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What to Consider Before Selling Your Dental Practice
If you currently own your own dental practice, you are among approximately 30 million other business owners across America. In fact, small businesses account for over 99% of employer firms in the nation, half of the workforce and around 60% of new jobs. As a business owner, you have a myriad of responsibilities when it comes to running the business side of your dental practice, as well as practicing dentistry, managing staff, and trying to put together a successful marketing plan.
When it’s time to sell your dental practice, there are a lot of things you need to think about. Your dental business is your most valuable asset and may represent your retirement nest egg or at least a large portion of it. Before making such a huge decision, there are a few things you need to consider.
What to Consider Before Selling Your Practice
- Start early – Selling a dental practice can be a lengthy process. In fact, in many cases, it can take years to finalize the sale of a dental practice. It’s important to be aware of your financial situation now and the projections of your finances in the future.
- Be realistic – Your dental practice is something that you are emotionally invested in. Because of this, it can be difficult to be objective and realistic about the worth of your practice.
- Keep things up-to-date – Maximizing the value of your dental practice can be achieved by offering an office that doesn’t need to be completely brought up-to-date. Having a modern, updated office can help you during negotiations.
- The sale may not be the end – Lastly, just because the practice has sold, it doesn’t mean it’s the end of the road for you. You may be asked to stay at the practice on a temporary basis to ensure continuity and comfort for existing patients.
Here at CTC Associates, we specialize in dental practice transitions and acquisitions. For more information on how we can help you sell or purchase a dental practice, please contact our office today.