Top 3 Tips to Help You Get Ready To Sell Your Dental Practice
Selling an established dental practice is not easy. Not only do you want to get full value when putting your dental business up for sale, but you also want to ensure that the hard work you put into building your dental practice is trusted to the right hands.
Even if you’re not ready to put up your established dental practice for sale just yet, it is important that your start thinking about it sooner rather than later.
Tips to help you get started
- Reevaluate The Meaning of Retirement: Did you know that more and more people are returning from retirement? While it is sometimes due to financial reasons, it mostly happens because people need to do something with their lives in order to feel a sense of fulfillment. And since the average 70-year-old today is fitter and healthier than a 50-year-old from the last generation, it may seem premature to bring your earnings to a close in the mid-60s. And since dentistry is a less physically exhausting job, it can be carried on even as your body starts to age. Instead of selling your entire practice, you can consider sharing parts so that you can continue doing what you love while enjoying a semi-retirement status. This will also make it easier to pick a buyer since you aren’t letting go of the whole practice.
- Selling Without Selling: What most people don’t realize is that most dentists sell their practice multiple times over the course of their career. The idea is to optimize the value you get from the practice and recognize that you don’t have to wait until the end to extract that value. Many dentists falsely believe that bringing in another practitioner can’t be justified. But the fact is that every practice will have some downtime, and bringing in an associate and selling part of the practice means you can create even more growth and spiral upward as you continue.
- Appraised Value: Not only will bringing in another associate help ease the burden on your shoulders, but it will also increase the value of your practice. More likely than not, the new practitioner you bring in will provide his/her own value to the business, which will then increase the status of your dental business.
So, if you haven’t thought about it yet, it’s time to start thinking about putting your dental practice up for sale now. If you live in Wyoming, Idaho, Alaska, Hawaii, Utah, Colorado, Arizona, or New Mexico, and are planning selling a dental practice, consider visiting CTC Associates to schedule a consultation.