Should I sell my practice or not?

Navigating the sale of your dental practice involves multiple considerations, but one undeniable fact is that every practice owner should plan for a future sale. With strategic planning and expert guidance, many can secure a lucrative return on their lifetime investment. Conversely, failing to address this opportunity due to fear or misinformation can result in receiving far less than the practice’s true value. Don’t rely solely on the sale to fund your retirement, but ensure you maximize the value of this significant asset.

When is the right time to consider selling my practice?

As dentists and doctors age, their needs and circumstances evolve, impacting their capabilities and energy levels. Factors like disability, divorce, IRS judgments, or burnout can prompt a sale, but addressing these issues can complicate and diminish potential revenue. To achieve optimal results, plan your practice sale well in advance, ensuring you retain control and maximize value. Delaying this planning reduces your influence over the sale process when it inevitably becomes necessary.

Why can’t I wait a few more years to think about selling?

You certainly can sell your practice later, but doing so might mean missing out on potential profits that could have been realized with an earlier sale. The market and life are unpredictable, and you can’t guarantee you’ll be able to maintain your current level of practice for years to come. If you’re forced to cut back in the near future, your practice’s value could plummet, leaving you in a weaker negotiating position. The optimal time to sell is when your practice is thriving and you have a solid strategy in place, as buyers are less interested in practices on the decline.

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