thinking we might need other marketing avenues as well. :-)
Anyone know hungry commercial brokers in San Angelo, TX that might want to work with a kind of cranky dentist and his outdated practice? Do we need a more specialized medical practice broker? Are there commercial/medical "flippers" who would want to try to rehab the place and sell the business assets too? At this point, does he even try to monetize the business part, of just sell the condo? He wants to stop working this summer. To say he is a "motivated seller" is an understatement.
More info:
He owns the building he works out of and his equipment and records are obviously worth something, but the equipment is not very modern and his records are still paper records. It is a simple, no-frills place. He gets the job done and has no shortage of patients (he's got low prices). He says he doesn't think the "practice" part of it is worth much at all because the records aren't electronic and his equipment is old school. I bet it is worth more than 0.
The small property is probably about 1200 sqft with 4 operatory rooms (though he only uses 2 now). It is in a medical condominium type of a place, but not a fancy new one. The building is probably 60 years old. The plumbing in the place if for a medical practice, but I guess the pipes in the middle of the rooms could always be covered up. There would be other cosmetic work/deferred maintenance that needed to be done.
Gross revenue numbers are tricky because he has only worked 3 days a week for several years and then he tried to work as few of those days as possible. And he likes to barter dental work for other services (house painting, roof fixing, tree trimming, etc). "You need a root canal? Your kid has cavities? I have a tree that keeps clogging my gutters. Let's make a deal."