Dental Practice Broker Articles
Is Selling Your Practice the Right Decision?
Selling your dental practice can be a stressful and complicated decision. How will you know if it’s the right time to sell? Consider the following:
Are You Ready to Retire?
Once you sell your dental practice, your income stream no longer exists and your pension has to take on the income role. It should be able to support your lifestyle until you reach the age of 90. Remember, you need to factor in inflation and a bit extra for comfort. You’ve worked hard, you’ve had a long career, you need to ensure complete financial freedom before you sell your practice.
You No Longer Want to Practice Dentistry
If you no longer want to practice dentistry, this could be the right time to sell your practice but not if your pension isn’t fully funded.
Consider how easy it is for dentists to experience burn out and whether you have been taking care of yourself. If you lose the drive to practice, it may be worthwhile to take a short break before making any major decisions.
After decades of practicing dentistry, you may have a desire to pursue a new career. You may find this new excitement has replaced the drive you used to feel for dentistry. If this is the case, it may be time to sell your dental practice.
Some dentists develop a dislike for the industry, because of experiences they may have had. They may feel unsupported or powerless to make changes happen. Again, this approach is not advisable unless your pension is fully funded.
Speak to Professionals
Selling your practice is not something that should be done on a whim. Before making a major decision like that, it is advisable to speak to a dental transition professional to give you a practice valuation and help you with a plan.
Ultimately, the sale of your practice is a long term goal that should be planned as far in advance as possible. Considering the sale of your dental practice over a long period can maximize your sale price and profit if it is well timed.
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