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One thing we all share in common is constant change in our lives. Of course we prefer change that is planned, but sometimes it comes unexpectedly. Dentists aren’t any different, and transitioning your dental practice for sale or buying a new practice is one change you can plan for now, even if it is a couple of years away.
Why start early? Dentists who experience an unforeseen or dramatic change in any aspect of their life may face the decision to sell sooner than expected. Rushing the process can compound the upheaval. Further, if financial issues are in play, you may be further tempted to try to save money by putting offering your dental practice for sale by owner, underestimating all the factors involved.
Whether the choice to sell is sudden or well-planned, you shouldn’t have to go it alone when affordable help is available that can help you get a stronger financial result. In fact, the right transition partner can end up making you more money in the long term. Taking the time to find an experienced dental broker well in advance to work with you, long before the need to sell arises, allows you to better plan ahead and prepare more wisely, and enjoy greater peace of mind in the interim. Then, should a change come earlier than expected, you will be prepared to take all the right steps.
When selling a dental practice, you must consider situations like:
- Retirement Planning
- Health Issues
- Interests and Hobbies (beyond the dental practice)
- Work Burnout
- Need to Relocate
- Family Situation Changes
There is no question that one of the most significant events in the cycle of an established dental practice is when a dentist feels it is time to retire. After spending decades of hard work gaining the trust of a community, a dentist needs to carefully consider all the details involved with transitioning. Before considering listing your dental practice for sale by owner, make sure you have all the guidance you need to ensure a successful outcome when that time comes.
Retirement and the Sale: Dental Practice Timing
Even if you still love practicing dentistry and have no plans of retiring soon, you need to think about retirement and the timing of selling your practice. Some dentists believe that the sale of their practice is all they will need to fund their retirement. Before you make that assumption, let’s consider some practical calculations about retirement. Here are three things to think about when you are planning your retirement from dentistry:
- Consider Your Retirement Needs— Active people who enjoy traveling, pursuing hobbies, and supporting educational goals of children and grandchildren will quickly discover that expenses do not decrease with retirement. As you plan for your retirement, you need to be honest about your financial needs when you are no longer practicing and have more time to fill.
- Plan for a Longer Life— Thanks to better health and modern medicine, people are living longer. When you are planning for retirement, remember to take into account that you could live longer than past generations. More years means longer time to consider when planning for financial security.
- Plan the Timing— When you list your dental practice for sale, the timing and market value can make a considerable difference in the revenue you enjoy. As retirement time comes closer, dentists with the in-depth information about the transition will reap greater financially beneficial rewards.
Navigating a Successful Sale: Dental Practice Transition with an Expert
Selling your dental practice “for sale by owner” is complicated process that could mean the risk of not getting the most from your hard work. Your dedicated dental brokers at DDSmatch Southwest support dentists with their practice sale. Dental practice employees, clients, owners, and buyers should all be satisfied with the change in the situation, and the expert DDSmatch Southwest team helps you do just that. We’ve helped with hundreds of successful matches, providing sellers, buyers, and practices looking for associates an unequaled level of attention and service.
Start now: Get a FREE Practice Transition Assessment and get valuable tools and advice to plan and prepare your practice for a smooth transition. CONTACT US