There comes the point in everyone’s career when the daily practice tasks become mundane, the business, paperwork and now PPE requirements sap the fun from treating your patients, and thoughts fly to other places and things that give you more pleasure.
When practicing at your craft becomes work…if 9-5 seems like a job…if you find yourself trying to keep up with your practice’s cash flow needs, and you drained and exhausted, then it’s time to consider selling your practice !
And, if this rings true, then you are indeed a part of the growing trend. Since 2005, there has been a decline in the number of independently-owned dental practices.
But, there is good news !!!! Your dental practice is a sought-after business. There IS an active marketplace for selling and your goodwill will leave you with a tidy departing check – and it happens to every dentist ! The question is when to sell, as the timing does matter and will be reflected in your sale proceeds !
Below are some of the signs that tell you that it’s time to sell your dental practice.
Providing great patient care and running your own dental practice are two different things. While running your dental practice, focus is on hiring staff, managing a budget, establishing a brand reputation, and all the things that make small business ownership exciting and frustrating at the same time.
Once you find that aspects away from the daily grind of operating your business are more important, provide you greater joy, occupy more of your time and/or you can afford to focus on aspects of your life aside from dentistry, it’s time to consider selling your business. This doesn’t necessarily mean you retire, we simply aide in your selling your dental practice and make arrangements for you to continue doing the Fun part of dentistry – servicing your patient’s dental care needs!
If you’re constantly having thoughts of leaving, cash flow concerns are growing, or you simply wish to retire, don’t let your age dictate the planning. There are many methods to selling which allow you to ease out immediately or over time, and many methods of maximizing the goodwill of your dental practice. Let me help design a plan (a selling strategy) tailored for YOU!
You feel it, you discuss it with family, you can afford to, you act on it. But, my approach is to put your end-game in motion, to plan and to make this phase just as successful as the prior years of service to the community. If you want to get the best price for your dental practice, then give our article “Making your dental practice more profitable at the time of selling” a read.
You should know that lenders consider the dental practice a safe investment that might be able to withstand the uncertainty of the economic climate compared to other types of businesses… and, in California there is a robust practice sale marketplace !!
Let’s plan properly for YOU, your staff and loyal patients !
If the thought contained above strike a cord – let’s talk. As one of the founders of the dental practice sale industry in California over 36 years ago, I have the experience to not only make the sale happen for you, but to do so on YOUR TERMS !