If selling your dental practice is in your plans for 2019 have you thought about what selling your dental really means. Is this something you have been thinking about for some time, or did it just occur to you?
Like millions of other business owners across the United States, you hope the dental practice that you built will give you a nice retirement. According to Dr Bill Blatchford and Dr. Christina Blatchford, your practice is a valuable, if not the most valuable asset you own. However, just like anything, jumping into a dental practice sale can have disastrous results.
Below are some things to consider before you put your ad in the local paper.
Start Planning Early
If you follow the Blatchford Transitions Blog, you will know that selling your dental practice takes time, many months or even a few years. Selling your dental practice never happens overnight. For most practice owners it’s, “Can I really afford this,” or “Do I want to do this.”
The team from Blatchford Transitions can help you review your cash and investment accounts and your retirement plan. For most, this will give you the answer, which could very well be selling your vacation home or giving up the country club. For some however, especially Blatchford Dentists, downsizing isn’t an issue because they have assets.
Be Real about Your Net Worth
You may think your dental practice is worth millions and in your eyes, it probably is. While having an ear to the ground where the market is concerned is important, you will never know the real value until you work with a dental broker. If you are near retirement age and have patients who are in the same demographic your dental practice probably isn’t worth what you thought it was. Never rely on potential liquidity to pay for your retirement.
Keep Your Equipment and Technology Current
A turnkey operation is the best way to maximize value. This allows a new owner to open the doors for business without any capital expenses. When you continually upgrade your equipment you are preventing lowballers from saying your practice is using outdated technology. Of course, once you have established a timeline for selling your dental practice you can make incremental changes and improvements to keep your hard assets current.
Handing Over the Keys Doesn’t Always Mean the End
Sometimes a dental practice owner may be asked to stay put after the sale even if it is just part time. A common arrangement for businesses for continuity sake is especially important for dental practices. Be sure you know what is expected of you before selling your dental practice.
If you are considering selling your dental practice, call or click and schedule an appointment with Blatchford Transitions. Dr. Bill Blatchford, Dr. Christina Blatchford, and the team are ready to help you make a smooth transition so you can move on to the next chapter in your life.