Posted on Feb 25, 2013
Image Credit: © Dreamstime.com
Posted on Feb 25, 2013
When should you start planning to sell your practice? Remarkably, many dentists wait too long before taking initial steps toward a productive dental practice transition. Many doctors operate under the false assumption that when you sell your dental practice, you must be ready to retire. That’s not always the case. In fact, starting to think about and taking action towards a dental practice transition between five and seven years pre-retirement ultimately often facilitates a much more relaxed transition.
How do you know when it’s time to sell your dental practice? When a doctor comes to me contemplating a dental practice transition, as an NAPB dental practice broker, the first thing I do is inquire about the current state of the practice.
First of all, how are you feeling about the day-to-day realities of running your own practice? Are you energized when working with your staff or are you tired of handling their schedules and administrative responsibilities? Are you excited about cultivating new patients and employing new technologies and treatments, or does a day at the office leave you feeling frustrated and fatigued?
Most dentists who are ready to sell have the following in common:
If you’re not ready to retire, but you do want to share some of the responsibilities of the practice, selling a share of your dental practice to a partner or partners and continuing to work in a lesser capacity can also provide a strategic move in the right direction. In this type of agreement, you gain the benefit of cashing in (to some degree), and you can still participate in the parts of dentistry that you enjoy.
This approach may offer you the opportunity to mentor a new dentist or partner with an experienced dentist and increase the value of your practice while, most importantly, letting go of the more tedious tasks that were taking away from your job satisfaction. By working in a part-time capacity, you may also find that when you are at the office, you are more engaged and inspired that when working full time and being accountable for every aspect of the business.
To summarize, if you are considering selling your dental practice, it’s a good time to sit down with a dental practice specialist to initiate a time line and prioritize your next steps. Please call an NAPB dental practice broker for a free consultation today.