Selling your dental practice is a huge decision, and most people aren't aware of the best time to do it. If you've built your practice from scratch, you may find it particularly difficult to let go. Yet, there comes the point in your career when it is necessary to start preparing for the sale of your dental practice.
The most common reason people sell their practice is that they've reached the age of retirement and aren't fit enough to handle the job. Another common reason is when they've decided to relocate for personal or professional reasons.
However, selling your dental practice as a last resort may not be the best course of action. Unless you need to sell it in an emergency, you should start planning an exit strategy years in advance. This way, the sale would be the culmination of a successful career and not a decision you make out of desperation.
The best time to sell your dental practice is when it is thriving. Basically, this means that you should sell it when you don't need to sell it. If you start preparing for the sale early on, you will be able to determine the perfect time to put your practice on the market ahead of time.
In essence, you should start to plan for this as soon as your dental practice is established and running. However, not every dentist has the knowledge and qualification to do so.
This is why you should consult a dental broker early on. They will help you create a business plan for your practice that will help you determine the best time to start preparing for the sale of your dental practice.
If you live in Colorado, Utah, Wyoming, Idaho, Alaska, or Hawaii, visit CTC Associates for a consultation today.