June 7, 2021
How Selling Your Dental Practice Can Be a Fulfilling Experience
Sure, there are lots of paperwork and logistics to get correct when selling your dental practice. But the process as a whole doesn’t need to be cut and dry. This is an exciting time in your life and should be treated as such. Here’s how selling your dental practice can be a financially and emotionally fulfilling transaction.
Define your purpose
Whether you’re a first-time business owner or experienced entrepreneur, a well-laid plan includes finding happiness through all the debt and obligations. Take the time to identify why you started the business and where you ended up. Then, how do you plan to spend your time post-sale—with family, giving back? What will get you excited about getting out of bed every morning if you have no time constraints, knowing there’s only so much golf one can play?
Plan for disconnection
Post-sale, it’s hard for a lot of business owners to get out of operational mode. Leading up to the sale, having the proper team of advisors in place will help put your mind at ease that your dental practice will be in good hands while allowing you the time to focus on transitioning your business. The goal is to essentially render yourself obsolete so that others can take care of the pressing matters outside the sale of your dental practice, starting by typing out instructions for your business responsibilities.
In order to stay on a healthy trajectory and hold everyone involved accountable for the foreseeable future, plan for the sale of your dental practice way ahead of time, even if you’re not sure you want to. A valuation will show if you are on track to retire in your desired timeframe with a certain income or if you would need to stay on as an associate after the sale of your dental practice. This will also help define what types of buyers your dental practice will attract as is or if improvements need to be made
Contact the experts at Professional Transition Strategies for help navigating the sale of your dental practice.