I recently met with one of our clients who is considering selling his dental practice. His story resonated with me as I hear many experienced dental professionals thinking about the next stage of their lives.
Dr. Smith has owned a solo dental practice for nearly forty years. While highly experienced in treating generations of patients, he is not necessarily well-versed on the constant demands of running a successful business. New dental equipment is expensive, the building he owns needs some upkeep, and recently he’d seen a decline in new patients. Dr. Smith is considering selling his practice and finally retiring to spend more time enjoying his hobbies and grandchildren. His challenge is that he doesn’t know where to start in evaluating how to successfully sell his dental practice.
Many dentists who own their own practice can relate to this predicament when getting ready to sell and retire. While selling a practice may seem overwhelming, keep in mind an exit strategy is a process, not an event. The “right” endgame for the practice will emerge when the market and the owners’ aspirations intersect.
Here are some steps to take with your dental advisor to ease your stress and prepare for a smooth transition: