Good Advice Before Listing Your Practice for Sale
The decision to retire is a big one; it’s one of the biggest decisions of your life and not only changes your daily routine, but also your future. If you retire too early you can grow bored, or worse, you
Making the Decision to Sell Your Practice
Making the decision to sell your dental practice is one of the most important decisions you will make in your professional life. Therefore, it is imperative that you put a great deal of thought into when and how you would
Starting to Think about Retirement?
There comes a point in everyone’s career where they start to contemplate retirement but aren’t yet ready to commit to it. You start to think about all that you can accomplish and do with your free time, but also wonder
The Importance of a Good, but Not Too Well Paid Staff During your Practice Transition
A doctor's staff is always one of the most important aspects of the practice, especially during a transition. When a doctor sells his practice, the buying doctor wants as much continuity in the practice as possible and therefore wants the
The Path to Success for a Young Dentist
In today’s world, it is very unlikely that a dentist will graduate from dental school and have immediate success and begin building wealth through a practice purchase or startup. It does happen, but these days, most dentists choose a slower
The Importance of Sending Updated Information
Every January, Practice Impact starts making our yearly calls to request updated information from our current selling doctors. Although we make these calls throughout the year at various times, especially just after tax day to get updated tax returns for
What to Look for in a Commitment Letter When Choosing a Bank
Often times when you apply for a practice acquisition loan, you (or Practice Impact on your behalf) will send the finance package to multiple banks. This allows you to compare the banks’ offers and choose the one which will best
Buyer Financing ~ What Do Banks Look for in a Practice Acquisition Loan?
Buying a dental practice is one of the biggest investments you will make and borrowing that much money can be a daunting task. You may think that you won’t qualify for a loan, especially in the current economic environment, but
How and When to Tell your Staff about the Sale of your Practice
Timing is important in the sale of your practice. You have to correctly time when to start the financing, have the buyer start the credentialing process with insurance companies, tell your landlord about the sale-almost everything needs to be time
Death and the Owner Dentist
No one likes to talk about death and most people assume that their death will occur after they have retired. Unfortunately this is not always the case. Some dentists pass away while they are still practicing dentistry and still own