Are You Ready to Transition / Sell Your Dental Practice?
When we visit a practice or speak to a doctor, the single most frequently asked question that we hear is “How do I know when I am ready to transition my practice?” The answer to this question lies with two other questions.
1. Am I financially prepared for the sale of my dental practice?
2. Am I emotionally prepared to transition out of my dental practice?
Of course there is always the possibility that you have to sell because of a life changing event, i.e. a disability, illness or death. However, if that is not the case, the answer to these 2 questions should be YES before you move forward with the sale of your dental practice. Speaking to your financial advisor and accountant should assist you greatly in answering the financial question. The emotional question might take more in depth examination. Taking into account post closing plans regarding retirement, relocation or part time employment will obviously help the seller make a better informed decision. Many of our selling doctors have informed us that conversations with their spouse and family members brought more clarity to this issue. Once the decision has been completed, Practice Impact can help with the preparation and sale of your practice along with a comprehensive evaluation. The Practice Impact team will advise you every step of the way and help you take control over the factors that will influence the sale of the practice.