Dental Practice For Sale | Is It Time?
No matter how much you love being a dental professional, at some point, you’re likely going to want to retire and do other things. As a dentist who owns your own practice, you’ll need a little bit more time to ensure that your patients and employees are prepared for your retirement. When it’s time to put your dental practice for sale, you need a plan, as well as some lead time.
When Will You Retire?
If you’re a planner by nature, you may already be considering when that dental practice for sale situation will happen. You may even have had a 20- or 30-year plan in place from the time you first opened your practice. Or, you might be someone who is 20 or more years into your practice and is just now thinking that retirement might be looking pretty good in about 5 years or so.
No matter how you choose to plan your career and retirement, as the owner of a dental practice, you definitely do need to have a plan in place at some point. You will need time to prepare your team and patients so that there can be a smooth transition. In most instances, patients and staff develop a strong bond with their dentists, and they don’t want to say goodbye too quickly. You’ll also want to be there to introduce your buyer to how your practice currently operates. It’s a great way to help them understand how everything works in your office.
Prepping for Dental Practice for Sale
Once you’ve decided to develop your retirement plan, it’s time to find a broker. Brokers who specialize in the purchase and sale of dental practices will help you create the perfect exit strategy. Perhaps the ideal buyer for dental practice for sale is an associate who already knows how things are run and what your patients expect. Or, you may be a sole practitioner who will need to connect with potential buyers for your practice. Either way, you will want a partner to help ensure that you are following all of the regulations as well as creating a profit for yourself and a solid future for the practice buyer.
There is no exact time set in stone as to when a dentist should consider their dental practice for sale. It all depends on when you are ready for the next chapter in your life. When the time comes, though, you can look to the professionals at Menlo Dental Transitions for sound guidance. Our team understands the details and even the emotions that can accompany a dental practice for sale. With our experience and our contacts in the industry, we can help make your transition seamless and as comfortable as possible.
If you’re considering retirement, trust the professionals at Menlo Dental Transitions. Contact us to get started