Five Signs You Should Sell Your Dental Practice
When dentists want to sell their dental practice, it’s probably because they want to relocate, retire, or gain profit from their assets. Determining when it’s the right time to sell your dental practice requires careful calculation and you should get a dental practice valuation so you know just how much your dental practice is worth. If you are considering selling a dental practice, keep reading as we are going to take a look at some signs that you might be ready.
Here are some signs that it’s a good time to let go of your dental practice:
- You Are Mentally And Emotionally Prepared- if it’s time to sell your clinic, make sure that you are mentally and emotionally prepared for it. You must reach a stage where your judgment won’t be clouded by your emotions. If you are already mentally and emotionally distanced from the dental clinic, it’s a good time to sell.
- You Have Enough Equity- if you have accumulated enough equity in your dental practice to retire comfortably, it could be time to sell it. You may have a good reputation in local area, a skilled admin staff, capable dentists, and a good patient database. With these favourable factors, it is likely that you will get a good deal during the negotiation. Even so, make sure that solicitor costs, staff entitlements, broker fees, and other costs won’t significantly negate your equity.
- You No Longer Have The Passion- if you no longer enjoy running the dental practice, it’s probably time to do something else. If you are planning to change careers, certain patientcare skills like customer service, critical thinking, and professionalism may translate into general business skills. After selling your dental practice, you may have more time to focus on the things you enjoy the most.
- Lucrative Opportunities Are Present- lucrative offers may present themselves at any time. If you find that these opportunities are very promising even with conservative assumptions, it’s probably a good time for a career change.
- You Are Set For Retirement-if it’s time to retire and spend more time with the family, you will need to sell your dental practice. However, be sure that the transition will be easy for the staff because your decision affects both their livelihood and career. You may include a clause that the new owner is prohibited from laying off staff within three years after the transfer of ownership.
Contact Pluto Partners
To learn more reasons why dentists might want to get a dental practice valuation and sell their practices, contact Pluto Partners today and speak with a Healthcare Business Advisor who can answer any questions you might have.
If you enjoyed this article, please feel free to share it on your favourite social media sites.