No matter what your reason is for selling your dental practice this article will review some best practices for preparing and selling your practice. Ideally, the process of selling your practice begins three to five years out from selling your practice, so call your ADS broker to set yourself us for a smooth and profitable practice transition. Financial Planning: In preparation for your retirement, you need to pay off your debts, make a list of your assets and your future sources of income, know or determine your monthly and yearly cost of living expenses, and decide on the hobbies, projects [...]
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As an entrepreneur, a successful dentist, a respected part of the community and a business owner, you will at some point have to make the decision to exit. Do you have an associate willing, able and financially capable to buy a portion or all of your practice? Some, unfortunately, make a terrible, and most likely very costly, mistake of trying to do it alone. They may ask their accountant or attorney to help or share with their colleagues their desire to sell. The truth is, the initial planning to sell should have started before the decision was made to sell. [...]
Prospective practice owners and sellers alike are wondering how COVID-19 will impact professional practice values. And, while nobody knows what the future holds, we certainly can make reasonable predictions based on historical facts to help prospective buyers and sellers prepare for the upcoming practice transition market. First, let’s explore the marketplace pre COVID-19. Many significant factors came together to influence the practice transition market in recent years, and consequently, the values of dental and related specialty practices. “Corporate dentistry,” student debt, reduced fee insurance, historically low interest rates and changing generational priorities, plus many other factors, influenced a practice’s marketability [...]