January 4, 2022
Top 5 Dental Practice Transition Questions of 2021
Even if you’re a seasoned dentist on the verge of retirement, the last year or two can make you feel like you’re learning how to be a business owner all over again. And with all of the hurdles from the pandemic, it’s helpful to know you’re not the only one in the same boat. That’s why we’re recapping what dental practice transition search results topped the chart in 2021.
What is a dental practice transition?
You don’t need to be of the retiree age to consider selling your dental practice. But before you decide if you’re ready to pass the reins to a potential buyer, like with any major life decision, there is a number of questions you should ask yourself and factors to consider.
How profitable is a dental practice?
A more accurate question to ask is, “What is the value of your dental practice?” Professional Transition Strategies (PTS) Founder and President Kyle Francis says “it’s surprising that many dentists don’t even know the value of their practices.” As your most valuable asset, your dental practice is worthy of the time and investment to seek an appraisal. Here are some considerations.
What are the three common zones within a dental practice?
Aesthetics aside, dental practices have largely consisted of a check-in desk, patient treatment chair and necessary tools within reach. But COVID-19 has forced dentists to rethink so many aspects of their dental practices, not least of which is the physical space that they occupy. In the best interest of staff and patients, dental practices have taken cues from hospitals and redesigned their spaces to optimize their space. Here are some key suggestions for which design options to carry forward.
What types of dental practice transitions are there?
Every business owner will eventually be faced with a time when they need to sell their dental practice, whether it’s for retirement or managerial purposes. But maybe you don’t know or haven’t started exploring all your options yet. That’s why we break down the types of dental practice transitions in an effort to help you figure out which is best for you and your business.
Should I have a dental practice transition checklist?
Whether you are buying a dental practice, starting a dental practice from scratch, or looking to sell your dental practice, there are many things to keep in mind. To ensure you do not miss anything, we created a checklist for whichever scenario best suites your situation.
Keep up with Professional Transition Strategies’ weekly blog to stay on top of the latest dental practice transition trends and news.