Have you ever asked yourself what will happen in 5, 10 or even 20 years from now? Will you hire an associate that will take over the practice? What if something unforeseen were to happen to you? Here we cover the Top 3 Questions to ask yourself when planning the future of your Dental Practice.
Selling your dental practice can be a very emotional process. The good news is, we are here to help you through every step of the process and make it a seamless, positive experience. We’ll share with you actionable steps that you can begin acting on now in order to prepare.
The thought of starting your own practice may seem exciting. You’ll get to choose a location, design your space, pick from the latest technology/equipment and set your own rules and procedures. But what if I told you that, by purchasing an existing practice, you can spend less money upfront and acquire a dental practice with an immediate source of income that you can run and profit from, on your first day of ownership?
Once an owner realizes that a transition of their practice is inevitable they need to take some time and make certain that he or she is emotionally ready. For most, the issue of emotional readiness to sell is a concern. The emotional bonds of ownership can be strong. The ownership-bond encompasses issues of Identity, lifestyle, and financial security.
In order to understand the current dental practice sale market conditions, it’s wise to review the three factors which have the greatest impact on the sale price of the dental practice. We’ll dive into 3 key points including the business’s cash flow, industry loan favor, and how more and more baby boomers are leaving the industry.
While you can’t stop an eventual transition, you can take steps to influence the form the transition takes. With planning, you could sell your practice for maximum value to help finance your retirement, and ensure that your patients will continue to have access to quality care. Browse a timeline of key events needs in order to ensure a successful transition.